Demand was fueled by new project launches and favorable payment plans, as the segment attracted foreign investors, supported by residency incentives and visa reform
With new records being set throughout 2024, Dubai’s real estate market had a record-breaking year that ended in an all-time high of 180,900 transactions valued at AED 522.1 billion.
Royal Estates Properties released a market analysis today that highlights how 2024 became a historic year, with significant increases of 36% and 27%, respectively, over the previous peak of 133,100 sales valued at AED411.1 billion in 2023.
Developers’ first sales in the primary market increased by 30% year over year to AED334.1 billion, indicating a significant demand for off-plan houses and new developments.
In 2024, the amount of transactions increased by 51% to 119,800, indicating a significant rise in developer activity and buyer confidence. The average price per square foot also steadily increased, rising 10% to AED 1,600.
New project launches and advantageous payment plans drove demand as the market drew in overseas investors with the help of visa reform and residency incentives.
A 21% increase in re-sales to AED 188.1 billion demonstrated the secondary market’s robust demand. Additionally, the volume of transactions increased by 14% to 61,100, indicating consistent activity. At AED 1,300, the average price per square foot rose 12% annually.
The 2024 resale numbers showed that buyers were moving to properties that were ready for immediate occupancy, that strong rental returns were drawing in investors, and that infrastructure upgrades increased the appeal of real estate.
In a year that had previously established many monthly and quarterly records, each of the real estate sectors saw annual growth, with the volume of apartment sales rising 42% year over year to AED 260.6 billion (141,168 transactions).
Commercial property transactions climbed by 10.1% in volume to 4,304 units at AED 9.7 billion, while villa sales increased by 21.1% from 2023 to 30,938 units valued at AED 164.1 billion. Additionally, 4,352 plots sold for AED 86.5 billion, a 2.6% increase.
In the primary market, Al Barsha South 4 was the top performing area in terms of overall volume, with 12,878 first sales from developer, reflecting its popularity among investors and end-users.
Business Bay led the way in overall sales value, with 6,888 transactions worth AED 21.1 billion. Meanwhile, emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained traction, indicating growing demand for suburban living and integrated communities.
Top 10 Performing areas – Primary market
Al Barsha South 4 12,878 transactions worth AED 13.5 billion
Business Bay 6,888 AED21.1 billion
Wadi Al Safa 5 6,602 AED13.6 billon
Madinat Al Mataar 6,254 AED17.0 billion
Hadaeq Sheikh Mohammed
Bin Rashid 5,246 AED13.4 billion
Madinat Hind 4 5,152 AED8.4 billion
Madinat Dubai Almelaheyah 4,818 AED12.7 billion
Al Merkadh 4,474 AED6.2 billion
Jabal Ali 1 4,335 AED6.7 billion
Bukadra 4,215 AED9.9 billion
Dubai Marina led in total value, with 4,924 transactions totaling AED15.2 billion, highlighting its position as a high-end, waterfront destination, while Business Bay continued to dominate resale transactions, registering 5,142 agreements over the course of the year.
Top 10 Performing areas – Secondary market
Business Bay 5,142 transactions worth AED9.8 billion
Dubai Marina 4,924 AED15.2 billion
Al Barsha South Fourth 4,635 AED7.0 billion
Al Thanyah Fifth 3,305 AED8.1 billion
Al Merkadh 3,155 AED8.3 billion
Downtown Dubai 3,122 AED12.7 billion
Jabal Ali First 2,364 AED5.0 billion
Al Warsan First 2,126 AED1.2 billion
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