GoldCoast Uae

Dubai and Abu Dhabi Real Estate Markets Shine in 2024: A Property Finder Report

The UAE’s real estate sector continues to demonstrate resilience and growth, with Dubai and Abu Dhabi emerging as standout performers in 2024. Both cities have proven to be dynamic hubs for global investors, achieving remarkable milestones in transaction volumes and values.

A Defining Year for UAE Real Estate

The UAE’s real estate sector continues to demonstrate resilience and growth, with Dubai and Abu Dhabi emerging as standout performers in 2024. Both cities have proven to be dynamic hubs for global investors, achieving remarkable milestones in transaction volumes and values.

Dubai Real Estate: Breaking Records

Key Highlights:

  • Total Transactions: 180,987 worth AED 522.5 billion.
  • Increase in Transaction Volume: 36.5% compared to 2023.
  • Increase in Transaction Value: 27.2% compared to 2023.

Dubai’s off-plan market emerged as a major driver of growth:

  • Off-Plan Transactions: 60.5% of total transactions, up from 43.6% in 2023.
  • Off-Plan Transaction Volume: 109,527, a 60.6% increase.
  • Off-Plan Transaction Value: AED 228.03 billion, up by 43.5%.

In the existing property market:

  • Transaction Volume: 71,460 transactions, a 10.9% increase.
  • Transaction Value: AED 294.5 billion, a 16.9% rise.

Abu Dhabi Real Estate: Steady and Strong

Key Highlights:

  • Total Transactions: 14,662 valued at AED 47.92 billion.
  • Increase in Transaction Volume: 4% compared to 2023.

Residential properties dominated Abu Dhabi’s real estate activity:

  • Residential Transactions: 66% of total volume and 53% of total value.
  • Existing Property Transactions: 4,320, up by 53.4%.
  • Existing Property Value: AED 9.27 billion, a 34.7% increase year-on-year.

In the off-plan segment:

  • Transactions: 5,385, accounting for 55.5% of total transactions.
  • Off-Plan Value: AED 16.34 billion, contributing 63.8% of total residential sales value.

Off-Plan Market: A Dominant Force

Dubai’s off-plan market set new records in 2024:

  • Volume: 109,527 transactions.
  • Value: AED 228.03 billion.

Abu Dhabi followed suit with robust off-plan activity:

  • Transactions: 5,385.
  • Value: AED 16.34 billion.

Expert Insights on 2025 and Beyond

Continued Growth for Dubai

Mark Richards, CEO of The Network, predicts sustained growth in Dubai’s real estate market for 2025. With an expected annual influx of 50,000-60,000 new residents and limited supply in key segments such as villas and townhouses, demand is set to remain strong.

Conclusion

As 2024 sets new benchmarks for the UAE’s real estate sector, the momentum is expected to carry into 2025. Dubai’s robust off-plan market and Abu Dhabi’s steady performance position both cities as prime destinations for global investors. With continued demand, innovative initiatives, and a focus on quality, the UAE real estate market is poised for another transformative year.