(MENAFN- The Peninsula)
The Peninsula
DOHA: A record-breaking year for Dubai's Real estate market, with new milestones being set throughout 2024, culminated in an all-time peak of 180,900 transactions worth AED 522.1bn.
A market report issued today by fäm Properties underlines how 2024 became an historic year, with big leaps of 36% and 27% respectively on the previous high of 133,100 sales worth AED411.1bn in 2023.
In the primary market, first sales from developers climbed by 30% year on year to AED334.1bn, highlighting strong demand for new developments and off-plan properties.
The transaction volume surged by 51% to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity. Demand was fuelled by new project launches and favourable payment plans, as the segment attracted foreign investors, supported by residency incentives and visa reforms.
Healthy demand in the secondary market was highlighted by a 21% increase in re-sales to AED 188.1bn. Transaction volume was also up by 14% to 61,100, demonstrating sustained activity. The average price per sq ft increased by 12% year-on-year to AED 1,300.
The 2024 re-sale figures reflected buyers shifting to ready properties for immediate occupancy, and high rental yields attracting investors, while infrastructure improvements enhanced property desirability.
“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.”
Business Bay led the way in overall sales value, with 6,888 transactions worth AED 21.1bn. Meanwhile, emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained traction, indicating growing demand for suburban living and integrated communities.
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