Dubai Real Estate Market Breaks Records in 2024: Top-Performing Areas Revealed
Dubai’s real estate market has once again proven its resilience and allure, shattering records in 2024 with an extraordinary performance. With total transactions reaching 180,900 worth AED 522.1 billion, the emirate achieved a 36% increase in sales volume and a 27% rise in value compared to 2023. These numbers highlight Dubai’s unyielding appeal to global investors seeking lucrative opportunities in a thriving market.
Unprecedented Growth Driven by Strong Fundamentals
According to data from fäm Properties, Dubai’s real estate market witnessed exceptional growth, supported by residency incentives, visa reforms, and the unwavering demand for luxury properties. The emirate’s robust rental market and favorable payment plans for off-plan properties further cemented investor confidence.
The primary market was a standout performer, contributing significantly to this growth. First sales from developers surged by 51% in transaction volumes, reaching 119,800 deals worth AED 334.1 billion. Meanwhile, the secondary market saw a 14% rise in transaction volumes to 61,100 transactions worth AED 188.1 billion, reflecting high demand for ready properties.
Top-Performing Areas in 2024
Dubai’s diverse real estate landscape ensured that several areas stood out across both the primary and secondary markets. Here’s a breakdown of the top-performing areas:
Primary Market
Al Barsha South 4 – 12,878 transactions worth AED 13.5 billion
Business Bay – 6,888 transactions worth AED 21.1 billion
Wadi Al Safa 5 – 6,602 transactions worth AED 13.6 billion
Madinat Al Mataar – 6,254 transactions worth AED 17.0 billion
Hadaeq Sheikh Mohammed Bin Rashid – 5,246 transactions worth AED 13.4 billion
Secondary Market
Business Bay – 5,142 transactions worth AED 9.8 billion
Dubai Marina – 4,924 transactions worth AED 15.2 billion
Al Barsha South 4 – 4,635 transactions worth AED 7.0 billion
Downtown Dubai – 3,122 transactions worth AED 12.7 billion
Al Merkadh – 3,155 transactions worth AED 8.3 billion
These areas not only drove the market’s growth but also demonstrated the emirate’s ability to cater to a diverse range of property preferences, from luxury apartments to spacious villas.
Key Drivers of Success
Several factors contributed to Dubai’s record-breaking year in real estate:
Visa Reforms: Investor-friendly residency policies attracted buyers from across the globe.
Developer Incentives: Flexible payment plans for off-plan properties encouraged new investments.
Luxury Market Resilience: High-end properties maintained strong demand, particularly among international investors.
High Rental Yields: The secondary market’s rising yields continued to attract buyers seeking ready-to-move properties.
Diverse Investment Opportunities: Apartments, villas, commercial properties, and land plots all showed steady growth, offering options for every type of investor.
Apartments and Villas Dominate Sales
Apartments accounted for the majority of transactions, with 141,168 units worth AED 260.6 billion sold in 2024, marking a 42% increase in volume. Villas followed with 30,938 transactions worth AED 164.1 billion, growing by 21.1%.
Why Dubai Remains a Global Real Estate Hub
Dubai’s reputation as a global real estate hub continues to soar, thanks to its strategic initiatives and investor-friendly environment. With the introduction of visionary projects, continuous infrastructure development, and a focus on sustainability, the emirate offers unmatched opportunities for property buyers and investors alike.
As Dubai’s real estate market evolves, areas like Business Bay, Dubai Marina, and Al Barsha South 4 are setting the stage for sustained growth and profitability. Whether you’re looking to invest in the primary or secondary market, the opportunities in Dubai are endless.
Your Trusted Partner in Dubai Real Estate
At Range International Property Investment, we specialize in helping investors navigate Dubai’s dynamic property market. Whether you're interested in off-plan properties or ready-to-move homes, our team is here to guide you every step of the way. Contact us today to explore the unparalleled opportunities Dubai has to offer.
