Real Estate Sales in Dubai Increase by 30.2% in 2024

The Dubai real estate market recorded a new annual sales record in 2024, maintaining its exceptional performance for the fourth consecutive year, according to a survey conducted by experts based on official data.

According to the survey, real estate sales in 2024 increased by 30.2% year-on-year to more than AED 522.2 billion, the highest annual value ever in the history of Dubai’s real estate market, compared to AED 401.1 billion in 2023.

The number of dealings also rose by approximately 40.2% year-on-year to 180,860, the highest in history, compared to 129,000 transactions in 2023.

The total value of real estate transactions in the emirate in 2024 increased by approximately 37.14% to AED 760.73 billion, compared to AED 554.7 billion in 2023, surpassing the half-trillion dirham level for the third consecutive year.

The total number of transactions in 2024 also rose by more than 33.22% year-on-year to 226,117 transactions, compared to 169,720 transactions in 2023. The value of mortgages reached AED 187.27 billion across 35,885 transactions, while gifts totaled AED 51.28 billion across 9,372 transactions.

Dubai’s real estate sector achieved its highest-ever quarterly sales during the fourth quarter of 2024, registering over AED 147.77 billion. This included record-high monthly sales of AED 61.47 billion in October. Sales for November reached AED 43.65 billion, while December recorded AED 42.65 billion.
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This reflects a 4.06% increase in sales value during the three months ending December 2024 compared to the AED 142 billion recorded in the third quarter of the same year.

Official data revealed that October had the highest sales value of the year at AED 61.47 billion, marking the highest monthly value in real estate sales history. It was followed by July with AED 50.89 billion, August with AED 47.68 billion, and May with AED 45.73 billion.

"In this regard, a real estate expert explained that these exceptional numbers show that real estate sales in Dubai have multiplied more than seven times in the past year compared to 2020, indicating the strong and continuous momentum within the market and Dubai's international real estate standing as the best city to live, work, and invest in globally.”

The expert added that the Dubai real estate market has been on an upward trajectory since recovering from the COVID-19 pandemic in 2020, rising from AED 69.8 billion in 2020 to AED 149 billion in 2021, then to AED 265.5 billion in 2022, AED 401 billion in 2023, and AED 520 billion in 2024.

He noted that Dubai’s record real estate figures highlight the feasibility of achieving the 2033 initiative to reach AED 1 trillion, after surpassing AED 750 billion in 2024.

The expert predicted that growth will continue in the coming year, albeit at a slower pace of 10–15%, with sales nearing AED 600 billion and total dealings potentially exceeding AED 850 billion.

This comes amid strong performance that underscores Dubai’s ability to attract investors, thanks to its unique real estate projects, flexible payment plans, and high rental yields.

A real estate broker remarked that Dubai's record-breaking real estate performance in 2024 was not surprising but the result of the market’s significant development and maturity, benefiting from supportive economic, political, and social factors.

He anticipated these factors would continue supporting the market in 2025, with prices expected to rise, albeit at a slower pace than the previous year, amid sustained strong domestic and international demand.

The broker also pointed out that surpassing AED 760 billion in total real estate transactions—including sales, mortgages, and gifts—signals the market’s strength and immense liquidity, providing developers with the confidence to launch more attractive real estate projects.

Edited  by: Imtilak Global ©