In December 2024, Dubai's real estate market recorded 33,110 registered transactions, representing a 55% Y-o-Y increase compared to the 21,405 transactions recorded during the same period in 2023. This annual growth demonstrates strong buyer interest, while the minor quarterly adjustments show a steady and healthy market.
The registered home sales value reached AED 65.23 billion, representing a 44% Y-o-Y increase over the AED 45.45 billion as reported in October-December 2023. The average registered home sales value adjusted slightly, settling at AED 1.97 million with a marginal drop of 7%.
Chief Business Officer and Principal Partner of Global Markets Square Yards - Rabiah Shaikh said, "Dubai's residential market continues its upward trajectory driven by a strong regulatory framework, maturing investment landscape, and investor-friendly policies. The latest figures reassure the city's appeal, with double-digit growth in both residential transaction value and volume. Competitive advantages like favorable visa and mortgage frameworks, attractive rental yields, streamlined property acquisition, and tax incentives have reinforced the Emirate's position as a global property investment hub".
At the end, Rabiah also said, "Looking ahead, we see a clear roadmap for sustained growth, aided by strategic initiatives like the Dubai Real Estate Sector Strategy 2033. The ambition to double the sector's contribution to GDP, improve homeownership, and push market value past AED 1 trillion underscores confidence in the long-term potential of Dubai's real estate market, with the residential segment at its core".
In December 2024, Sobha Realty led the market with 1,960 registered real estate transactions, largely driven by its flagship project, Sobha Orbis. Followed by Azizi Developments with 1,158 registered transactions, with Azizi Venice being a top performer. Then, Damac Properties ranked third with 1,050 transactions carried out by its Damac ELO project. Binghatti Developers secured the fourth position with 700 transactions, led by its flagship project, Binghatti Hills.
As for registered home sales value, Sobha Realty again topped the list with AED 4,297 million in registered home sales, driven by the strong performance of Sobha Orbis. Second was Emaar Properties, with a record of AED 1,965 million, largely attributed to Emaar Marina Cove. Damac Properties secured the third position with AED 1,464 million, supported by Damac Lagoon Views, whereas Azizi Developments ranked fourth with AED 1,370 million, backed by Azizi Venice.
The Dubai residential market saw units below 1,000 sq. ft. dominating 75% of transactions in the December quarter of 2024, moving up from 61% in the same period of 2023. In comparison, units with an area of more than 1,000 sq. ft. declined to 25% in Oct-Dec 2024 from 39% in the same period of 2023.
This preference for compact living spaces was closely aligned with transaction values, as properties priced under AED 2 million accounted for 74% of the market in Oct-Dec 2024, up from 70% in the same period of 2023. The data indicated a clear market orientation toward low- and mid-tier segments, with premium properties in the AED 3-5 million range and above AED 5 million seeing a slight decline.
During the Oct-Dec 2024 period, Dubai recorded 33,110 registered real estate transactions. Among the micro-markets, Dubailand led with a 28% share of the total market. Followed by Jumeirah, representing 22% of the market share. The third position was acquired by Mohammed Bin Rashid City, contributing 9% to the overall volume. Together, these three micro markets accounted for 59% of Dubai's total registered real estate transactions.
For registered home sales value, Dubai recorded AED 65,231million during the fourth quarter of 2024. Dubailand contributed 24% of the total sales value. The Palm Jumeirah secured the second place, accounting for 14%, while Jumeirah followed closely with a 13% market share. These three micro markets together represented 51% of Dubai's total registered home sales value for the fourth quarter of 2024.
Analysis of locality suggests that Business Bay and Jumeirah Village Circle (JVC) featured prominently, with Business Bay ranking first in sales value and JVC leading in transactions. Dubai Marina, Downtown Dubai, and Al Barsha also performed well within the central Dubai micro-market, whereas Bukadra and Dubai World Central showed intense activity in the outer regions.
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