Dubai real estate market sets all-time record in 2024

DOHA: A record breaking year for Dubai s real estate market, with new milestones being set throughout 2024, culminated in an all time peak of 180,900...

DOHA: A record-breaking year for Dubai’s real estate market, with new milestones being set throughout 2024, culminated in an all-time peak of 180,900 transactions worth AED 522.1bn.

A market report issued today by fäm Properties underlines how 2024 became an historic year, with big leaps of 36% and 27% respectively on the previous high of 133,100 sales worth AED411.1bn in 2023.

In the primary market, first sales from developers climbed by 30% year on year to AED334.1bn, highlighting strong demand for new developments and off-plan properties.

The transaction volume surged by 51% to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity. Demand was fuelled by new project launches and favourable payment plans, as the segment attracted foreign investors, supported by residency incentives and visa reforms.

Healthy demand in the secondary market was highlighted by a 21% increase in re-sales to AED 188.1bn. Transaction volume was also up by 14% to 61,100, demonstrating sustained activity. The average price per sq ft increased by 12% year-on-year to AED 1,300.