Dubai has become a center of attraction for investment, relocation, starting a business and getting an education. The city of the future broke its records for popularity in 2024.
In 2024, 180,900 transactions were concluded for a total of US$ 142.15 billion, or AED 522.1 billion. This is 36% more than in 2023 in terms of the number of transactions, and 27% more in terms of transaction volume.
39% of transactions were for completed properties and 61% for properties under construction.
Compared to 2023:
Completed properties: 11% more transactions, and 18% more in value.
Construction sites: 58% more transactions, and 41% more in value.
The average price per square meter in the Dubai real estate market in 2024 increased by 12% for resale properties - $ 3,800, and by 10% for racks - $ 4,700.
Primary off-plan property market
In 2024, off-plan property sales from developers increased by 30% compared to last year, reaching AED 334.1 billion (AED), equivalent to about $ 91 billion ($). This highlights the strong demand for new projects and properties that are not yet built. The number of transactions in this segment increased by 51%, amounting to 119,800 transactions. The average price per square meter increased by 10% and amounted to $ 4,704.
Secondary property market
The secondary market (ready-to-move-in housing) also saw growth, with an increase in transaction volume by 21%, amounting to AED 188.1 billion (about $ 51 billion). The number of transactions increased by 14%, reaching 61,100 transactions. The average price per m2 increased by 12%, amounting to $3,822.
Overall results of the year
Overall sales growth was at 42% in the apartment segment, amounting to 141,168 transactions worth AED 260.6 billion (approximately $71 billion).
Villa sales increased by 21.1%, with 30,938 transactions worth AED 164.1 billion (US$44.7 billion).
Commercial property transactions increased by 10.1%, amounting to 4,304 transactions worth AED 9.7 billion (US$2.64 billion).
There were also 4,352 land plots sold, amounting to a total of AED 86.5 billion (US$23.6 billion).
Top Dubai Districts by Total Property Sales
Al Barsha South 4 led the way in the primary market with 12,878 transactions valued at AED 13.5 billion ($3.68 billion).
Business Bay topped the list for total resale sales value with 6,888 transactions valued at AED 21.1 billion ($5.74 billion).
Dubai Marina ranked first for resale value with 4,924 transactions valued at AED 15.2 billion ($4.14 billion).
Top 10 Dubai Districts for Off-Plan and Ready Residential Sales in 2024
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Al Barsha South 4: 12,878 transactions worth AED 13.5 billion
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Business Bay: 6,888 transactions worth AED 21.1 billion
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Wadi Al Safa 5: 6,602 transactions worth AED 13.6 billion
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Madinat Al Mataar: 6,254 transactions worth AED 17.0 billion
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Hadaeq Sheikh Mohammed Bin Rashid: 5,246 transactions worth AED 13.4 billion
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Madinat Hind: 5,152 transactions worth AED 8.4 billion
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Madinat Dubai Almelaheyah: 4,818 transactions worth AED 12.7 billion
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Bukadra: 4,215 transactions worth AED 9.9 billion
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Jabal Ali: 4,335 transactions worth AED 6.7 billion AED
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Al Merkadh: 4,474 deals worth AED 6.2 billion
Despite 250 projects launched last year and another 250 in the pipeline, Dubai is 6,000 homes short of meeting the 169,000 demand for housing for the city’s new residents.
Want to invest in the best developments in Dubaior buy liquid ready-to-move properties? Contact us now for a consultation.