GoldCoast Uae

Dubai Real Estate Breaks Records in 2024: Top-Performing Areas Revealed

Dubai’s real estate market reached unprecedented heights in 2024, setting new benchmarks in both sales volume and transaction value. According to data from UAE-based real estate firm fäm Properties, the emirate recorded an impressive 180,900 transactions worth AED 522.1 billion. This represents a remarkable 36% increase in sales volumes and a 27% rise in value compared to 2023, when transactions stood at 133,100 worth AED 411.1 billion.

A Historic Year for Dubai Real Estate

The surge in Dubai’s real estate market was fueled by strong rental demand, robust luxury property resilience, and increased global investor confidence. Firas Al Msaddi, CEO of fäm Properties, highlighted how strategic visa reforms, favorable payment plans, and attractive residency incentives played key roles in driving this growth.

Primary Market: The Star Performer

The primary market led the charge, with off-plan sales dominating the landscape. Transactions in this segment rose by 51% to 119,800, while sales value increased by 30% to AED 334.1 billion. The average price per square foot climbed by 10%, reaching AED 1,600.

Top 10 Performing Areas in the Primary Market:

  1. Al Barsha South 4 – 12,878 transactions worth AED 13.5 billion
  2. Business Bay – 6,888 transactions worth AED 21.1 billion
  3. Wadi Al Safa 5 – 6,602 transactions worth AED 13.6 billion
  4. Madinat Al Mataar – 6,254 transactions worth AED 17.0 billion
  5. Hadaeq Sheikh Mohammed Bin Rashid – 5,246 transactions worth AED 13.4 billion
  6. Madinat Hind 4 – 5,152 transactions worth AED 8.4 billion
  7. Madinat Dubai Almelaheyah – 4,818 transactions worth AED 12.7 billion
  8. Al Merkadh – 4,474 transactions worth AED 6.2 billion
  9. Jabal Ali 1 – 4,335 transactions worth AED 6.7 billion
  10. Bukadra – 4,215 transactions worth AED 9.9 billion

 

Secondary Market: Steady and Strong

The secondary market also demonstrated robust growth, with re-sales climbing by 21% to AED 188.1 billion and transaction volumes increasing by 14% to 61,100. The average price per square foot grew by 12% to AED 1,300, driven by high rental yields and sustained demand for ready-to-move properties.

Top 10 Performing Areas in the Primary Market:

  1. Al Barsha South 4 – 12,878 transactions worth AED 13.5 billion
  2. Business Bay – 6,888 transactions worth AED 21.1 billion
  3. Wadi Al Safa 5 – 6,602 transactions worth AED 13.6 billion
  4. Madinat Al Mataar – 6,254 transactions worth AED 17.0 billion
  5. Hadaeq Sheikh Mohammed Bin Rashid – 5,246 transactions worth AED 13.4 billion
  6. Madinat Hind 4 – 5,152 transactions worth AED 8.4 billion
  7. Madinat Dubai Almelaheyah – 4,818 transactions worth AED 12.7 billion
  8. Al Merkadh – 4,474 transactions worth AED 6.2 billion
  9. Jabal Ali 1 – 4,335 transactions worth AED 6.7 billion
  10. Bukadra – 4,215 transactions worth AED 9.9 billion

 

Apartments, Villas, and Commercial Properties Shine

Apartments emerged as the top choice among investors, with transactions surging by 42% year-on-year to 141,168 units worth AED 260.6 billion. Villas followed closely, witnessing a 21.1% increase to 30,938 transactions worth AED 164.1 billion.

The commercial property segment recorded 4,304 units sold worth AED 9.7 billion, while land plots saw 4,352 transactions amounting to AED 86.5 billion

A Diverse Market with Global Appeal

The 14 top-performing areas showcased diversity across both primary and secondary markets, with hotspots like Business Bay, Al Barsha South 4, and Wadi Al Safa 5 excelling across both segments.

Dubai’s remarkable real estate performance in 2024 underscores the emirate’s position as a global hub for investment, innovation, and growth. With ongoing infrastructure development, investor-friendly policies, and a commitment to excellence, Dubai’s property market continues to set global benchmarks year after year.