Real estate transactions in Dubai broke their previous records, after reaching their value for 2024, to more than 760.7 billion dirhams, resulting from 226,000 transactions.
Real estate transactions for 2024 increased by 19.8%, compared to 2023, after it was 634 billion dirhams, and the number of dispositions increased by 36.1%, compared to 166.4 real estate transactions. According to the Dubai Land Department.
According to the department, sales at the end of 2024 amounted to more than 522 billion dirhams, resulting from 180 thousand transactions. The mortgages also touched 187 billion dirhams, resulting from 35,000 deals, and the donations exceeded the barrier of 51 billion dirhams, for 9,372 deals during 2024.
Based on these data and figures, the real estate market in Dubai recorded a record performance in 2024, in terms of the value and number of sales deals is the highest in its history, as the level of half one trillion dirhams exceeded for the second consecutive year, as predicted by Al Khaleej newspaper in previous reports on the growth of the real estate market in Dubai.
October Standard
When talking about the standard performance of real estate transactions, during the months of the year, issued by the month of October, with 81.1 billion dirhams for 25.187 deals (61.4 billion dirhams in sales, resulting from 20.658 transactions, 16.2 billion dirhams mortgages, for 3651 deals, and 3.5 billion dirhams endowments resulting from 878 transactions).
The last month in 2024, December, concluded real estate transactions with 71.4 billion dirhams, resulting from 19.016 transactions, (42 billion dirhams in sales at 15,117 deals, 24 billion dirhams mortgages for 2751 transactions, 4 billion dirhams donations for 1148 transactions).
Top Areas
With regard to the top 10 areas, in terms of sales during 2024, the data issued by the Dubai Land Department revealed that these areas accounted for 31.8% of total sales, namely; Business Bay Area, with 29 billion dirhams for 11611 transactions, followed by Jumeirah Vilage Circle area with 20 billion dirhams, for 16,979 transactions, thirdly, Burj Khalifa area with 19 billion dirhams for 4422 deals, fourthly, Palm Jumeirah area with a value of 19 billion dirhams for 1529 deals, and fifth by “Airport City” with 16 billion dirhams for 2,524 transactions.
“Dubai Marina area” came in sixth place with 5076 deals worth 13 billion dirhams, seventh “Dubai Hills” with 12 billion dirhams for 3441 units, eighth “Al-Yafra Area 1” for 1765 deals worth 12 billion dirhams, in ninth place “Wadi Al Safa 5” for 803 transactions worth 11 billion dirhams, and in tenth place “Palm Deira” for 728 transactions worth 10 billion dirhams. 400 real estate developers have also entered the market, rising the number to 1,659 developers, since the beginning of 2024.