Dubai’s real estate market continued its robust performance in 2024, achieving record-breaking transaction volumes and values across various sectors, despite evolving economic conditions and increased competition. Below are the key highlights and trends shaping the year:
Market Performance and Transactions
Total Transactions: The market recorded 180,908 total transactions, with a combined value of over AED 522 billion.
- Off-Plan Transactions: 109,392 transactions, totaling AED 224.8 billion.
- Ready Property Transactions: 71,516 transactions, amounting to AED 297.5 billion.
- Mortgage Transactions: 41,599 transactions, valued at AED 187.3 billion.
- Gift Transactions: 9,379 transactions, worth AED 51.3 billion.
Month-wise Trends:
- The market showed a consistent rise, with October 2024 being the most active month, recording 20,450 transactions worth AED 61.1 billion.
- Summer months, traditionally considered slow, witnessed strong performance, particularly in July and August.
Top Locations and Developments
- Highest Number of Transactions: Jumeirah Village Circle (JVC) dominated the market with 17,685 transactions worth AED 20.5 billion.
- Premium Locales:
- Palm Jumeirah: High-value transactions amounting to AED 21.6 billion.
- Business Bay: Consistently popular, generating AED 30.9 billion.
- Dubai Hills and Dubai Marina: Garnered significant interest with AED 13 billion and AED 12.9 billion, respectively.
- Emerging Areas: Jebel Ali Hills and Palm Jebel Ali are poised to see increased traction in 2025 due to their high-value appeal.
Brokerage and Competitive Landscape
- Registered Brokers: The number of registered brokers surged to 29,799, up from 20,000 in 2023, reflecting increased competition.
- Male agents dominate the market (19,525), but female agents (10,274) show substantial representation.
- Average Values:
- Average sale value: AED 2.05–4.16 million.
- Average mortgage value: AED 4.5 million.
Sectoral Insights
- Off-Plan Market: A cornerstone of Dubai’s growth, offering buyers flexible payment options and innovative projects.
- Ready Property Market: Catered to investors looking for immediate returns, supported by robust demand for high-quality residential and commercial units.
- Luxury Real Estate: Locations like Jumeirah Bay and Trade Centre districts attracted big-ticket investors, with transactions averaging AED 44 million.
Challenges and Opportunities
- Market Mindset: Changing perceptions about traditionally slow months like July and August contributed to record-breaking transactions.
- Focus Areas for Growth:
- High-value deals in premium areas like Jumeirah Bay.
- Leveraging opportunities in evolving districts like Dubai South and EMAAR South, which have yet to realize their full potential.
Outlook for 2025
- With the continued expansion of Dubai’s real estate landscape, areas like Palm Jebel Ali and Jebel Ali Hills are expected to drive growth.
- Competition among brokers will intensify, requiring innovative strategies and deeper market insights.
The 2024 Dubai real estate market underscored the city’s position as a global investment hub, blending luxury, innovation, and growth to attract diverse investor profiles.
