Dubai property sales increase by 42% in 2024
Property Dubai property sales increase by 42% in 2024
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The report showed that the property market soared to record-breaking heights last year with 169,000 sales – an increase of 42% on 2023
Dubai's residential property sector has 243,000 units in the pipeline from now until the end of 2027, with apartments accounting for 80% of future inventory, according to Cavendish Maxwell's 2024 Dubai Residential Market Performance report. The booming off-plan sector continued to dominate the market, with sales four times up on pre-Covid levels. Almost 145,000 new off-plan units came to the market during the year – an average of 400 per day, the report showed.
The report said that the property market soared to record-breaking heights last year with 169,000 sales – an increase of 42% on 2023. Prices saw sustained increases during the year, ending 0.9% up month-on-month in December, and 3.1% higher than the previous quarter. Year-on-year, prices rose 16.5%, representing an increase of more than 90% on the April 2009 low.
In fact, Dubai's residential property sector closed 2024 with 47 months of continuous price rises. However, as anticipated by Cavendish Maxwell, the rate of appreciation is starting to slow, with monthly growth now hovering around 1%, compared to previous month-on-month increases of up to 2.5%. Mortgage activity also soared in 2024, hitting an all-time high of 36,600 loans, up almost a third on 2023.
Ronan Arthur, MRICS, Partner and Head of Residential Valuation, Cavendish Maxwell said, 'These impressive figures are not just the result of the recovery from the pandemic. They reflect a strong, stable property market that has seen consistent growth since 2022, driven by continued international demand from India, China and other Middle Eastern countries in particular.'
'While Dubai's residential market remains extremely robust, with further growth expected in 2025, there are now signs of an adjustment to more sustainable levels. As with previous market cycles, the emirate's regulators, developers and investors are taking the right steps to avoid runaway growth which, as we have seen before, could threaten market stability,' he added.
Emaar Properties, Binghatti Properties and DAMAC Properties led the new launch market in terms of both units released and sales value. In 2024, under construction projects represented 68% of the total residential market.
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