A Record-Breaking 2024

Every year since the pandemic has brought with it predictions of a slowdown in Dubai’s booming real estate market. Every year since the pandemic, the market has defied predictions. 2024 was no different. 

Dubai enjoyed a staggering AED 761 billion in real estate transactions during the year — the most ever. Out of this,180,987 sales transactions totalled AED 522.5 billion - with sales value rising 27% and volume 35.94%.

It speaks to the rapidly growing importance of real estate to Dubai; the sector constituted 8% of the city’s GDP in 2024.

The Numbers 

The poster child of the market’s success last year was undoubtedly the off-plan sector, which rose by 59.2% from 2023 and made up an extraordinary 60.5% of all transactions in the market. 

Driving the ascent in large part are branded residences. In keeping with its status as a cutting-edge and global leader in luxury, Dubai has become a bona fide hub for the segment, with the likes of Bugatti, W Residences, Franck Muller and more flocking to the city. In H1 2024 alone, transaction volumes in the segment rose by 44% YoY from 2023. 

Buyers and Their Preferences 

As per data from Christie’s International Real Estate Dubai, countries that contributed the highest amount of buyers in 2024 included India, the U.K., China, the U.A.E. and Russia. Popular areas for acquiring ready real estate included the Palm Jumeirah, Downtown Dubai, Business Bay, Dubai Marina and Dubai Creek Harbour. 

Dubai and the World 

If Dubai real estate attracts the world, then there must be comparisons with the world as well. Over $7 billion worth of homes were sold above $10 million in Dubai during 2024; in this regard, the city had overtaken comparable markets like New York, Hong Kong and Los Angeles by Q3. 

It is a growing demand driven by an influx of high-net-worth individuals. 6700 millionaires moved to the U.A.E. in 2024, the highest globally and with many to Dubai. For context, the U.K. market suffered a net loss of 9500 millionaires during the same period, and China 15,200. It speaks to a broader trend, with the city enjoying an astonishing 78% growth in its millionaire population over the last decade. 

2025 

Amidst the regional geopolitical churn, Dubai is expected to be a beacon of growth and stability, with city-wide prices expected to increase by 5-10% in 2025 and luxury market prices in particular 8-10% — all buttressed by a growing population. 

The takeaway? If 2024 set the record, 2025 could well break it.