UAE – Mubasher: Dubai’s real estate market has recorded 180,900 transactions at an aggregative value of AED 522.10 billion throughout 2024, the Emirates News Agency (WAM) cited fäm Properties.
The emirate witnessed a 36% increase in sales volumes during 2024 and a 27% growth in value compared to the previous record of 133,100 transactions worth AED 411.10 in 2023.
In the primary market, first sales from developers climbed by 30% year-on-year (YoY) to AED 334.10 billion, reflecting strong demand for new developments and off-plan properties.
The healthy demand in the secondary market was highlighted by a 21% increase in re-sales to AED 188.10 billion.
Transaction volume rose by 14% to 61,100, while the average price per sq ft jumped by 12% YoY to AED 1,300.
The strong performance was also backed by a 42% YoY increase in the volume of apartment sales, with 141,168 transactions amounting to AED 260.60 billion.
Villa sales were up by 21.10% from 2023 to 30,938 units worth AED 164.10 billion, and commercial property transactions increased by 10.10% in volume to 4,304 units at AED 9.70 billion.
Meanwhile, a total of 4,352 plots were sold for AED 86.50 billion, marking a rise of 2.60%.
Business Bay led the way in overall sales value, with 6,888 transactions valued at AED 21.1o billion.
