Dubai’s real estate sector continued its growth momentum in 2024, with the number of transactions reaching an all-time high of 180,900, representing a 35.9 percent rise compared to 2023, an analysis showed.
In its latest report, real estate firm fäm Properties revealed that the value of transactions in the sector reached 411.1 billion dirhams ($111.92 billion) last year, marking a year-on-year rise of 27 percent.
Dubai’s real estate sector has been growing steadily over the past few years driven by its tax benefits, ease of doing business, high rental yields and golden visa program.
In October, a report released by CBRE said that UAE’s growing non-oil economy, the expanding hospitality industry and the expanding industrial and logistics sector are some of the key elements which contributes to the growth of the real estate sector in the Emirates.
“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.
He added: “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.”
In 2024, villa sales in Dubai witnessed a surge of 21.1 percent year on year reaching 30,938 units worth 164.1 billion dirhams.
Commercial property transactions in 2024 reached 4,304 units worth 9.7 billion dirhams, marking a 10.1 percent rise compared to 2023.
Primary market driving growth in Dubai
According to the report, first sales from developers in Dubai’s primary market climbed by 30 percent year on year to 334.1 billion dirhams in 2024, highlighting strong demand for new developments and off-plan properties.
In the real estate sector, the primary market refers to the buying and selling of newly constructed properties, while the secondary market involves the resale of existing properties.
The analysts revealed that this growth in the primary market was driven by new project launches and favorable payment plans, as the segment attracted foreign investors, supported by residency incentives and visa reforms.
UAE’s Golden Visa is a long-term residence permit which allows foreign talents to live, work or study in the Emirates. These visas, typically valid for five or 10 years, permit a person to stay outside the UAE for more than the usual period of six months.
In the primary market, AlBarsha South 4 was the top-performing area in terms of overall volume, with 12,878 first sales worth 13.5 billion dirhams.
Business Bay followed with 6,888 transactions worth 21.1 billion dirhams.
Secondary market steady
According to the report, UAE’s secondary real estate market also showed resilience in 2024, with transaction value reaching 188.1 billion dirhams, representing a 21 percent rise compared to the previous year.
In the secondary market, transaction volume increased 14 percent year on year to reach 61,100.
Business Bay maintained its dominance in re-sale transactions in the secondary market, recording 5,142 deals in 2024.
Dubai Marina led in overall value, with 4,924 transactions 15.2 billion dirhams, signifying its status as a premium, waterfront destination.
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