- January 15, 2025
Dubai Real Estate Market Wraps Up 2024 with Exceptional Growth
Dubai’s real estate market closed 2024 on a high note, solidifying its position as a global hub for innovation, luxury, and strategic investments in the property sector. A key driver behind this growth was the off-plan market, which accounted for more than half of the total transaction value in the final quarter.
Total real estate sales in Dubai reached AED 116.5 billion in Q4 2024, marking a 31.1% year-on-year increase. Transaction volumes also soared by 51.8%, with 46,844 deals closed during the quarter.
Industry experts highlighted key factors driving this performance, including strategic planning, visionary developments, and strong investor confidence:
“Dubai’s real estate market continues to demonstrate remarkable strength and global appeal. This growth reflects a deliberate focus on meeting evolving buyer preferences while setting new benchmarks in quality, innovation, and sustainability.”
Off-Plan Segment Dominates
The off-plan segment emerged as a cornerstone of Dubai’s real estate success, contributing 53% of total transaction value in Q4 2024. With 30,388 transactions worth AED 61.69 billion, the segment gained momentum in areas such as Dubai South and Jumeirah Village Circle (JVC), catering to mid-income buyers. Meanwhile, luxury off-plan projects in Palm Jumeirah and Dubai Hills Estate continued to attract global investors.
Throughout 2024, off-plan sales dominated the market, accounting for 63.4% of the total annual transactions, thanks to innovative payment plans and strong investor demand. Total sales for the year reached AED 423.3 billion across 168,407 transactions, marking a 42.4% year-on-year growth.
Top 7 Areas to Buy Property in Dubai
The most sought-after areas in Q4 2024 include:
- Business Bay – A hotspot for off-plan and ready properties, Business Bay’s central location and mixed-use developments attracted a diverse range of buyers.
- Dubai Marina – Renowned for luxury waterfront apartments, this area remained popular among investors seeking high rental yields.
- Palm Jumeirah – The ultra-luxury segment leader, Palm Jumeirah recorded impressive sales of exclusive villas and apartments.
- Downtown Dubai – High-end apartments in iconic developments drove demand in this premium lifestyle hub.
- Dubai South (Expo City) – A rising hub for affordable housing and strategic investments due to its proximity to key infrastructure.
- Jumeirah Village Circle (JVC) – An attractive option for mid-income buyers, JVC offers affordable properties with family-friendly amenities.
- Dubai Land – An emerging hotspot for value-driven investments, especially in townhouse and villa communities.
Luxury Developments at the Forefront
Dubai’s luxury real estate segment continued to shine, attracting high-net-worth individuals and institutional investors from around the globe. Areas such as Palm Jumeirah, Downtown Dubai, and Dubai Marina led the charge, combining exclusivity, lifestyle appeal, and long-term value.
Properties in Palm Jumeirah recorded the highest average sales price of AED 4,600 per square foot, reinforcing Dubai’s dominance in the ultra-luxury market.
“Dubai’s appeal to high-net-worth individuals is about delivering a seamless integration of lifestyle, security, and strategic value. Buyers and investors see Dubai as a city that not only offers world-class amenities but also understands their aspirations for long-term growth and stability,” a market expert noted.
2025 Outlook: Population Growth Fuels Demand
As Dubai’s population is expected to grow to 4 million in 2025, the real estate market is poised for sustained growth. By 2040, the city aims to reach 7.8 million residents, supported by the Dubai 2040 Urban Master Plan, which emphasizes sustainable and inclusive development.
Key areas like Dubai South will cater to mid-income buyers with its focus on inclusivity and infrastructure, while luxury hubs like Palm Jumeirah and Downtown Dubai will continue to thrive.
“Dubai has positioned itself as a global real estate leader by continuously adapting to market dynamics and driving innovation. As we move into 2025, the focus will remain on delivering value-driven projects that reflect Dubai’s unique ability to combine inclusivity with exclusivity, setting the standard for urban living in the years ahead,” the statement concluded.
In Summary: Dubai’s exceptional performance in 2024 underscores its ability to balance innovation, luxury, and strategic investment opportunities, making it a global leader in the real estate market. As the city looks ahead to 2025, its trajectory remains one of growth, inclusivity, and excellence.