Dubai Real Estate Market Hits Record Highs in 2024: Top-Performing Areas and Insights
The Dubai real estate market achieved unprecedented success in 2024, setting new records in both sales volume and value. With transactions reaching 180,900 worth AED 522.1 billion, the emirate witnessed a remarkable 36% increase in sales volumes and a 27% rise in value compared to 2023. These milestones underscore Dubai’s growing appeal as a global investment hub.
2024 Dubai Real Estate Market Overview
According to data released by UAE real estate firm fäm Properties, Dubai’s real estate sector surged past its previous records of 133,100 transactions worth AED 411.1 billion in 2023.
Key Drivers of Growth:
- Visa Reforms: Enhanced residency incentives boosted investor confidence.
- Off-Plan Properties: Attractive payment plans drew foreign buyers.
- Luxury Market Resilience: High demand for premium properties.
- Strong Rental Demand: Elevated rental yields added to the market’s appeal.
Firas Al Msaddi, CEO of fäm Properties, emphasized the resilience of Dubai’s real estate market, citing the robust performance of both primary and secondary markets.
Primary Market Drives Growth
The primary market was a standout performer in 2024, driven by new project launches and competitive payment plans. First sales from developers rose by 30% year-on-year to AED 334.1 billion, with transaction volumes increasing by 51% to 119,800. The average price per square foot also climbed 10% to AED 1,600.
Top 10 Performing Areas in the Primary Market:
| Area | Transactions | Value (AED) |
|---|---|---|
| Al Barsha South 4 | 12,878 | 13.5 billion |
| Business Bay | 6,888 | 21.1 billion |
| Wadi Al Safa 5 | 6,602 | 13.6 billion |
| Madinat Al Mataar | 6,254 | 17.0 billion |
| Hadaeq Sheikh Mohammed Bin Rashid | 5,246 | 13.4 billion |
| Madinat Hind 4 | 5,152 | 8.4 billion |
| Madinat Dubai Almelaheyah | 4,818 | 12.7 billion |
| Al Merkadh | 4,474 | 6.2 billion |
| Jabal Ali 1 | 4,335 | 6.7 billion |
| Bukadra | 4,215 | 9.9 billion |
Secondary Market Growth
The secondary market also showcased strong growth, with re-sales rising by 21% to AED 188.1 billion. Transaction volumes increased by 14% to 61,100, while the average price per square foot grew by 12% to AED 1,300. This growth reflects the high demand for ready properties and elevated rental yields.
Top 10 Performing Areas in the Secondary Market:
| Area | Transactions | Value (AED) |
| Business Bay | 5,142 | 9.8 billion |
| Dubai Marina | 4,924 | 15.2 billion |
| Al Barsha South 4 | 4,635 | 7.0 billion |
| Al Thanyah 5 | 3,305 | 8.1 billion |
| Al Merkadh | 3,155 | 8.3 billion |
| Downtown Dubai | 3,122 | 12.7 billion |
| Jabal Ali 1 | 2,364 | 5.0 billion |
| Al Warsan 1 | 2,126 | 1.2 billion |
| Wadi Al Safa 5 | 2,125 | 5.9 billion |
| Hadaeq Sheikh Mohammed Bin Rashid | 2,106 | 9.8 billion |
Market Trends: Apartments Lead the Way
- Apartments: Transactions surged by 42% year-on-year, with 141,168 units sold worth AED 260.6 billion.
- Villas: Sales increased by 21.1%, totaling 30,938 transactions worth AED 164.1 billion.
- Commercial Properties: 4,304 units sold for AED 9.7 billion.
- Land Plots: 4,352 plots sold for AED 86.5 billion.
Why Dubai Real Estate is a Top Investment Choice
- Strong ROI: Dubai’s real estate market consistently delivers high returns.
- Residency Benefits: Visa reforms make property ownership more attractive.
- Luxury Appeal: Premium properties continue to attract global investors.
- Diverse Options: From apartments to villas, the market offers something for everyone.
For more insights on Dubai’s real estate market or to explore investment opportunities, visit Evantis Realty or contact us today:
- Phone: +971 54 480 9359
- Email: info@evantisrealty.com
- Website: https://evantisrealty.com/
Reference: https://www.wam.ae/article/bhhk3cf-dubai-real-estate-sets-all-time-record-2024
Evantis Realty is a leading real estate brokerage in Dubai, specializing in high-end properties across the city. With years of experience and a deep understanding of the market, Evantis Realty offers personalized service and expert advice to help clients navigate the dynamic Dubai real estate market with confidence.
