Dubai’s real estate sector has achieved remarkable success in 2024, reaching a new milestone of $207 billion (AED 761 billion) in transactions, marking a 20% year-on-year in value. This extraordinary performance reflects a 36% rise in transaction volume, with 226,000 deals completed throughout the year.
The total number of real estate procedures, including both deals and rental agreements, reaches 2.78 million, representing a 17% year-on-year rise. These figures underscore the strength and resilience of Dubai’s real estate sector amidst global uncertainty.
Driving Factors Behind the Growth
The Crown Prince of Dubai, attributed the success to Dubai’s robust economy, innovative infrastructure, and progressive policies. He highlighted the emirate’s strategic position as a global hub for investment, trade, and innovation as central to the market’s sustained growth.
“These exceptional results highlight the resilience of our economy and its ability to thrive amid a rapidly changing global landscape,” said Sheikh Hamdan. “Dubai’s position as a global hub for investment, innovation, and trade continues to catalyse growth in the real estate market, elevating the emirate as one of the world’s best places to live and work.”
The Dubai Real Estate Strategy 2033 plays an important role in driving the sector’s continued growth with a clear focus on doubling its GDP contribution and attracting new investments. Additionally, the strategy aims to enhance market transparency and create a balanced supply-demand environment, further solidifying Dubai’s competitive advantage.
Surge in Investor Activity
The significant growth of Dubai’s real estate market has been largely driven by the influx of global investors. In 2024, the sector saw 217,000 investments totalling $413 billion (AED 526 billion), reflecting a 38% increase in volume and a 27% rise in value compared to the previous year. Remarkably, the number of new investors entering the market grew by 55%, with 110,000 first-time buyers making their entry into Dubai’s property landscape.
Eng. Marwan Ahmed bin Ghalita, Director General of the Dubai Land Department, emphasized the role of innovation in attracting these investors. “These numbers are tangible evidence of the market’s resilience and ability to attract high-quality investments,” he stated, highlighting Dubai’s ability to integrate new technologies and offer a transparent, efficient investment experience.
Technological Advancements and Market Efficiency
The continued integration of advanced technologies, such as artificial intelligence (AI) and proptech solutions, has been a key driver of Dubai’s real estate growth. These innovations have played a crucial role in enhancing market efficiency, improving transparency, and building investor confidence.
Looking Ahead
As Dubai continues to expand its global influence and offer cutting-edge real estate solutions, the future of its property market looks brighter than ever. The record-breaking performance of 2024 sets a strong foundation for the years to come, reinforcing Dubai’s status as one of the world’s most attractive and dynamic real estate markets.
At One Investments, we are focused on assisting investors in capitalizing on Dubai’s economic transformation. We present secure, high-value investment opportunities, ensuring that the acquisition of luxury properties is aligned with your objectives and meets the highest standards.
