The UAE real estate market continues to achieve remarkable growth rates and positive results, as revealed by Property Finder, through its brief report on “Market Watch” for the year 2024, which highlighted an unprecedented momentum for the real estate market in the region.
The report showed that the Dubai real estate market recorded unprecedented numbers in 2024, as the number of sales reached 180,987 transactions, worth AED 522.5 billion, with a significant growth in the number of sales of 36.5%, and an increase in value of 27.2% compared to 2023. The main reason for this increase is due to the significant increase in off-plan sales, which accounted for 60.5% of the total number of sales, compared to 43.6% last year.
Off-plan real estate sales in the emirate showed an increase in demand, with the number of sales growing year-on-year by about 60.5%, recording about 109,527 sales. The sales figures are the highest ever recorded in a single year, with an annual increase of around 43.5%, reaching AED 228.03 billion, compared to AED 159 billion in 2023.
The off-plan property market contributed significantly to the total number of sales, recording its highest percentage ever in the past decade, with an increase of 61%. The number of sales in the ready property market recorded an annual increase of around 10.9%, with 7,160 sales.
This number constituted 39% of the total sales in 2024, with a noticeable change in the off-plan sales market as new projects attracted greater interest from investors and home seekers. The value of these sales increased by 16.9% year-on-year, recording AED 294.5 billion, compared to AED 252 billion in 2023.