FY2024 Dubai Real Estate Market Highlights: A Year Of Growth And Transition

(MENAFN- Mid-East Info) Dubai's Real estate market set new benchmarks in 2024, achieving record-breaking numbers:

• Total Sales Transactions: 168,405
• Transaction Value: AED 423.36 billion (the highest in the city's history)
• Year-on-Year (YoY) Growth: 30% in transaction value and 40% in transaction volume

This impressive performance underscores investor confidence and robust demand, solidifying Dubai's position as a global real estate leader.

The off-plan market led the way, accounting for 63% of total transactions and showing a remarkable 66% YoY growth. At the same time, the secondary market recorded a strong 14% YoY increase, meeting the needs of end-users seeking immediate ownership.

A Landmark Year for Luxury Real Estate
The prime property market also hit unprecedented highs:

• Prime Market Definition: Transactions over AED 15 million
• Total Transactions: 1,938 in the secondary market (63% YoY increase)
• Notable Sales:
  • Most Expensive Resale Villa: AED 240.5 million (Jumeirah Bay Island)
  • Most Expensive Resale Apartment: AED 275 million (The One at Palm Jumeirah)

With 40 super-prime transactions exceeding AED 100 million, Dubai continues to attract high-net-worth individuals seeking bespoke properties and exceptional lifestyles.

CEO Perspective
“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.”

Outlook for 2025
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. 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.

From luxury penthouses to accessible apartments, Dubai's real estate market continues to be a cornerstone of the UAE's economic resilience and global appeal.

For more valuable insights view the full report Dubai Real Estate Market FY2024 .

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