Dubai: Real estate sector sees transactions hit Dhs761bn in 2024
Dubai's real estate sector reached an all-time high in 2024, with a total of 2.78 million procedures, including both real estate transactions and rental agreements, marking a 17 per cent increase compared to the previous year.
Real estate transactions alone accounted for 226,000 deals, valued at Dhs761bn, reflecting a 36 per cent growth in transaction volume and a 20 per cent increase in transaction value year-on-year.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, attributed the strong performance to the emirate's robust economy, world-class infrastructure, progressive policies, and competitive investment ecosystem.
'The exceptional results in 2024 reflect the deep strength and resilience of our economy, which continues to thrive in a rapidly changing global landscape,' Sheikh Hamdan said. 'The leadership's visionary goals outlined in the Dubai Economic Agenda D33 have helped raise the emirate's position as an international hub for investment, trade, and innovation, enhancing its global appeal as a lifestyle and investment destination, all of which have catalysed the real estate market.'
Sheikh Hamdan also highlighted the pivotal role of the Dubai Real Estate Strategy 2033 in raising standards of transparency, return on investment, and investor confidence, while addressing diverse market needs. 'Dubai's real estate market remains among the world's best, with a strong focus not only on innovation and excellence but also stability and sustainability,' he added. 'We continue to introduce new initiatives in the sector to advance our vision of making Dubai the world's best place to live and work.'
In addition to the record number of procedures, Dubai's real estate sector achieved outstanding milestones in 2024.
The market saw 217,000 investments valued at Dhs526bn, reflecting growth rates of 38 per cent per cent in number and 27 per cent in value compared to the previous year.
The number of new investors joining the sector reached 110,000, a remarkable 55 per cent increase.
Record Results in Dubai's Real Estate Sector in 2024
— Dubai Media Office (@DXBMediaOffice)
Dubai's standing as a global investment and real estate hub strengthens
Marwan Ahmed bin Ghalita, director general of Dubai Land Department, emphasised the importance of these achievements in driving the emirate's long-term economic goals. 'These indicators serve as tangible evidence of the resilience of Dubai's real estate market, its ability to adapt to global changes, and its success in attracting high-quality investments.
'The results achieved in 2024 reflect the emirate's ambitious vision and ongoing efforts to enhance its investment attractiveness under the guidance of our wise leadership, in line with the Dubai Economic Agenda D33.'
Bin Ghalita further explained that the Dubai Real Estate Strategy 2033 plays a crucial role in the sector's growth by focusing on innovation, technology, and enhancing transparency. The strategy aims to attract investments from emerging markets and ensure a balanced supply and demand in the market.
'Attracting 110,000 new investors to the real estate sector last year is a clear indicator of our efforts to enhance global investor confidence,' he added.
The director general also highlighted the importance of state-of-the-art technologies, including artificial intelligence (AI) and proptech, in boosting operational efficiency and enhancing investor satisfaction.
These technologies, he noted, have become essential tools in supporting Dubai's real estate ecosystem and improving its global competitiveness.
'The Dubai Land Department will continue working hand in hand with its partners in both the public and private sectors to achieve further milestones that support Dubai's future vision and contribute to realising its strategic objectives,' Bin Ghalita said.
'We are confident that the emirate is steadily advancing towards solidifying its position as a leading investment destination, thanks to its advanced infrastructure, pioneering initiatives, and a long-standing legacy of innovation and excellence,' he concluded.
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