Dubai real estate market hits record $142 billion in 2024
New developments, visa reforms, and rental yields boost transaction volume to 180,900— highest ever recorded
DOHA, Qatar (MNTV) – Dubai’s real estate sector witnessed its strongest year on record in 2024, as total transactions surged to an unprecedented 180,900, valued at $142 billion, according to a new market report released by fäm Properties on Tuesday.
The report highlights a significant year-on-year increase of 36% in transaction volume and a 27% rise in overall value, compared to 133,100 deals worth $112 billion in 2023.
Analysts say the performance marks a historic milestone for the emirate’s property market, underpinned by robust demand and investor confidence.
The primary market saw particularly notable growth, with first-time developer sales jumping 30% to reach $91 billion.
Transaction volumes in this segment climbed 51% to 119,800, reflecting heightened interest in off-plan properties.
Analysts attributed this demand to attractive payment plans, a spate of new project launches, and policy reforms, including residency incentives that appealed to international investors.
Meanwhile, the secondary market also recorded healthy activity. Re-sales rose by 21% year-on-year to $51 billion, with the number of transactions increasing 14% to 61,100.
The average price per square foot across the market grew by 12% to $354.
Market observers noted that ready-to-move-in properties gained popularity among buyers seeking immediate occupancy and long-term rental yields.
Improvements in infrastructure and community development further contributed to sustained buyer interest in both central and emerging areas.
“This was a remarkable year for Dubai real estate, with transaction volumes growing despite global economic uncertainties, indicating resilient demand and an expanding buyer base,” said Firas Al Msaddi, CEO of fäm Properties.
“Sales values broke historical records, and with strong rental demand and luxury resilience, the market continues to attract global investors, reinforcing its status as a top real estate destination”, he added.
Business Bay led all districts in terms of total sales value, recording 6,888 transactions worth $8 billion.
Up-and-coming neighborhoods such as Madinat Al Mataar and Wadi Al Safa 5 also showed strong performance, underscoring growing demand for suburban living and integrated residential communities.
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