Dubai’s real estate market has continued its unprecedented performance since the beginning of 2024, breaking all records, as real estate sales exceeded the total sales for the entire year of 2023 in less than 10 months, according to data from the Dubai Land Department. Dubai real estate sales from the beginning of 2024 until yesterday exceeded the 401 billion dirham mark, which is the total record for sales for the entire year of 2023, and which represents the highest annual figure recorded in the history of Dubai real estate.
With the start of trading yesterday and by 10 am, total real estate sales in Dubai since the beginning of this year broke the previous record sales barrier, recording 402 billion dirhams, announcing a new record in the history of the emirate.
This strong and exceptional performance reflects the continued high demand for real estate in the emirate, whether from local or foreign investors, which enhances Dubai’s position as one of the most attractive real estate destinations in the world.
Dubai real estate concluded the year 2023 with record sales exceeding AED 401 billion, a growth of 51% compared to 2022, as sales were concluded through 129,000 deals. In contrast, real estate sales since the beginning of 2024 until the end of trading yesterday exceeded AED 403.4 billion, resulting from 140,000 deals.
The sales deals recorded since the beginning of this year were distributed over 14,474 land deals, 12,878 building deals, and 112,748 residential unit deals. By the end of this year, the emirate is heading towards achieving a new record number of sales that will be the highest ever in the history of the real estate market in Dubai. According to the daily sales rate in Dubai, total sales are expected to reach AED 500 billion by the end of 2024, a growth of 24% on an annual basis.
The Business Bay area topped sales in terms of value with AED 21.6 billion through 8,835 transactions, followed by the Jumeirah Village Circle area with a value of AED 15.5 billion resulting from 13,481 transactions, third was the Burj Khalifa area with AED 15 billion through 3,513 transactions, fourth was the Palm Jumeirah area with 1,304 transactions worth AED 14.3 billion, and fifth was the Airport City area with 3,853 transactions worth AED 12.4 billion.