GoldCoast Uae

Dubai Real Estate Market Achieves Record-Breaking Milestones in 2024

Dubai’s real estate market has had an extraordinary year in 2024, reaching unprecedented heights with 180,900 transactions valued at AED 522.1 billion. This marks a significant leap of 36% in sales volume and 27% in value compared to 2023, which recorded 133,100 sales worth AED 411.1 billion.

Rising Demand for Affordable Housing and Off-Plan Properties

The primary market witnessed a 30% year-on-year increase, with sales from developers reaching AED 334.1 billion. Off-plan properties remained a top choice, with transaction volumes rising by 51% to 119,800. The average price per square foot also climbed by 10%, hitting AED 1,600. This growth was primarily driven by attractive payment plans, appealing new project launches, and investor-friendly residency visa reforms

Resilience in the Secondary Market

The primary market witnessed a 30% year-on-year increase, with sales from developers reaching AED 334.1 billion. Off-plan properties remained a top choice, with transaction volumes rising by 51% to 119,800. The average price per square foot also climbed by 10%, hitting AED 1,600. This growth was primarily driven by attractive payment plans, appealing new project launches, and investor-friendly residency visa reforms

Apartment and Villa Sales Dominate

The primary market witnessed a 30% year-on-year increase, with sales from developers reaching AED 334.1 billion. Off-plan properties remained a top choice, with transaction volumes rising by 51% to 119,800. The average price per square foot also climbed by 10%, hitting AED 1,600. This growth was primarily driven by attractive payment plans, appealing new project launches, and investor-friendly residency visa reforms

Top-Performing Areas

  • Al Barsha South 4 emerged as the leader in transaction volume, with 12,878 first sales.
  • Business Bay dominated in terms of sales value, recording AED 21.1 billion across 6,888 transactions.
  • Emerging communities like Madinat Al Mataar and Wadi Al Safa 5 gained traction, reflecting the rising appeal of suburban living.

Smart Rental Index 2025: A Technological Milestone

In a move to enhance transparency and sustainability, the Dubai Land Department (DLD) launched the Smart Rental Index 2025. This AI-powered system evaluates properties based on technical features, maintenance quality, location, and amenities, ensuring fair rental valuations. In 2024 alone, over 900,000 rental contracts were registered, marking an 8% growth from the previous year.

A Bright Future Ahead

Dubai’s resilience amidst global economic uncertainties. “With transaction volumes soaring, strong rental demand, and luxury property resilience, Dubai remains a global investment hub,” he said.

As Dubai continues to set new benchmarks in the real estate sector, the city’s commitment to innovation, transparency, and investor-friendly policies ensures a bright and sustainable future for its property market.