Dubai’s real estate sector has achieved a historic milestone in 2024, with a record 180,900 transactions totalling $142bn. This marks a 36% increase in transaction volume and a 27% rise in value compared to the previous high of 133,100 sales worth $111bn in 2023.
The primary market saw first-time sales from developers rising by 30% year-on-year to $90bn. This surge underscores the demand for new developments and off-plan properties in the city.
Transaction volume surged by 51% to reach 119,800 in 2024, reflecting increased buyer confidence and heightened developer activity. The average price per square foot also saw a 10% rise, reaching $436.
Key drivers behind this boom include the launch of new projects, attractive payment plans, and the city’s growing appeal to foreign investors. The introduction of residency incentives and visa reforms has further strengthened Dubai’s position as a global real estate hub, attracting both local and international buyers.
Gulf Economist Staff Writer