2024 Real Estate Highlights: Dubai Sets A New Sales Record

The year 2024 witnessed a record-breaking surge in Dubai’s real estate market, making it one of the world’s most popular property investment hotspots. According to recent research, real estate sales in Dubai reached an all-time high, breaking the record in 2023. The average property prices in Dubai per square foot also increased by 10% to AED 1,600, hinting at an increasing return on investment (ROI) rate.

Dubai real estate statistics in 2024

Dubai property sales broke an impressive record in 2024. Compared to 2023, property transactions increased by 27%, from 133.100 to 180.900. Likewise, the total value of these transactions increased by 36% compared to the previous record in 2023, climbing from AED 411.1 billion to AED 522.1 billion. Transaction volumes also grew by 51%, with 119,800 sales, highlighting the consistent market activity.

What factors contributed to this surge?

Here are the factors behind the surge in the Dubai real estate market;

Off-Plan Property Demand:Property launches in Dubai are generally very appealing, with long payment plans, low/zero interest rates, and low down payments. Parallel thereto, first sales from developers rose by 30% in 2024, worth AED 334.1 billion.

Resale Market Growth: Second-hand properties in Dubai also experienced a remarkable surge, with a 21% increase in sales, worth AED 188.1 billion. This shows that many buyers prefer instant residence/rental income.

Infrastructure Improvements: During 2024, Dubai continued to prepare for its 2040 Master Plan, launching infrastructure projects (public transportation, eco-friendly ventures, and public amenities) that enhanced its market appeal.

Tax-Free Environment: Dubai’s 0% tax policy on personal income and investment returns continues to attract global investors. Therefore, there are no limits on real estate returns in Dubai, making it possible to benefit from high rental yields and buy luxury properties easily.

Golden Visa Benefits: Buying property in Dubai as a foreigner is highly beneficial for a residence permit, as properties valued at AED 750,000 are eligible for a Dubai Golden Visa.

Which Dubai neighborhoods had the highest demand in 2024?

The following neighborhoods had the largest transaction volumes in 2024:

• Business Bay: 6,888 transactions worth AED 21.1 billion.
• Al Barsha South 4: 12,878 initial sales from developers,
• Wadi Al Safa 5: 602 transactions valued at AED 13.6 billion,
• Dubai Marina: 4,924 transactions worth AED 15.2 billion,
• Al Barsha South: 412,878 transactions worth AED 13.5 billion.

Which property types received the highest demand?

Apartments certainly dominated the real estate market, while houses and commercial properties also experienced a significant increase in sales volume:

• Apartments were the most demanded type, with a 42% increase in sales. 141,168 apartment units were sold, worth AED 260.6 billion.
• Sales of houses featured a 21.1% increase, reaching 30,938 worth AED 164.1 billion.
• Commercial properties had a 10.1% growth. In total, 4,304 commercial units were sold, valued at AED 9.7 billion
• Plot sales increased by 2.6%, with 4,352 transactions worth AED 86.5 billion.

Outlook at the Future

With a solid surge in transactions, 2024 was the most fruitful year in Dubai real estate so far. Its vibrant economy, investment benefits, and Golden Visa opportunities played a primary role in its real estate market in 2024. Dubai property market trends showed a high demand for launch projects and ready-to-move units.

Experts are confident that the future of Dubai’s property market is very bright. Ongoing developments and investor-friendly initiatives are likely to increase sales prices further, offering attractive benefits.

If you are ready to claim your spot in the emirate’s thriving real estate market, take a look at Dubai property listings. Also, feel free to contact us and explore your investment opportunities!

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