Dubai Real Estate Sales 2024 has broken all past records as it cements its position as the premier global luxury city to live in and invest in. Dubai Land Department records indicate the market reached a milestone of AED 522.1 billion in transactions, an increase of 36% on the sales volume for 2023. The boom in property in the emirate has weathered all gloomy outlooks from around the world about global economic stability.
In 2024, Dubai Property Market Trends 2024 experienced growth in all property segments. The year recorded a total of 180,900 transactions, a significant increase from 133,100 in 2023. The surge was attributed to increased investor confidence, which grows by high rental demand and a consistent stream of high-net-worth individuals (HNWIs). Residential continued to take major portions of these sales as demand for end-user and investment purposes remained strong.
2024 Dubai Real Estate transaction statistics indicate a clear lead with off-plan products, as such properties constituted 64% of all residential sales. The primary market saw a rise of AED 64.91 billion in transaction volume in Q3, only due to the launching of 104 new projects this year.
Secondary market transactions also performed steadily during 2024. Moreover, the most expensive properties sold in 2024, where 36% of total sales amount to AED 65.78 billion. Buyers flocked to well-established communities, indicating strong demand for properties with instantaneous occupancy.
There were 1,080 transactions in luxury properties valued at over AED 10 million, which confirmed Dubai as a prime destination for exclusive investments. This further emphasizes the strengths of Dubai Real Estate Sales 2024 in terms of providing a dynamic market that attracts high-value property and luxury asset seekers. In accordance with Dubai Property Market Trends 2024, these figures also reflect consistent demand for both established communities and luxury assets.
The Dubai Real Estate Sales 2024 of commercial properties showcased a robust performance in 2024, driven by diverse segments such as offices, hotel apartments, retail spaces, and specialized properties. These segments underline Dubai's growing importance as a global business and investment hub. Below is a detailed breakdown of key segments, showcasing their individual contributions:
Total Transactions: 2,972
Total Sales Value: AED 6.53 billion
Average Price per Unit: AED 2.2 million
Total Transactions: 2,661
Total Sales Value: AED 62.09 billion
Average Price per Transaction: AED 23.33 million
Total Transactions: 2,577
Total Sales Value: AED 5.83 billion
Average Price per Unit: AED 2.26 million
Total Transactions: 1,363
Total Sales Value: AED 3.12 billion
Average Price per Unit: AED 2.29 million
Total Transactions: 383
Total Sales Value: AED 13.17 billion
Average Price per Transaction: AED 34.39 million
Warehouses:
Total Transactions: 35
Total Sales Value: AED 284.25 million
Average Price per Unit: AED 8.12 million
Industrial Spaces:
Total Transactions: 35
Total Sales Value: AED 470.43 million
Average Price per Unit: AED 13.44 million
Labour Camps:
Total Transactions: 16
Total Sales Value: AED 342.93 million
Average Price per Unit: AED 21.43 million
Schools:
Total Transactions: 11
Total Sales Value: AED 839.46 million
Average Price per Unit: AED 76.31 million
Hospitals:
Total Transactions: 3
Total Sales Value: AED 126.44 million
Average Price per Unit: AED 42.15 million
The Dubai Residential Property Sales Analysis 2024 shows a significant growth in both volume transactions and the value of real estate. The average transaction value per square foot of residential property increased to AED 1,537, indicating a continuous appreciation of value in the market.
Apartments remained the most popular property type, with transactions exceeding 140,000, while villas and townhouses consistently had high demand. Affluent and upscale neighborhoods also maintained good rates of transactions in Palm Jumeirah, Mohammed Bin Rashid City, and Jumeirah Bay Island.
The rental market was on an upward trend, with increased rental yields and a high demand for prime locations. Average annual rents for apartments had reached AED 75,000, and villas fetched AED 165,000. This trend has made Dubai a very lucrative market for buy-to-let investors, as the 2024 Dubai Real Estate Transaction Statistics reveal an increasing demand for rental properties in key locations throughout the city.
