Dubai real estate smashed records in 2024 with sales worth $142.4bln

A market report by fäm Properties revealed that Dubai’s real estate market has set a new benchmark with 36% transaction growth

Dubai’s real estate market had a record-breaking year, with new milestones being set throughout 2024, culminated in an all-time peak of 180,900 transactions worth AED 522.1 billion ($142.4bln), said in the market report by fäm Properties.

A market report issued today by fäm Properties underlines how 2024 became an historic year, with big leaps of 36% and 27% respectively on the previous high of 133,100 sales worth AED411.1 billion in 2023.

In the primary market, first sales from developers climbed by 30% year-on-year to AED334.1 billion, highlighting strong demand for new developments and off-plan properties.

The transaction volume surged by 51% to 119,800 in 2024, reflecting a substantial increase in buyer confidence and developer activity. There was also a steady appreciation in the average price per sq ft, which was up 10 percent to AED 1,600.

Demand was fuelled by new project launches and favourable payment plans, as the segment attracted foreign investors, supported by residency incentives and visa reforms.

Healthy demand in the secondary market was highlighted by a 21% increase in re-sales to AED 188.1 billion.

Firas Al Msaddi, CEO of fäm Properties, said, «This was a remarkable year for Dubai real estate, with transaction volumes growing despite global economic uncertainties, indicating resilient demand and an expanding buyer base. Sales values broke historical records, and with strong rental demand, and luxury resilience, the market continues to attract global investors, reinforcing its status as a top real estate destination.»