Ishrath Jaigirdar
Dubai, UAE
Dubai’s real estate sector recorded 226,000 number of transactions worth Dh761 billion (US$207 billion) in 2024, exhibiting strong year-on-year growth of 36 percent and 20 percent, respectively, according to a statement by the Government of Dubai Media Office. The transaction value, which is higher than the gross domestic product (GDP) of nearly 140 countries, including Kuwait and Oman, underscores the profitability and investor confidence in Dubai as well as the key role of the sector in driving the UAE’s economy.
This includes transaction in property purchase, sell, mortgage, lease and rents, registered with Dubai Land Department and regulated by the Real Estate Regulatory Agency (RERA).
“Solidifying its position as a global hub for investment, Dubai’s real estate market achieved exceptional milestones in 2024. The sector recorded 217,000 investments valued at Dh526 billion, reflecting impressive growth rates of 38 percent and 27 percent in number and value respectively. Furthermore, Dubai attracted 110,000 new investors to its real estate sector, achieving a remarkable 55 percent increase. These unprecedented achievements highlight the emirate’s leading role in creating a world-class investment ecosystem that attracts investors from around the globe and supports the sustainable growth of the real estate sector,” the statement said.
According to Dxbinteract, a Dubai realty market intelligence provider, 181,000 homes were sold last year, including 141,397 apartments sold for Dh261 billion; 30,975 villas sold for Dh164.3 billion and 4,336 plots of land sold for Dh86.4 billion. Developers launched 147,809 homes last year while 27,541 homes were delivered last year. More than 42,000 residential units are expected to be delivered this year, followed by 60,000 next year. As many as 1,180 real estate projects are currently under construction which once completed, will deliver 325,546 residential units in the next few years.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, attributed the emirate’s record real estate performance to its dynamic economy, robust infrastructure, progressive policies, and world-class investment ecosystem.
He said, “The exceptional results in 2024 reflect the deep strength and resilience of our economy, which continues to thrive in a rapidly changing global landscape. The leadership’s visionary goals outlined in the Dubai Economic Agenda D33 have helped raise the emirate’s position as an international hub for investment, trade, and innovation, and enhanced its global appeal as a lifestyle and investment destination, all of which have catalysed the real estate market.”
Largely underpinned by factors like enhanced quality of life and rapid developments, Dubai has established itself as a sustainable property hotspot for both investors and home-buyers. Consistent launches and flexible payment plans also attract investors to the region. In addition, Dubai’s accessibility, infrastructure, and security ensure an ecosystem for safe, long-term investments that bring higher ROIs compared to the neighbouring areas and other global cities.
“The record-breaking performance of 2024 reflects Dubai’s arrival on the world property stage as a key second-homes gateway market and the world’s most active US$ 10 million plus market – a title the city has held for almost two years,” Faisal Durrani, Partner – Head of Research, Knight Frank MENA said. “Economic stability, decisive and visionary leadership, strong demand fundamentals, relative value for money, a world-class lifestyle, excellent education and healthcare facilities, all combined with the softer factors such as the city’s climate, safety and security, make Dubai a great place to live, work and invest, which is what is underpinning the resilience and strength of the property market across all sectors.
The 226,000 transactions are part of 2024’s record-breaking 2.78 million procedures which also include rental agreements. Furthermore, the number of investments increased 38 percent to 217,000, amounting to Dh526 billion. The sector also welcomed 110,000 new investors, 55 percent higher than 2023.
Marwan Ahmed bin Ghalita, Director-General of Dubai Land Department, said, “Attracting 110,000 new investors to the real estate sector last year is a clear indicator of our efforts to enhance global investor confidence. This achievement underscores Dubai’s commitment to developing an advanced real estate environment managed using state-of-the-art artificial intelligence and proptech solutions. These technologies play a crucial role in boosting operational efficiency and ensuring the satisfaction of both investors and stakeholders alike.”
Ends
Also read: Dubai’s residential market records highest quarterly transaction volume of 35,100 units in Q1 ‘24
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