Real estate sales in the Dubai market reach 520 billion dirhams

W Capital, a real estate brokerage company based in Dubai, reported that 2024 was a new year of real estate prosperity in Dubai, with sales approaching the level of 520 billion dirhams for the first time in history.
Real estate expert and Chairman of the Board of Directors of W Capital Real Estate Brokerage Company, Walid Al Zarouni, said that the real estate market in Dubai has been on an upward path since recovering from the Corona pandemic in 2020, as it rose from 69.8 billion dirhams in 2020, to 149 billion dirhams in 2021. Then to 265.5 billion dirhams in 2022, then 401 billion dirhams in 2023, then 517 billion dirhams in 2024 (2024 figures from January 1 to December 27), based on historical data from the Dubai Land Department.
Al Zarouni added that these exceptional numbers show that real estate sales in Dubai multiplied more than 7 times last year, compared to the year 2020, in reference to the strong and continuous momentum within the market and the status of Dubai real estate that it has reached globally as the best city to live and work in the world.
Al-Zarouni revealed that the number of transactions increased by more than 38% on an annual basis in 2024 to about 178.9 thousand sales transactions, which is the highest historically, compared to 129 thousand sales sales in 2023.
He pointed out that the value of real estate transactions (sales, mortgages, donations) increased in 2024 by about 35.8% to 753.6 billion dirhams, compared to 554.7 billion dirhams in the previous year, exceeding the level of half a trillion dirhams for the third time in a row. Total real estate transactions during 2024 also increased by 32%. % on an annual basis to 223 thousand and 904 real estate transactions, compared to 169 thousand And 720 real estate transactions in 2023.
He explained that the value of mortgages amounted to 185.77 billion dirhams through 35,677 thousand deals in 2024, then donations worth 50.86 billion dirhams through 9,319 deals.
During the fourth quarter of 2024, the real estate sector in Dubai achieved the highest quarterly sales ever, with more than 142.7 billion dirhams recorded, distributed over more than 48,641 thousand transactions, after the historically highest monthly sales recorded in the month of October, amounting to 61.47 billion dirhams, while Sales recorded 43.65 billion dirhams in November, and 37.48 billion dirhams in December. Thus, the value of real estate sales recorded in Dubai during the three months ending in December 2024 increased by 0.5% on a quarterly basis, compared to sales recorded in the third quarter of the same year by 142 billion dirhams.
Horizons 2025
Regarding real estate market expectations in 2025, Al Zarouni said that Dubai’s record real estate numbers confirm beyond any doubt that the path is easy to achieve the 2033 initiative to reach one trillion dirhams, after it exceeded the level of 750 billion dirhams in 2024.
Al-Zarouni added that the real estate market in 2024 is viewed as a prosperous year’s harvest crowned with successes achieved, whether in record sales that exceeded half a trillion dirhams, or the many billion-dollar projects launched by real estate developers, as well as very ambitious strategies and initiatives that ensure the continuation of the upward wave of the real estate sector throughout the year. over the next decade.
He pointed out that the adoption of the Real Estate Sector Strategy 2033 comes as one of the most prominent events in the real estate market in 2024, given its goals of strengthening the global leadership of the Emirate of Dubai in one of the most important vital sectors by consolidating cooperation with the private sector and international companies, managing real estate portfolios, and enabling the real estate market to attract investors from… By enhancing the principle of transparency by making optimal use of data, publishing supply and demand forecasts, and presenting a package of qualitative initiatives supported by an integrated system at the sector level, in a way that supports achieving the goals of the Dubai Economic Agenda D33, most notably making Dubai the most popular destination. Attracting investments and a global center for the most diversified economy.
Al-Zarouni expected the pace of growth in the market to continue in the year 2025, both in terms of sales, albeit at a lower rate ranging between 10 to 15%, bringing sales closer to the barrier of 600 trillion dirhams, as well as transactions as a whole, which may exceed 850 billion dirhams.