Dubai Real Estate Shatters Records in 2024
Dubai's real estate market reached a historic peak in 2024 with 180,900 transactions, amounting to a total value of 522.1 billion dirhams. This impressive achievement reflects not only the volume of transactions but also the overall momentum of the market, setting new milestones in one of the United Arab Emirates' fastest-growing sectors.
Background of the Results
According to a market report issued by fäm Properties, 2024 was the best year in the market's history, showing a 36% increase in the number of transactions and a 27% increase in total value compared to 133,100 sales and 411.1 billion dirhams in 2023. The primary market was particularly remarkable, with first sales from developers rising by 30% to reach 334.1 billion dirhams.
Explosive Growth in the Primary Market
The number of transactions rose by 51% in 2024 to 119,800, reflecting an increase in buyer confidence and developer activity. The average price per square foot also showed significant growth, up 10% to 1,600 dirhams.
This growth was due to the following factors:
a, New project launches: Dubai developers continue to attract buyers with ambitious projects.
b, Favorable payment plans: Flexible financing options facilitated an increase in investment.
c, Foreign investors: The real estate market was greatly supported by residency programs and visa reforms, which made Dubai attractive to international investors.
Secondary Market and New Trends
Alongside the new developments, significant growth was observed in the resale market as well. The value of transactions in the secondary market grew by 21%, reaching 188.1 billion dirhams, while the number of transactions rose by 14%, totaling 61,100. The average price per square foot increased by 12% to 1,300 dirhams.
This segment performed well due to the following factors:
a, Demand for immediate occupancy: Many buyers sought ready properties to take immediate possession.
b, High rental yields: Investors found especially attractive the exceptional rental returns.
c, Infrastructure developments: Improvements in transportation and urban services further enhanced property appeal.
Summary
The results of Dubai's real estate market in 2024 show that the city is one of the most sought-after investment destinations globally. New projects, favorable financial opportunities, and increased investor confidence have strengthened Dubai's position in the real estate market.
Looking forward, Dubai's continuous developments, such as smart urban development strategies and sustainable building solutions, create new opportunities for local and international investors. The momentum of the real estate market is expected to continue, setting new peaks in the coming years.
