Dubai's real estate sector has achieved an extraordinary milestone, with 2024 marking a record-breaking year. The market reached a peak of 180,900 transactions valued at AED 522.1 billion, setting new benchmarks. According to a report released by fäm Properties, 2024 saw significant growth, with a 36% increase in transaction volume and a 27% rise in sales value compared to the previous record of 133,100 transactions worth AED 411.1 billion in 2023.

In the primary market, sales from developers surged by 30% year-on-year, reaching AED 334.1 billion, underscoring the strong demand for new developments and off-plan properties. The total number of transactions increased by 51% to 119,800 in 2024, demonstrating a notable boost in buyer confidence and developer activity. Additionally, the average price per square foot rose by 10%, reaching AED 1,600.

The demand was driven by the launch of new projects and appealing payment plans, attracting foreign investors who were supported by residency incentives and visa reforms. The secondary market also saw a healthy 21% rise in re-sales, totaling AED 188.1 billion. Transaction volume in this sector grew by 14%, reaching 61,100, indicating sustained market activity. The average price per square foot in the secondary market increased by 12%, reaching AED 1,300.

The growth in re-sales reflected a shift towards ready-to-move-in properties, with high rental yields drawing investors. Improvements in infrastructure further boosted property appeal. Firas Al Msaddi, CEO of fäm Properties, commented, "2024 was a remarkable year for Dubai's real estate market. Despite global economic uncertainties, the market showed resilience, with increased transaction volumes and rising sales values. The demand for rental properties and the continued strength of the luxury market reaffirm Dubai’s position as a leading real estate destination."

The year set numerous monthly and quarterly records, with growth across all property sectors. Apartment sales saw a 42% increase year-on-year, totaling 141,168 transactions worth AED 260.6 billion. Villa sales grew by 21.1% to 30,938 units valued at AED 164.1 billion. Commercial property transactions rose by 10.1% to 4,304 units worth AED 9.7 billion, and 4,352 plots sold for AED 86.5 billion, up by 2.6%.

In the primary market, Al Barsha South 4 emerged as the leading area in terms of sales volume, with 12,878 transactions, showcasing its appeal to both investors and end-users. Business Bay led in sales value with 6,888 transactions totaling AED 21.1 billion. Additionally, emerging areas like Madinat Al Mataar and Wadi Al Safa 5 gained popularity, reflecting a growing interest in suburban living and integrated communities.