- Dubai’s real estate sales grew significantly from AED 69.80 billion in 2020 to AED 517 billion by December 2024, showing consistent momentum.
- Transactions reached a record 178,900 sales deals in 2024, a 38% increase YoY, with total real estate transactions rising by 32% to 223,904.
- The fourth quarter of 2024 recorded the highest quarterly sales ever at AED 142.7 billion, marking a 0.50% increase over Q3.
- Mortgage values in 2024 totaled AED 185.77 billion, alongside grants worth AED 50.86 billion from 9,319 transactions.
- The Dubai real estate market is expected to grow by 10-15% in 2025, with sales potentially nearing AED 600 billion, supported by the Real Estate Sector Strategy 2033 and ambitious developer initiatives.
Dubai’s property market has been on an impressive upward trajectory since the aftermath of the Covid-19 pandemic, with remarkable sales growth year after year. According to Walid Al Zarooni, CEO of W Capital, this robust growth is supported by data from the Dubai Land Department, which reveals an astounding increase in real estate sales over the past few years.
From AED 69.80 billion in 2020, the sales figures surged to AED 149 billion in 2021, then reached AED 265.50 billion in 2022. The positive momentum continued into 2023, when the total sales hit AED 401 billion, and by December 27, 2024, the market had achieved an impressive AED 517 billion in sales.
This incredible growth reflects Dubai’s continued success as one of the most attractive global destinations for property investment and living.
Real estate transactions, including both sales and mortgages, saw a significant boost, with the total value of these deals rising by 35.80% in 2024 to AED 753.60 billion, up from AED 554.7 billion in the previous year. This growth is indicative of the strong and sustained demand for property in Dubai, supported by both local and international investors.
The Surge in Transaction Volume
The number of real estate transactions in Dubai also surged to record highs. In 2024, the total number of deals increased by more than 38% year-on-year (YoY), reaching approximately 178,900 transactions, a sharp increase from the 129,000 deals completed in 2023.
This rise in transaction volume highlights not only the growing interest in Dubai’s real estate but also the city’s ability to accommodate a diverse range of property investors.
The year 2024 was particularly remarkable for the real estate market, with Dubai surpassing the half-trillion dirham threshold for the third consecutive year.
The total number of real estate transactions, which includes both sales and mortgages, stood at 223,904, a 32% YoY increase compared to 169,720 transactions in 2023. This growth in transaction volume signals a continuing expansion in the market, making Dubai one of the most dynamic real estate hubs in the world.
Q4 2024: A Record-Breaking Quarter
The fourth quarter of 2024 proved to be a landmark period for Dubai’s real estate market, with the sector achieving its highest-ever quarterly sales. Total sales during Q4 2024 amounted to a staggering AED 142.7 billion.
This performance was fueled by a record-breaking monthly sale of AED 61.47 billion in October, followed by AED 43.65 billion in November and AED 37.48 billion in December. The Q4 sales were 0.50% higher than those of Q3 2024, marking a strong end to an already exceptional year for Dubai’s property sector.
This surge in sales during Q4 reflects growing confidence among investors, both local and international, in Dubai’s long-term economic stability and its real estate market’s continued strength. As the market continues to attract buyers, particularly in the luxury sector, these figures underscore the city’s importance as a global real estate powerhouse.
Outlook for 2025: Continued Growth Expected
Looking ahead to 2025, the Dubai real estate market shows no signs of slowing down. Al Zarooni remains optimistic about the market’s prospects, projecting a continued increase in sales, albeit at a slightly lower rate.
He expects sales to grow by 10% to 15%, bringing the total value closer to AED 600 billion. As a result, the total value of real estate transactions, which could exceed AED 850 billion, is expected to further cement Dubai’s position as one of the world’s leading property markets.
Al Zarooni attributes much of this growth to the city’s economic development initiatives, including the ambitious Dubai Economic Agenda (D33), which aims to make Dubai the world’s most attractive destination for investment and a global center for a diversified economy.
These efforts are already having a visible impact on the real estate sector, as both the private sector and international companies continue to invest in Dubai’s property market.
Dubai’s Path to the AED 1 Trillion Milestone
One of the key milestones for the Dubai real estate market is the Dubai 2033 initiative, which targets achieving AED 1 trillion in real estate sales by 2033. After surpassing AED 750 billion in 2024, the goal of reaching AED 1 trillion now seems within reach. Al Zarooni is confident that Dubai is well on its way to achieving this ambitious target.
The introduction of the Real Estate Sector Strategy 2033 in 2024, which focuses on strengthening the city’s global leadership in real estate, is expected to play a critical role in reaching this goal.
This strategy aims to promote transparency, enhance data usage, and provide forecasts for supply and demand, making it easier for investors to make informed decisions. By fostering collaboration with the private sector and international companies, Dubai’s real estate market is poised to continue attracting both local and global investors in the years to come.
The Role of Mega Projects
Another key factor contributing to the continued success of Dubai’s property market is the launch of billion-dollar projects by major real estate developers. These projects, which are often part of ambitious long-term strategies, are expected to further drive growth in the sector.
From high-end residential developments to mixed-use commercial spaces, Dubai’s real estate landscape continues to diversify, attracting a wide range of investors and buyers.
These developments are not only expected to strengthen the city’s real estate sector but also enhance its global appeal as a hub for business and living. As developers continue to unveil large-scale projects, Dubai is positioned to become an even more attractive investment destination in the years to come.
Looking Ahead
Dubai’s real estate market has experienced phenomenal growth over the past few years, with sales and transactions reaching new heights. The city’s strategic initiatives, coupled with its strong economic outlook and growing demand for property, suggest that this upward trend will continue into 2025 and beyond.
With the Real Estate Sector Strategy 2033 and other long-term projects, Dubai is set to further solidify its position as a global real estate leader. As the market continues to flourish, investors, developers, and homebuyers can look forward to even more opportunities in the coming years.
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
