Dubai’s Real Estate Boom: AED 761 Billion in Transactions Sets New Record in 2024

Dubai’s real estate sector has once again demonstrated its remarkable dynamism, recording transactions worth AED761 billion in 2024. This impressive figure underscores the emirate’s position as a global hub for investment and its unwavering appeal to investors worldwide.

In 2024, the sector witnessed 226,000 real estate transactions, marking a 36% increase in volume and a 20% rise in value compared to the previous year. Additionally, the total number of procedures, encompassing both real estate transactions and rental agreements, reached 2.78 million—a 17% uptick from 2023.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, attributes this success to Dubai’s dynamic economy, robust infrastructure, and progressive policies. He emphasized that the leadership’s visionary goals, outlined in the Dubai Economic Agenda D33, have elevated the emirate’s status as an international hub for investment, trade, and innovation. These factors have significantly enhanced Dubai’s global appeal as a lifestyle and investment destination, catalyzing the real estate market’s growth.

The Dubai Real Estate Strategy 2033 has been instrumental in this growth, focusing on doubling the sector’s contribution to the GDP and fostering an integrated ecosystem rooted in innovation and technology. This approach enhances transparency, balances supply and demand, and aims to attract investments from emerging markets, solidifying Dubai’s position as a global hub for real estate investment.

The emirate’s commitment to developing an advanced real estate environment, managed using state-of-the-art artificial intelligence and proptech solutions, has played a crucial role in boosting operational efficiency and ensuring the satisfaction of both investors and stakeholders. This dedication to innovation and excellence continues to drive the sector’s growth and resilience.

In summary, Dubai’s real estate sector’s record-breaking performance in 2024 reflects its resilience, adaptability, and the successful implementation of strategic initiatives aimed at sustainable growth. As the emirate continues to introduce new initiatives and leverage advanced technologies, it is well-positioned to achieve its vision of becoming the world’s best place to live and work.