The Dubai real estate market has surpassed all expectations in 2024, achieving extraordinary milestones that solidify its position as a global hub for luxury living and investment. With total transactions reaching an unprecedented Dhs 411.1 billion, the market has set new records, highlighting Dubai’s appeal to a diverse range of property buyers and investors.
Unveiling Unmatched Growth Metrics
The primary market emerged as a powerhouse, recording a staggering 36% growth. New developments and off-plan properties contributed Dhs 334.1 billion, representing a 30% year-on-year increase. These figures highlight the strong demand for modern, cutting-edge projects that cater to both local buyers and international investors seeking opportunities amidst Dubai’s progressive residency incentives and visa reforms.
The secondary market, too, showcased robust performance. Re-sales climbed by 21% to Dhs 188.1 billion, while transaction volumes rose 14% to 61,100. The average price per square foot in this segment experienced a 12% uptick, reaching Dhs 1,300. These numbers reflect growing buyer interest in ready-to-move properties, often driven by high rental yields and Dubai’s superior infrastructure.
Key Drivers Behind Dubai’s Real Estate Success
This exceptional growth has been fueled by strategic new project launches, attractive payment plans, and enhanced regulatory frameworks. Dubai’s commitment to fostering a dynamic real estate ecosystem is further evident in the average price per square foot across the market, which has risen by 10% to Dhs 1,600. Buyers are drawn to Dubai’s blend of modern amenities, global connectivity, and a tax-efficient environment.
Prominent areas in the primary market have witnessed significant traction. Al Barsha South 4 led the way with 12,878 transactions, affirming its broad appeal. Meanwhile, Business Bay set the benchmark in sales value, amassing Dhs 21.1 billion across 6,888 transactions. Emerging neighborhoods like Madinat Al Mataar and Wadi Al Safa 5 are gaining attention, reflecting a growing trend towards suburban living in thoughtfully designed communities.
A Surge in Demand Across Property Sectors
Apartment sales dominated the market, with 141,168 transactions contributing Dhs 260.6 billion—a remarkable 42% year-on-year growth. The villa segment also experienced notable growth, recording 30,938 units valued at Dhs 164.1 billion. Commercial property transactions increased by 10.1% to 4,304 units, indicating a healthy demand for business spaces that cater to Dubai’s expanding commercial landscape.
Innovations Driving Transparency and Confidence
The Dubai Land Department (DLD) has played a pivotal role in supporting this momentum through initiatives like the Smart Rental Index 2025. This advanced tool leverages technology and expert insights to enhance market transparency. By assessing rental values through criteria such as structural quality, design aesthetics, and service availability, the index ensures fair valuations that benefit investors, landlords, and tenants alike.
In 2024, the number of registered rental contracts exceeded 900,000, marking an 8% increase compared to the previous year. This rise reflects growing confidence among renters and underscores Dubai’s position as a thriving hub for long-term investment.
A Visionary Market for Global Investors
The Dubai real estate market in 2024 exemplifies resilience and innovation. With record-breaking transaction volumes, rising property values, and forward-thinking regulatory measures, Dubai continues to attract property buyers, investors, and those seeking comprehensive market insights from around the globe.
As MILK Real Estate, we remain committed to navigating this dynamic landscape, offering unparalleled insights and bespoke solutions for clients seeking to capitalise on Dubai’s extraordinary opportunities.
Explore how we can help you make the most of Dubai’s thriving real estate market. Contact us today to discover your next investment in one of the world’s most sought-after destinations.
