(MENAFN- Khaleej Times)
After setting new benchmarks in 2024, Dubai's Real estate market is poised for stabilisation as the population grows and over 72,000 residential units are set to enter the market in 2025.
While price growth may moderate, demand remains robust. Additionally, the launch of the Smart Rental index in 2025 promises to enhance transparency and fairness in rental pricing, real estate experts said.
Last year, the market recorded 68,405 total sales transactions, with a transaction value reaching an unprecedented Dh423.36 billion -the highest in the city's history. This represents a 30 per cent increase** in transaction value and a 40 per cent rise in transaction volume compared to the previous year, according to Betterhomes data.
“This impressive performance underscores investor confidence and robust demand, solidifying Dubai's position as a global real estate leader. As we reflect on another year of incredible growth and transformation, I am reminded of what makes Dubai's real estate market truly exceptional. It's not just the skyscrapers or record-breaking transaction volumes-it's the vision, resilience, and innovation that define this city,” said Louis Harding, chief executive officer of Betterhomes.“2024 has been a landmark year, and as we look ahead to 2025, we remain committed to guiding our clients and creating lasting value.”
The off-plan market has emerged as a significant driver of this growth, accounting for 63 per cent of total transactions and showing an impressive 66 per cent year-on-year growth. Meanwhile, the secondary market also contributed positively, recording a 14 per cent YoY increase, catering effectively to end-users looking for immediate ownership options.
The luxury segment of the market has also reached new heights. In 2024, transactions involving properties valued over Dh 15 million surged, with a total of 1,938 transactions in the secondary market-marking a 63 per cent increase from the previous year.
Most expensive resale villa was the Dh 240.5 million property on Jumeirah Bay Island while the most expensive resale apartment was the Dh275 million property at The One on Palm Jumeirah
Additionally, the market witnessed 40 super-prime transactions exceeding Dh100 million, further solidifying Dubai's appeal to high-net-worth individuals seeking bespoke properties and luxurious lifestyles.
Analysts said with its impressive performance in 2024, Dubai's real estate market is well-positioned for continued growth and transformation. As it navigates the challenges and opportunities ahead, the market remains an attractive destination for investors and homebuyers looking for diverse opportunities in a vibrant and dynamic environment, they said.
Mohanad Alwadiya, CEO of Harbor Real Estate, wrote: The Dubai Urban Plan 2040 outlines a visionary framework centered on the development of five key urban hubs: Deira and Bur Dubai, Downtown and Business Bay, Dubai Marina and Jumeirah Beach Residence, Expo 2020 Center, and Dubai Silicon Oasis. These vibrant districts represent the heart of Dubai's future urban growth, designed to accommodate a projected population of 5.8 million permanent residents, along with an 2.1 million comprising professionals and visitors.
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