Arabian Post Staff -Dubai
Dubai’s real estate sector has reached unprecedented heights in 2024, recording 180,900 transactions valued at approximately $142.4 billion. This marks a significant increase from 2023, which saw 133,100 sales worth $112.2 billion.
The primary market experienced substantial growth, with first-time sales from developers rising by 30% to $91.1 billion. Transaction volumes in this segment surged by 51%, totaling 119,800 units. The average price per square foot increased by 10% to $435, driven by new project launches, favorable payment plans, and residency incentives attracting foreign investors.
In the secondary market, resales reached $51.2 billion, a 21% increase from the previous year, with transaction volumes up by 14% to 61,100 units. The average price per square foot rose by 12% year-on-year to $354, indicating sustained demand for ready properties and high rental yields appealing to investors.
Firas Al Msaddi, CEO of fäm Properties, noted, “This has been a truly remarkable year for Dubai’s real estate market. Despite global economic uncertainties, transaction volumes have surged, reflecting the market’s resilience. With strong rental demand and a continued appetite for luxury, Dubai’s real estate sector is continuing to attract global investors, cementing its position as a top destination for real estate investment.”
Apartment sales led the market, with 141,168 units sold, totaling $70.9 billion—a 42% increase compared to 2023. Villa sales grew by 21.1%, reaching 30,938 units valued at $44.7 billion. Commercial property transactions rose by 10.1%, with 4,304 units worth $2.6 billion, while 4,352 plots were sold for $23.5 billion, marking a 2.6% rise.
In the primary market, Al Barsha South 4 emerged as the top-performing area, recording 12,878 first-time sales worth $3.7 billion. Business Bay led in sales value, with 6,888 transactions totaling $5.7 billion. Emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained traction, indicating a growing demand for suburban living and integrated communities.
In the secondary market, Business Bay maintained its dominance with 5,142 resale transactions worth $2.7 billion. Dubai Marina, a premium waterfront destination, led in resale value, with 4,924 transactions totaling $4.1 billion.
The luxury segment also saw notable activity. Soccer star Neymar purchased a $54.45 million penthouse in Dubai’s Bugatti Residences, featuring a private car elevator and a swimming pool with panoramic views of downtown Dubai. This acquisition underscores Dubai’s appeal among high-net-worth individuals seeking luxury properties.
A $134 million villa on Jumeirah Bay Island became the most expensive property on the market in Dubai. The 20,000-square-foot mansion, under the Bulgari Hotel and Resort umbrella, boasts high-end renovations and luxurious amenities, reflecting the city’s growing ultra-luxury real estate market.
Also published on Medium.
