Total value of property transactions in Dubai, Abu Dhabi, Sharjah, and Ajman reached AED 893 bn in 2024 across 331.3k transactions, driven by new projects and infrastructure investments, Wam reports, citing data from local real estate authorities. Mortgages accounted for AED 229.3 bn of total activity, spanning over 50k transactions, excluding Ajman.

By the emirate, Dubai topped the market with AED 760.7 bn in property transactions, which amounted to 226k transactions. Property sales came in at a record AED 522 bn across 180k transactions, while mortgages reached AED 187 bn from 35k transactions. Transactions were up 36% in terms of volume and 27% in value compared to 2023, Wam reports separately, citing a report by fäm Properties.

Abu Dhabi followed, recording AED 79.3 bn in total transaction value across over 25k transactions, split into AED 32.8 bn in mortgages and AED 46.5 bn in sales. In Sharjah, transactions totaled AED 36.4 bn between January and November, with AED 9.5 bn in mortgages. Meanwhile, Ajman registered AED 16.4 bn by October 2024 from 12.7k transactions.

IN DUBAI-

  • Primary market: Developer sales surged 30% to AED 334.1 bn, with transactions rising 51% to 119.8k. The average price per square foot increased by 10%, reaching AED 1.6k.
  • Secondary market: Resales grew 21% to AED 188.1 bn, with transaction volume rising 14% to 61.1k. Resale prices saw a 12% increase, hitting AED 1.3k per square foot.

Why the spike? New project launches, attractive payment plans, and residency incentives for foreign investors fueled demand. There's also a rise in interest for ready-to-move-in properties, boosted by high rental yields and infrastructure improvements.

Segment performance: Apartment sales volume reached 141.2k transactions valued at AED 260.6 bn, a 42% y-o-y increase. Villa sales totaled 30.9k units worth AED 164.1 bn, up 21.1%. Commercial property transactions increased 10.1% to 4.3k units at AED 9.7 bn, while 4.3k plots sold for AED 86.5 bn, up 2.6% y-o-y.

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