Dubai real estate concludes 2024 with record sales worth 522.2 billion dirhams

The real estate market in Dubai recorded a new record annual sales during the year 2024, continuing its exceptional performance for the fourth year in a row, according to a monitoring prepared by Emirates Today, based on data from the Dubai Land Department.

According to monitoring, real estate sales in the current year increased by 30.2% on an annual basis to more than 522.2 billion dirhams, which is the highest annual value ever in the history of the real estate market in the emirate, compared to 401.1 billion dirhams in 2023, while the number of transactions increased by about 40.2% over the past year. On an annual basis, it reached 180.86 thousand transactions, which is the highest historically, compared to 129 thousand transactions in 2023.

The total value of real estate transactions in the emirate during 2024 increased by about 37.14% to 760.73 billion dirhams, compared to 554.7 billion dirhams in 2023, exceeding the level of half a trillion dirhams for the third time in a row.

The total number of transactions during 2024 increased by more than 33.22% on an annual basis to 226,117 real estate transactions, compared to 169,720 transactions in 2023. The value of real estate mortgages amounted to about 187.27 billion dirhams through 35,885 thousand transactions in 2024, followed by donations worth 51.28 billion dirhams. Via 9372 Deal.

During the fourth quarter of 2024, the real estate sector in Dubai achieved the highest quarterly sales ever, with more than 147.77 billion dirhams recorded, after the historically highest monthly sales recorded in October, amounting to 61.47 billion dirhams, while sales recorded 43.65 billion dirhams in November. And 42.65 billion dirhams in December 2024.

Thus, the value of real estate sales recorded in Dubai during the three months ending in December 2024 increased by 4.06% on a quarterly basis, compared to sales recorded in the third quarter of the same year by 142 billion dirhams.

According to Dubai Land Department data, last October topped the month of the year in terms of sales value, which amounted to 61.47 billion dirhams, which is the highest monthly value for real estate sales deals historically, followed by July with 50.89 billion dirhams, then August with 47.68 billion dirhams, then May, which achieved sales amounting to 45.73 billion dirhams.

In this regard, the real estate expert and Chairman of the Board of Directors of W Capital Real Estate Brokerage Company, Walid Al Zarouni, said, “These exceptional numbers show that real estate sales in Dubai multiplied more than seven times last year, compared to the year 2020, in reference to the strong and continuous momentum.” Within the market, and Dubai’s real estate position that it has reached internationally as the best city to live, work and invest in the world.”

Al Zarouni added, “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 520 billion dirhams in 2024”.

He pointed out that Dubai’s real estate record numbers confirm beyond a 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 expected the pace of growth in the market to continue in the new year, both in terms of sales, albeit at a lower rate, ranging between 10 and 15%, bringing sales closer to the barrier of 600 billion dirhams, as well as transactions as a whole, which may exceed 850 billion dirhams.

For her part, real estate expert and director of DXR Company, Asma Mowafi, said: “The real estate market in Dubai recorded exceptional growth in 2024, amid a strong performance that reflects Dubai’s continuity in attracting investors thanks to its unique real estate projects, easy payment plans, and high rental returns.” .

Mowafi stressed that “luxury and sustainable real estate projects contributed to enhancing this growth, in addition to government initiatives such as golden residency, which stimulated demand locally and internationally.”

She pointed out that the market still offers investment options, whether in ready-made real estate categories or projects under construction in the most prominent locations, adding: “Dubai will remain at the forefront of global real estate markets.”

For his part, the real estate broker and CEO of Elio Real Estate Company, Zahi Qashou, said, “The Dubai real estate market breaking records in 2024 was not a surprise, but rather came as a result of the great development and maturity that the market has reached, benefiting from the factors supporting it.” All economic, political and social levels.

He expected that these factors would continue to support the market in 2025, and prices would continue to rise, albeit at a lower rate than the previous year, amid continued strong demand from home and abroad.

He pointed out that real estate transactions as a whole, which include sales, mortgages and donations, exceeded the level of 760 billion dirhams in the year as a whole, is a positive indicator of the strength of the market and the huge amount of liquidity in it, which provides support to developers to launch more attractive real estate projects.

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