Dubai’s real estate market ended 2024 with impressive momentum, solidifying its status as one of the world’s most dynamic property sectors. In December, property prices rose by 0.88% month-on-month, marking a 16.2% annual increase. This marked the 50th consecutive month of growth in the market. Monthly transactions rose to 15,108, reflecting a 4.3% increase from November, while the annual total reached a record 181,131, representing a 35.5% rise from 2023.
The resale of off-plan properties has maintained a steady upward trajectory over the past three years, largely driven by units nearing completion. Off-plan transactions now account for a dominant 69.9% share of the market. Resale transactions including both off-plan and completed properties amounted 5,572, representing 36.9% of the market.
The mortgage market, while seeing a 3.3% decline in December closed the year with 41,518 loans an 18.2% annual increase. New purchase mortgages accounted for 43.8% of borrowing activity. Meanwhile loans for refinancing and equity release saw their market share increase by 10.4% to 24.4%.
With continued investor confidence, strong demand, and new project launches in the pipeline Dubai’s real estate market is well-positioned for further growth in 2025.
