The average value of homes sold has been slightly revised to AED 1.97 million, down by 7%.
Dubai recorded 33,110 residential transactions from October to December 2024, a 55% increase from the 21,405 transactions in the same quarter of 2023. The growth in annual activity highlights strong buyer interest, and the slight quarterly shift indicates a stable and healthy market.
This quarter, the registered value of home sales was AED 65.23 billion, up 44% from AED 45.45 billion during the same time last year. The average registered home sales price is AED 1.97 million, a slight decrease of 7%.
Rabiah Shaikh, Chief Business Officer and Principal Partner at Square Yards, specialising in global markets, mentions- “Dubai’s residential real estate market continues its upward trajectory, driven by a strong regulatory framework, investor-friendly policies, and a maturing investment landscape. The latest figures reaffirm the city’s appeal, with double-digit residential transaction volume and value growth. Competitive advantages such as streamlined property acquisition, favourable visa and mortgage frameworks, tax incentives, and attractive rental yields have reinforced the emirate’s global property investment hub position.
We see a clear roadmap for sustained growth, supported by strategic initiatives like the Dubai Real Estate Sector Strategy 2033. The ambition to double the sector’s contribution to GDP, enhance homeownership, and push market value past AED 1 trillion underscores confidence in the long-term potential of Dubai’s real estate market, with the residential segment at its core.”
Prominent Businesses and Significant Ventures
In the last quarter of December 2024, Sobha Realty topped the market with 1,960 residential transactions, mainly due to its key project, Sobha Orbis. Azizi Developments came in second with 1,158 transactions, highlighted by the success of Azizi Venice. With 1,050 transactions, Damac Properties secured the third spot, supported by the Damac ELO project. Binghatti Developers came in fourth place with 700 transactions, showcasing Binghatti Hills as their primary development.
In terms of registered home sales value, Sobha Realty came in first with AED 4,297 million, fueled by the strong results of Sobha Orbis. Emaar Properties took second place with AED 1,965 million, primarily because of Emaar Marina Cove. In third place, Damac Properties earned AED 1,464 million, driven by Damac Lagoon Views. Azizi Developments followed in fourth place with AED 1,370 million, aided by Azizi Venice.
Trends in Different Areas and Budgets
In the last quarter of December 2024, 75% of the transactions in Dubai’s residential real estate were for units under 1,000 sq. ft., up from 61% in 2023. The share of units exceeding 1,000 sq. ft. decreased to 25% in the last quarter of 2024, compared to 39% in the same quarter of the prior year.
The trend for smaller homes fits well with market values. From October to December 2024, properties under AED 2 million accounted for 74% of the market, rising from 70% in the same months of the previous year. The analysis indicates a distinct market shift towards low- and mid-tier segments, with premium properties priced between AED 3-5 million and above AED 5 million showing a small decline.
Dubai had 33,110 residential transactions registered between October and December 2024. Dubailand led the micro-markets with a 28% share of the overall market, while Jumeirah accounted for 22%. With a 9% contribution, Mohammed Bin Rashid City ranked third. The three micro markets combined represented 59% of the total residential transactions in Dubai.
During the quarter, Dubai saw home sales valued at AED 65,231 million. Dubailand accounted for 24% of the overall sales value. Palm Jumeirah came in second with a 14% market share, and Jumeirah was close behind at 13%. For the quarter, 51% of Dubai’s total registered home sales came from these three micro-markets.
Local data reveals that Business Bay and Jumeirah Village Circle (JVC) were significant, as Business Bay ranked highest in sales value while JVC had the most transactions. Within the central Dubai micro-market, Dubai Marina, Downtown Dubai, and Al Barsha performed well, while Bukadra and Dubai World Central showed significant activity in the outer regions.
Read more through the links below to uncover the key trends and market leaders driving this growth:
Hindustan Times: https://bit.ly/4hP3gtZ
Realty Nxt: https://bit.ly/4hP6wW7
Business News This Week: https://bit.ly/3EQPEQ9
Published Date: 24 Feb, 2025
