Dubai real estate hits record high: Dh761 billion transactions in 2024
Dubai's real estate sector recorded a total of 2.78 million procedures in 2024, the highest in its history. The record number of procedures, which include both real estate transactions and rental agreements, represent a 17 per cent increase compared to 2023.
Real estate transactions alone totaled 226,000, with a combined value of Dh761 billion, a remarkable 36 per cent growth in volume and 20 per cent growth in value year-on-year.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence and Chairman of The Executive Council of Dubai, attributed the emirate's record real estate performance to its dynamic economy, robust infrastructure, progressive policies, and world-class 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. 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, and enhanced its global appeal as a lifestyle and investment destination, all of which have catalysed the real estate market."
"Bolstered by the Dubai Real Estate Strategy 2033, the sector continues to raise benchmarks 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.
"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. The steady growth of the real estate market also continues to boost its contribution to the D33 Agenda's objectives of making Dubai one of the world's top three urban economies and doubling its GDP by 2033," he added.
Solidifying its position as a global hub for investment, Dubai's real estate market achieved exceptional milestones in 2024. The sector recorded 217,000 investments valued at Dh526 billion, reflecting impressive growth rates of 38 and 27 percent in number and value respectively.
Furthermore, Dubai attracted 110,000 new investors to its real estate sector, achieving a remarkable 55 per cent increase. These unprecedented achievements highlight the emirate's leading role in creating a world-class investment ecosystem that attracts investors from around the globe and supports the sustainable growth of the real estate sector.
Marwan Ahmed bin Ghalita, Director-General of Dubai Land Department, said, "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, which aims to position the emirate among the top three urban economies."
He added, "The Dubai Real Estate Strategy 2033 has been a key driver of this growth by focusing on doubling the sector's contribution to the GDP and fostering an integrated ecosystem rooted in innovation and technology. This approach enhances transparency and balances supply and demand. The strategy aims to attract investments from emerging markets, solidifying Dubai's position as a global hub for real estate investment."
He further said, "Attracting 110,000 new investors to the real estate sector last year is a clear indicator of our efforts to enhance global investor confidence. This achievement underscores Dubai's commitment to developing an advanced real estate environment managed using state-of-the-art artificial intelligence and proptech solutions. These technologies play a crucial role in boosting operational efficiency and ensuring the satisfaction of both investors and stakeholders alike."
He concluded, "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. 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."
Dubai continues to achieve transformative milestones, reaffirming its commitment to shaping the future and realising its ambitious goal of becoming the world's leading destination for real estate investment and sustainable development. Through seamless collaboration between the public and private sectors, Dubai is setting new standards of economic excellence, advancing its strategic vision and solidifying its leadership across various industries.
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