Real estate sales in Dubai on the rise: Dubai’s real estate market saw AED 116.5 bn in sales from 46.8k transactions during the last quarter of 2024, recording a 31.1% rise in sales transaction values and a 51.8% rise in volume compared to the same period the year before, according to a Springfield Properties report (pdf). Quarter-on-quarter, the sector saw a 0.6% increase in values and a 0.5% drop in volume.

The breakdown: Ready properties accounted for 47% of sales (AED 54.8 bn), while off-plan sales made up the remaining 53% (AED 61.7 bn), supported by the “growing dominance of off-plan sales.”

The full-year picture: The emirate’s real estate market witnessed a strong year in 2024, with over 168k residential sales transactions — up 42.4% y-o-y — worth a combined AED 423.4 bn, according to Springfield’s report. Properties priced between AED 1 mn and AED 2 mn saw a 71% y-o-y demand increase, driven by mid-income buyers, according to a separate report from Emirates NBD

Off-plan takes the lion’s share: Off-plan units dominated 2024 sales with 114.5k transactions, making up 68% of total sales — a jump from 54% in 2023. Developers launched 142k new units, with Dubai’s population growth being a key catalyst for the real estate market.

Prices on the rise: Average apartment prices have surged 65% since December 2020, while villa and townhouse prices have more than doubled, underscoring Dubai’s appeal to luxury buyers.

Luxury and affordable hubs: Palm Jumeirah led the luxury market with the highest average sales price. Established areas like Downtown Dubai and Dubai Marina continued to attract global investors, while mid-income buyers favored emerging hotspots like JVC and Dubai South.

Tags: