The Dubai real estate sector achieved record-breaking transaction volumes and values, totalling 180,987 transactions worth AED522.5bn ($142.3bn), according to Property Finder data.
This marks a significant leap of 36.5 per cent in volume and 27.2 per cent in value compared to the previous market peak in 2023.
The surge was driven primarily by off-plan sales, which accounted for 60.5 per cent of total transactions, up from 43.6 per cent last year.
Off-plan real estate in Dubai
Off-plan sales in the emirate demonstrated increased demand, with a year-on-year volume growth of approximately 60.5 per cent, reaching around 109,527 transactions.
This marked the highest volume of transactions for a year ever recorded. In terms of values, there was a year-on-year surge of around 43.5 per cent, amounting to AED228.03bn ($62.1bn), compared to AED159bn ($43.3bn) in 2023.
The market also experienced a remarkable contribution to the total transaction, with its highest proportion for off-plan transactions in the past decade, reflecting a 61 per cent increase.
Secondary real estate in Dubai
Existing property related transactions showed a YoY increase of around 10.9 per cent in volume, with around 71,460 transactions.
This accounted for 39 per cent of the total transactions in 2024. The market also experienced a changing hand for the off-plan market in which the new projects are more attractive to the investors and the home seekers.
The value of these transactions surged by almost 16.9 per cent YoY, reaching AED294.5bn ($80.2bn), compared to AED252bn ($68.7bn) in 2023.
Cherif Sleiman, Chief Revenue Officer, Property Finder, said: “2024 was a defining year for UAE’s real estate sector thanks to a record-breaking volume and value of transactions and it looks set to continue for 2025.
“It is an exciting time in the industry as momentum continues to grow in Dubai’s off-plan market. In a market hungry for further trust and transparency, the newly launched Smart Rental Index from Dubai Land Department is just one example of how the UAE constantly strives to raise the bar”.
Mark Richards, CEO, The Network, said: “Dubai’s real estate market is set for a strong performance in 2025, driven by sustained demand and limited supply in key segments. The emirate continues to attract new residents, with an annual influx of 50,000–60,000 people, reinforcing long-term market stability.
“Approximately 41,000 new residential units are expected to be delivered in 2025, but only around 5,000 of these will be villas and townhouses, highlighting a significant supply gap in this high-demand sector. These dynamics, combined with Dubai’s position as a global hub, suggest a highly optimistic outlook for 2025 and beyond.”
Sam McCone, Managing Partner, McCone Properties, said: “Private developers have consistently demonstrated their commitment to delivering high-quality real estate, often surpassing expectations.
“While the major players have focused on creating expansive master-planned communities, private developers have invested time and effort into refining the quality and craftsmanship of individual projects.
“As a result, buyers and tenants are beginning to raise their expectations. They now seek not only desirable locations but also properties that meet high standards of design, construction, and interior quality.
“This evolving demand is redefining the competitive landscape and setting new benchmarks across the market.”
Abdullah Alajaji, Managing Director, Driven Properties, said: “In 2024, we saw affordable housing becoming increasingly sought after as rents continued to rise. There was also a noticeable shift toward smaller units in terms of size, which has been a defining characteristic of the market.
“We observed sustained demand in both the luxury property and off-plan markets, trends that we believe will persist into 2025. The growing interest in off-plan properties indicates strong investor confidence in future developments, a positive sign for the market in the coming year.”
Note: Market Watch Digest (MWD) serves as a streamlined version of the comprehensive Market Watch report, available in the coming weeks, designed to provide a rapid snapshot of market performance over a specific period. The data presented in MWD are preliminary and subject to change when compared to the detailed report.
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