The Dubai Property Market Trends 2024 highlighted key residential areas that attracted significant buyer interest due to their prime locations, modern amenities, and investment potential. From luxury apartments in Downtown Dubai to compact studios in Jumeirah Village Circle, these hotspots reflect the diverse preferences of investors and end-users alike. Below are the top highest transacted areas in Dubai for 2024:
Development: Jumeirah Beach Residence (Murjan)
Unit Type: Apartment
Transaction Type: Resale
Sales Price: AED 1,385,000
Built-Up Area: 1,106 sq. ft.
Price Per Square Foot: AED 1,252
Development: JVC District 12
Unit Type: Studio Apartment
Transaction Type: Initial Sale
Sales Price: AED 897,058
Built-Up Area: 513 sq. ft.
Price Per Square Foot: AED 1,749
Development: Downtown Dubai
Unit Type: 2-Bedroom Apartment
Transaction Type: Initial Sale
Sales Price: AED 2,612,210
Built-Up Area: 1,152 sq. ft.
Price Per Square Foot: AED 2,268
Development: Haven
Unit Types: 1-Bedroom and 2-Bedroom Apartments
Transaction Prices: AED 1.15M to AED 1.77M
Built-Up Area Range: 797 – 1,374 sq. ft.
Price Per Square Foot: AED 1,213 – AED 1,617
Apartments accounted for the majority of transactions, with 136,383 units sold, generating a total sales value of AED 249.23 billion. The average sales price for apartments was AED 1.83 million, and the average built-up area was 959 sq. ft. Apartments in prime areas like Downtown Dubai and Jumeirah Beach Residence attracted buyers due to their central locations, high rental yields, and alignment with Dubai Property Market Trends 2024.
Villas saw a total of 10,056 transactions, with an impressive sales value of AED 108.17 billion. The average sales price for villas was AED 10.76 million, and the average built-up area was 5,553 sq. ft. Villas in upscale neighborhoods like Mohammed Bin Rashid City and Palm Jumeirah remain a top choice for affluent buyers seeking luxury and exclusivity.
Townhouses recorded 21,912 transactions, with a total sales value of AED 65.94 billion. The average sales price was AED 3 million, and the average built-up area was 2,545 sq. ft. Townhouses cater to families looking for a balance between affordability and spacious living, with popular options available in areas like Jumeirah Village Circle and Arabian Ranches.
Many factors have led to the record-shattering performance of Dubai Real Estate Sales 2024. The strategic government policies about visa reforms and investment-friendly regulations have made enormous contributions. Moreover, the emirate's status as one of the world's key business destinations continues to attract international investors seeking stable returns in such a dynamic market.
The strong performance of Dubai’s luxury real estate segment is another key driver. Prime properties, such as those in Jumeirah Gate Tower and One Canal, have achieved record-breaking sales this year. The most expensive property transaction was a five-bedroom villa on Palm Jumeirah, sold for AED 275 million, highlighting the enduring allure of the city’s upscale developments.
That rush of luxury transactions further strengthens Dubai property market performance, both reflecting the appeal of high-net-worth individuals and the soaring demand for premier properties.
Moreover, Dubai’s robust pipeline of developments ensures sustained growth in the coming years. With 690 projects currently under construction and nearly 198,000 units expected to be delivered by 2029, the city is well-positioned to cater to diverse investment strategies.
Notable projects like Lagoon Views and Naya at District One are among the most anticipated launches, drawing significant interest from both local and international buyers. This aligns with the Dubai Residential Property Sales Analysis 2024, which highlights the growing demand and diverse opportunities within the residential sector, further solidifying Dubai’s position as a leading real estate market.
The Dubai Real Estate Market has benefited from global investor confidence, with many viewing the city as a safe haven for wealth preservation. This sentiment is supported by Dubai’s strategic geographic location, state-of-the-art infrastructure, and world-class amenities.
As 2024 has ended, it is evident that Dubai Real Estate Sales 2024 has set new benchmarks in the global property market. The remarkable growth across all segments underscores the city’s resilience and ability to adapt to changing economic conditions. With its unwavering appeal and promising future, Dubai remains a premier destination for real estate investment.
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