Dubai’s Residential Real Estate Market: A Robust Surge in Q4 2024
Dubai’s residential real estate market has showcased remarkable resilience and growth during the October to December 2024 quarter, with a staggering 33,110 registered transactions. This figure marks a significant 55% year-on-year (Y-o-Y) increase compared to the 21,405 transactions recorded in the same period of 2023. Such a leap in activity underscores the strong buyer interest in the emirate, while a slight quarterly adjustment indicates a stable and healthy market environment.
Financial Highlights of Q4 2024
The registered home sales value (Gross Transaction Value or GTV) for the quarter reached AED 65.23 billion, reflecting a 44% Y-o-Y increase from AED 45.45 billion in the October to December 2023 period. However, the average registered home sales value saw a minor adjustment, settling at AED 1.97 million, which represents a 7% decline from the previous year.
| Metric | Q4 2024 | Q3 2024 | Q4 2023 | Q-o-Q Change | Y-o-Y Change |
|---|---|---|---|---|---|
| Registered Residential Transactions (No. of units) | 33,110 | 33,281 | 21,405 | -0.5% | 55% |
| Registered Home Sales Value (GTV) (AED Million) | 65,231 | 68,106 | 45,449 | -4% | 44% |
| Average Registered Home Sales Value (AED Million) | 1.97 | 2.05 | 2.12 | -4% | -7% |
Data includes both off-plan and existing residential registered transactions.
Insights from Industry Experts
Rabiah Shaikh, Chief Business Officer & Principal Partner – Global Markets at Square Yards, emphasized the upward trajectory of Dubai’s residential real estate market. He attributed this growth to a robust regulatory framework, investor-friendly policies, and a maturing investment landscape. Shaikh noted that the latest figures reaffirm Dubai’s appeal, showcasing double-digit growth in both transaction volume and value.
He highlighted competitive advantages such as streamlined property acquisition processes, favorable visa and mortgage frameworks, tax incentives, and attractive rental yields, which have solidified Dubai’s position as a global property investment hub. Looking ahead, Shaikh expressed optimism about sustained growth, supported by strategic initiatives like the Dubai Real Estate Sector Strategy 2033, which aims to double the sector’s contribution to GDP and enhance homeownership.
Leading Developers and Key Projects
In the December quarter of 2024, Sobha Realty emerged as the market leader with 1,960 registered residential transactions, primarily driven by its flagship project, Sobha Orbis. Following closely was Azizi Developments with 1,158 transactions, thanks to the strong performance of Azizi Venice. Damac Properties ranked third with 1,050 transactions, bolstered by its Damac ELO project, while Binghatti Developers recorded 700 transactions with Binghatti Hills as its flagship development.
When examining registered home sales value, Sobha Realty again topped the list with AED 4,297 million, largely due to the success of Sobha Orbis. Emaar Properties followed with AED 1,965 million, attributed to Emaar Marina Cove, while Damac Properties secured third place with AED 1,464 million, supported by Damac Lagoon Views.
| Rank | Developer | Registered Home Sales Value (AED Million) | Top Projects |
|---|---|---|---|
| 1 | Sobha Realty | 4,297 | Sobha Orbis, Sobha 360 Riverside Crescent |
| 2 | Emaar Properties | 1,965 | Emaar Marina Cove, Emaar Pier Point |
| 3 | Damac Properties | 1,464 | Damac Lagoon Views, Damac ELO |
| 4 | Azizi Developments | 1,370 | Azizi Venice, Azizi Riviera Beachfront |
| 5 | Binghatti Developers | 1,188 | Binghatti Hills, Binghatti Mercedes Benz Places |
Data includes off-plan residential registered transactions.
Market Trends: Area and Budget Insights
The Dubai residential real estate market has shown a clear preference for compact living spaces, with units below 1,000 sq. ft. dominating 75% of transactions in the December quarter of 2024, up from 61% in the same period of 2023. Conversely, larger units over 1,000 sq. ft. saw a decline in market share, dropping to 25% from 39% year-on-year.
This trend aligns with transaction values, as properties priced under AED 2 million commanded 74% of the market, increasing from 70% in the previous year. The data indicates a shift towards low- and mid-tier segments, while premium properties priced between AED 3-5 million and above AED 5 million experienced a slight decline.
| Area (in sq. ft.) | Oct-Dec 2024 | Oct-Dec 2023 |
|---|---|---|
| Below 500 sq. ft. | 39% | 17% |
| 500–1000 sq. ft. | 36% | 44% |
| 1000–1500 sq. ft. | 16% | 21% |
| 1500–3000 sq. ft. | 8% | 14% |
| Above 3000 sq. ft. | 1% | 4% |
Data includes both off-plan and existing residential registered transactions.
Micro-Market Performance
During the October to December 2024 period, Dubailand led the market with a 28% share of total transactions, followed by Jumeirah at 22% and Mohammed Bin Rashid City at 9%. Together, these three micro-markets accounted for 59% of Dubai’s total registered residential transactions.
In terms of registered home sales value, Dubailand contributed 24% of the total sales value, while The Palm Jumeirah secured 14% and Jumeirah accounted for 13%. These three micro-markets collectively represented 51% of Dubai’s total registered home sales value for the quarter.
Locality-level analysis revealed that Business Bay and Jumeirah Village Circle (JVC) were prominent, with Business Bay ranking first in sales value and JVC leading in transactions. Other notable performers included Dubai Marina, Downtown Dubai, and Al Barsha, while Bukadra and Dubai World Central showed strong activity in outer regions.
| Micro Market | Registered Home Sales Value (AED Million) | Registered Residential Transactions (No. of units) | Average Registered Home Sales Value (AED Million) |
|---|---|---|---|
| Overall Dubai | 65,231 | 33,110 | 1.97 |
| Dubailand | 15,561 | 9,326 | – |
As Dubai’s residential real estate market continues to thrive, the data from Q4 2024 paints a picture of a dynamic and evolving landscape, characterized by strong buyer interest, strategic growth initiatives, and a diverse range of offerings catering to various market segments.
