Dubai Real Estate: 451 Luxury Deals Worth AED 27 Billion in 2024

The number of luxury real estate transactions in Dubai during 2024 amounted to more than 857 transactions, including lands, complete residential buildings, and residential homes, the transaction of which exceeded $10 million (AED 36.7 million), while the total value of these sales amounted to $21.6 billion (about AED 79 billion). This is compared to 808 sales of the same category that took place in 2023, with a total value of $20.7 billion (about AED 76 billion), an increase of 6% and 4.3% in terms of number and value, respectively.

If lands and complete residential buildings are excluded, the number of luxury residential properties that were sold amounted to 451 units with a total value of $7.4 billion (about AED 27.2 billion), compared to 457 sales of the same category that took place in 2023, with a total value of $8 billion (about AED 29.4 billion).

Sales were concentrated in several locations in Dubai as follows: 126 residential properties were sold in the Palm Jumeirah area, 42 properties in Mohammed bin Rashid City, 36 properties in Palm Jebel Ali, 30 properties in Emirates Living, 29 properties in The Oasis area, and 24 properties in Dubai Hills Estate.

More than a million dollars

As for residential homes sold in Dubai for one million dollars (3.67 million dirhams) or more, during the past year 2024, their number reached 24,501 residential properties, with a total value of 56 billion dollars (about 205.5 billion dirhams), which is equal to 14.3% of sales in Dubai. This is compared to 18,429 sales of the same category that took place in 2023, with a total value of 46.5 billion dollars (about 171 billion dirhams).

If we add residential land and complete residential buildings, with residential homes sold in Dubai for $1 million (AED 3.67 million) or more, during the past year 2024, the number of sales reached 26,380 with a total value of $76 billion (about AED 279 billion), compared to 20,349 sales of the same category, which took place in 2023 and amounted to a total value of $64.6 billion (about AED 237 billion).

Sales of deals worth $1 million or more were concentrated in several locations in Dubai as follows: 1,457 residential properties in Downtown Dubai, 1,182 properties in Dubai Harbour, 1,140 properties in Dubai Hills Estate, 1,014 in Business Bay, 996 in The Valley, and 983 in Palm Jumeirah. In terms of sales growth in terms of total transactions, compared to 2023 and 2024, overall there was a significant increase of 40.3% in sales transactions compared to 2023, with sales over $1 million increasing by 33%, while sales over $10 million remained relatively unchanged, declining by 1.3%.

Daniel Hadi, CEO of Engel & Völkers Middle East, said: “In fact, the data points to strong growth in the Dubai real estate market, with the 33% increase in sales of properties over $1 million (AED3.67 million) indicating strong demand among wealthy buyers, driven by Dubai’s appeal as a global hub for luxury living, its safe environment, favourable tax policies and a growing population of high net worth individuals.”

While the ultra-luxury property sector is showing signs of stabilisation, growth in the wider market, including transactions worth over $1 million (AED3.67 million), suggests that Dubai remains highly attractive to international investors and wealthy residents, Hadi explained.

Company breakdown

Omniyat accounted for the largest share of residential sales worth over $10 million (AED36.7 million) at 36.8%, followed by Meraas in second place with 12.8%, Select Group in third place with 9.7%, EHS Properties in fourth place with 9.4%, Nakheel in fifth place with 5.1%, H&G in sixth place with 4%, Curzer in seventh place with 3%, MAG Development in eighth place with 2.2%, Emaar in ninth place with 2%, and Palma Development in last place with 2%.

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