Dubai’s secondary property market achieved a remarkable milestone in 2024, generating capital gains of Dh59.7 billion. This figure represents 32% of the emirate’s all-time high total re-sale value of Dh188.1 billion, according to a report by fäm Properties. This milestone underscores Dubai’s dynamic real estate market and its ability to deliver lucrative returns for investors.

Unprecedented Growth Over Five Years

Re-sale profits in 2024 were 34% higher than in 2023, marking a staggering 1,300% growth over the past five years. The data from DXBinteract, which analyzed 136 areas across Dubai, revealed that Palm Jumeirah led the market with a capital gain of Dh6.48 billion. Other high-performing areas included Dubai Marina, Dubai Hills Estate, Downtown Dubai, and Business Bay, which all ranked in the top ten for annual capital gains.

Jumeirah Village Circle (JVC) also made its mark, emerging as the top-performing area for ready property developer sales in 2024 and ranking second only to Dubai Marina in total re-sale transactions.

Insights from Industry Leaders

Firas Al Msaddi, CEO of fäm Properties, attributed these impressive gains to Dubai’s robust regulatory framework and the government’s visionary policies. He stated, “The substantial capital gains realized by investors underscore the market’s dynamism and the effectiveness of our regulatory framework, managed by an astute government. These profits will encourage reinvestment and attract new capital as investors recognize the long-term resilience and potential of our market.”

He also commended the Dubai Land Department for its transformative measures in 2024 and expressed optimism about further advancements in 2025 that will continue to enhance Dubai’s global real estate standing.

Record-Breaking Transactions in 2024

The secondary property market witnessed a 21% year-on-year (YoY) increase in value and a 14% rise in transaction volume, reaching 61,100 transactions. This growth reflects a shift toward ready homes, driven by high rental yields and infrastructure upgrades that have boosted the appeal of properties across the emirate.

Key Highlights by Segment

Dubai’s real estate market experienced growth across all property segments in 2024:

·        Apartments: A 42% YoY increase in transaction volume, with 141,168 transactions totaling Dh260.6 billion.

·        Villas: Sales rose by 21.1%, reaching 30,938 units worth Dh164.1 billion.

·        Commercial Properties: Transactions increased by 10.1% to 4,304 units, valued at Dh9.7 billion.

·        Plots: A 2.6% rise in sales, with 4,352 plots sold for Dh86.5 billion.

The Appeal of Dubai’s Real Estate Market

The impressive performance of Dubai’s secondary property market is attributed to several factors:

·        High Rental Yields: Attracting investors looking for steady income.

·        Infrastructure Upgrades: Enhancing the overall value and appeal of properties.

·        Regulatory Measures: Fostering a transparent and investor-friendly environment.

Looking Ahead

As Dubai continues to position itself as a global hub for real estate, the secondary property market’s performance in 2024 is a testament to its resilience and attractiveness. With transformative policies, world-class infrastructure, and a growing investor base, Dubai is set to maintain its momentum in 2025 and beyond.

For investors, the opportunities in Dubai’s real estate market are abundant, offering the potential for high returns and long-term growth.