Dubai Real Estate Market Performance in 2024

The Dubai real estate market has experienced impressive growth in 2024, marking a significant surge in sales volume, sales value, and price per square foot. The sector continues to thrive, attracting investors and end-users alike. Here’s a comprehensive breakdown of Dubai’s property market performance this year.

Market Overview

• Total Sales Volume: 181K transactions (+36% YoY)
• Total Sales Value: AED 522.5B (+27.1% YoY)
• Price per Sqft: AED 1.5K (+11.6% YoY)

These figures indicate a robust expansion in the real estate market, with both first-sale and resale properties seeing substantial growth.

Property Type Performance

• Apartments: 141,438 transactions | AED 261.9B (+42.3% YoY)
• Villas: 30,987 transactions | AED 163.7B (+21.2% YoY)
• Commercial Properties: 4,304 transactions | AED 9.7B (+10.1% YoY)
• Buildings: 16 transactions | AED 1.1B (+166.7% YoY)
• Plots: 4,283 transactions | AED 86.1B (+1.1% YoY)

Apartments led the market in both transaction volume and value, showing a significant increase compared to last year.

First Sale vs. Resale Market

• First Sale: 119,920 transactions | AED 334B
• Resale: 61,092 transactions | AED 187B

First-sale transactions dominated the market, indicating strong demand for newly developed properties.

Top-Performing Areas in 2024

1. Business Bay – The Market Leader

• Total Property Supply: 148,463
• Total Sales Value: AED 2.8 billion
• Total Sales Volume: 1,114

2. Downtown Dubai – The Luxury Hotspot

• Total Property Supply: 64,389
• Total Sales Value: AED 2.2 billion
• Total Sales Volume: 451

3. Marsa Dubai – High-Value Transactions

• Total Property Supply: 99,265
• Total Sales Value: AED 3.4 billion
• Total Sales Volume: 979

4. Al Barsha South Fourth – An Emerging Investment Hotspot

• Total Property Supply: 122,524
• Total Sales Value: AED 1.8 billion
• Total Sales Volume: 1,337

5. Jabal Ali First – A Hub for Affordable Investments

• Total Property Supply: 72,601
• Total Sales Value: AED 1.8 billion
• Total Sales Volume: 901

6. Al Thanyah Fifth – A Growing Residential Zone

• Total Property Supply: 64,757
• Total Sales Value: AED 1.6 billion
• Total Sales Volume: 599

7. Al Warsan First – Steady Market Activity

• Total Property Supply: 64,418
• Total Sales Value: AED 164.4 million
• Total Sales Volume: 209

8. Madinat Al Mataar – A Strong Performer

• Total Property Supply: 52,836
• Total Sales Value: AED 4 billion
• Total Sales Volume: 1,076

9. Wadi Al Safa 5 – Leading in Total Sales Value

• Total Property Supply: 49,494
• Total Sales Value: AED 4.1 billion
• Total Sales Volume: 1,991

Why Investors Are Focusing on These Areas

The top-performing areas in 2024 share key factors that make them attractive to investors:

• Strategic Locations: Proximity to business hubs, entertainment centers, and key infrastructure.
• Diverse Property Offerings: A mix of luxury, mid-range, and affordable properties catering to various investor preferences.
• Strong Market Demand: Continued interest from both local and international buyers, ensuring high liquidity.
• Rental Yield Potential: Many of these areas offer strong rental yields, making them ideal for investors seeking passive income.

Conclusion

Dubai’s real estate sector continues to thrive, with significant growth in both ready and off-plan transactions. The top-performing areas in 2024 reflect a well-balanced mix of high-end, mid-range, and emerging investment hotspots. With increasing investor confidence and ongoing developments, these areas are expected to remain at the forefront of Dubai’s booming real estate market in the coming months.

For investors looking to capitalize on Dubai’s dynamic property landscape, now is an opportune time to explore the thriving real estate opportunities across these prime locations.