Dubai’s real estate market reached new heights in 2024, achieving record-breaking sales and transactions. According to data from the Dubai Land Department, the total sales value rose to AED 517 billion by December 27, 2024, compared to AED 401 billion in 2023.

The CEO of W Capital, Walid Al Zarooni, highlighted the impressive growth, noting that property sales have surged significantly since 2020, when sales stood at AED 69.80 billion. Over the past four years, the market has experienced a remarkable recovery, with 2024 also marking the third consecutive year where real estate transactions exceeded AED 500 billion.

In terms of transactions, 2024 saw a 38% year-on-year increase, reaching 178,900 sales deals compared to 129,000 in 2023. The total real estate deals, including sales, mortgages, and donations, rose by 32% to 223,904 transactions, with a combined value of AED 753.60 billion. Mortgages alone accounted for AED 185.77 billion, while grants amounted to AED 50.86 billion.

The fourth quarter of 2024 was particularly noteworthy, achieving the highest quarterly sales ever recorded at AED 142.7 billion. October saw record monthly sales of AED 61.47 billion, followed by AED 43.65 billion in November and AED 37.48 billion in December.

Looking ahead to 2025, Al Zarooni expressed optimism about continued growth, albeit at a slightly slower pace. Sales are expected to rise by 10% to 15%, potentially bringing the total closer to AED 600 billion. He emphasized that the sector remains on track to achieve the goals of Dubai’s Real Estate Sector Strategy 2033, which aims to reach AED 1 trillion in annual transactions.

The real estate market’s strength in 2024 was supported by major initiatives, including the adoption of the Real Estate Sector Strategy 2033. This strategy focuses on enhancing Dubai’s global leadership through transparency, collaboration with private and international players, and data-driven planning. These efforts align with the Dubai Economic Agenda D33, which aims to position Dubai as a global hub for diverse investments.

With these developments, Dubai’s real estate market continues to attract investors and solidify its status as one of the world’s most vibrant property sectors.

Source: Zawya