The United Arab Emirates’ real estate market has reached historic highs in 2024, according to the latest Property Finder report.
Dubai and Abu Dhabi have demonstrated remarkable growth, solidifying their status as premier global destinations for real estate investment.
Dubai breaks all records
The emirate reported an unprecedented 180,987 real estate transactions, totaling AED 522.5 billion (approximately USD 142 billion). These figures represent a 36.5% increase in transaction volume and a 27.2% rise in value compared to 2023. The under-construction housing segment experienced particularly notable growth, with its share rising from 43.6% to 60.5% of total transactions.
The primary market saw record-breaking growth, with transactions increasing by 60.6% to 109,527. The total value of these transactions reached AED 228.03 billion, a 43.5% increase from AED 159 billion in 2023. The secondary market also showed strong performance, with transactions rising by 10.9% to 71,460, totaling AED 294.5 billion in value.
Read also: Strong growth in the UAE real estate market attracts a new wave of investors.
Abu Dhabi’s dynamic market development
The UAE capital exhibited steady, moderate growth. In 2024, Abu Dhabi recorded 14,662 transactions with a total value of AED 47.92 billion, reflecting a 4% year-on-year increase. Residential real estate accounted for 66% of total transactions and 53% of their value.
Growth in Abu Dhabi’s secondary market was particularly significant, with transactions surging by 53.4% year-on-year to 4,320, totaling AED 9.27 billion. The primary market also performed robustly, registering 5,385 transactions worth AED 16.34 billion, which represented 63.8% of the total value of residential real estate sales.
Market forecasts and prospects
Experts predict that the positive momentum will carry into 2025. Mark Richards, CEO of The Network, anticipates an annual influx of 50,000 to 60,000 new residents to Dubai. Concurrently, approximately 41,000 new housing units are expected to be delivered, with only 5,000 comprising villas and townhouses, creating a notable supply shortage in this segment. Sam McCone, Managing Partner of McCone Properties, highlights a growing trend toward higher construction quality. Private developers are focusing on design and finishing to meet the evolving expectations of buyers and tenants. Abdullah Alajaji, Managing Director of Driven Properties, points to a dual demand pattern: increasing interest in both affordable, compact housing and luxury real estate. This diversification reflects a high level of market confidence among investors.
Read also: The future of UAE real estate: What trends await the market in 2025.
A key driver of market growth has been the introduction of the Smart Rental Index by the Dubai Land Department. The initiative aims to enhance transaction transparency and bolster trust in the real estate sector. “This is a prime example of the UAE raising the bar on transparency and trust in the real estate market,” noted Sherif Sleiman, Chief Revenue Officer at Property Finder. Initiatives like these strengthen the UAE’s position as a leading hub for international real estate investment. The news was interesting and informative. Want more fresh Dubai real estate news? Subscribe to Lyukos updates and receive notifications about fresh publications.
