Dubai’s real estate market has had an extraordinary run in 2024, with remarkable growth trends across all property segments, particularly in the Top 5 Highest Transacted Areas in Dubai. From record-breaking transaction volumes to impressive rises in property values, the year has solidified Dubai’s position as a global real estate hub.
Jumeirah Village Circle takes the top five positions as it has experienced over 16,700 transactions (Source Property Monitor). Let's explore the most interesting highlights about the top locations that have succeeded the most and find out why these places attract so many buyers and investors.
Within 2024, the Dubai real estate celebrated a remarkable performance in resilience and growth, with outstanding Top 5 highest transacted areas in Dubai.
Residential transactions accounted for more than 75,543 for the first half of the year and stood at an unbelievable AED 191 billion. Year-over-year, there was a 36% increase from the previous year. Moreover, there was a 17% rise, which is more than the second half of 2023.
The growth momentum rolled into the third quarter of 2024 where it recorded its highest-ever total transactions in any single quarter stood at 50,425 and total sales volume stood at a record AED 141.95 billion, posting a 30% increase over the Q3 figure of 2023.
The luxury properties in Dubai was the biggest growth driver, with transactions of properties above AED 10 million rising by 47% compared to those in 2023. This surge further increased the appeal of Dubai to high-net-worth individuals. It further solidifies these areas as Top 5 areas with highest sales transactions in 2024.
Jumeirah Village Circle emerged as the most transacted area in 2024, leading the Top 5 highest transacted areas in Dubai with 16,749 transactions worth AED 16.92 billion. Its diverse property portfolio, affordability, and strategic location have made it a hotspot for buyers and investors alike.
Apartments: While leading the market, 16,325 apartment sales generated AED 15.58 billion in total sales, with an average price of AED 954,645. Studios and 1-bedroom apartments were especially popular, averaging AED 621,701 and AED 953,435, respectively.
Townhouses: Townhouses with 340 transactions led to a total sales value of AED 1.04 billion, averaging AED 3.06 million per unit.
Villas: Accounting for only 84 transactions, villas earned AED 292.57 million at a per unit average price of AED 3.48 million.
JVC's strong transaction volume is attributed to its wide range of options catering to families, singles, and investors seeking rental income opportunities.
Business Bay secured the second position with 10,189 transactions worth AED 23.32 billion. Known for its prime location and commercial appeal, this area continues to attract both end-users and investors, making it one of the top 5 areas with the highest sales transactions in 2024.
Apartments: Almost all transactions comprised apartments, accounting for AED 23.26 billion. The average price per unit was AED 2.28 million, with studios and 1-bedroom units remaining the most in demand, selling at AED 1.14 million and AED 1.76 million, respectively.
Luxury Segment: High-end properties were also the most sought after, with 5-bedroom apartments averaging AED 64.55 million, while select units reached AED 11.87 million for 4-bedroom configurations.
In 2024, Business Bay seamlessly integrated residential, commercial, and retail spaces for professionals and investors.
Dubai Hills Estate made up 7,081 transactions valued at AED 22.28 billion, setting it firmly for being a luxury hub residential destination. Its well-manicured environment and high-end positioning have attracted families and high net-worth buyers, making it one of the highest transacted areas of 2024.
Apartments: Apartments, which are valued at AED 15.12 billion, account for 6,557 transactions. Average prices stood at AED 2.3 million.
Villas: There was high traction in luxury villas, where 322 transactions amount to AED 6.12 billion. The average villa price was AED 19 million, which was because of its premium status.
High-End Properties: Larger homes, including 6-bedroom and 7-bedroom villas, averaged AED 30.75 million and AED 172.5 million, respectively, highlighting the demand for ultra-luxury residences.
MBR City had 6,552 transactions amounting to AED 18.41 billion during 2024, making itself one of the top 5 highest transacted areas in Dubai, supported by its luxury projects and proximity to Downtown Dubai.
Apartments: Amounting to 5,589 transactions, AED 6.18 billion was raised in apartments with studio averages of AED 664,636.
Villas: The villa market of the region has experienced 597 transactions amounting to AED 10.82 billion. The average villa price is AED 18.12 million, and bigger configurations, such as 6-bedroom units, are at AED 36.25 million.
The mixed-use offerings and luxury lifestyle appeal of MBR City continue to drive its popularity among both end-users and investors.
Damac Hills 2 ended in the top five with 5,774 transactions worth AED 6.18 billion. The community is famous for its affordability and family-friendly environment, which makes it a favorite among buyers who prefer suburban living.
Apartments: Apartments averaged AED 604,554 per unit through 1,563 transactions and contributed AED 944.98 million.
Villas and Townhouses: Villas took the lead in the market with 4,211 transactions amounting to AED 5.23 billion, averaging AED 2.96 million per unit. Townhouses also trended, averaging AED 4.29 million for a 5-bedroom unit.
Affordability and growing amenities of Damac Hills 2 make it a destination for families and first-time buyers, making it one of the highest transacted areas of 2024.
The Dubai real estate market in 2024 has witnessed phenomenal growth, with areas like Jumeirah Village Circle, Business Bay, and Dubai Hills Estate leading the charge, all of which feature prominently among the Top 5 Highest Transacted Areas in Dubai.
Whether you’re an investor looking for high returns or a homebuyer seeking luxury or affordability, these top transacted areas provide endless opportunities. As Dubai’s real estate sector continues to evolve, these locations are poised to remain at the forefront of the market in the years to come.
JVC leads with over 16,700 transactions due to its affordability, diverse property options, and strategic location, appealing to families and investors alike.
Business Bay offers a prime mix of residential, commercial, and retail spaces, with high-end properties and excellent returns on investment.
Dubai Hills Estate is known for its luxurious villas, beautifully landscaped environment, and premium developments catering to families and high-net-worth individuals.
Damac Hills 2 is favored for its affordable housing options, family-friendly amenities, and suburban lifestyle, making it ideal for first-time buyers.
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