Dubai real estate smashed records in 2024 – here are the 14 top-performing areas

Dubai’s real estate market soared to an all-time high in 2024, with transactions reaching 180,900 worth Dhs522.1bn, setting new records for the emirate.

This is according to data released by UAE real estate firm fäm Properties, which highlights a significant surge in both transaction volume and value last year.

The company says the emirate witnessed a 36 per cent increase in sales volumes in 2024 and a 27 per cent rise in value compared to the previous record of 133,100 transactions worth Dhs411.1bn in 2023.

“Sales values broke historical records, and the market’s strong rental demand and luxury resilience continue to attract global investors,” said Firas Al Msaddi, CEO of fäm Properties.

Primary market drives growth

The primary market was the standout performer, driven by new project launches and favourable payment plans that attracted foreign investors, according to fäm Properties.

First sales from developers rose 30 per cent year-on-year to Dhs334.1bn, with transaction volumes up 51 per cent to 119,800. The average price per square foot increased by 10 per cent to Dhs1,600.

Key factors for this uptick included residency incentives and visa reforms that bolstered investor confidence and demand for off-plan properties.

Al Barsha South 4 emerged as the top-performing area for first sales, recording 12,878 transactions worth Dhs13.5bn. Business Bay, however, led in sales value, with 6,888 transactions worth Dhs21.1bn.

Top 10 performing areas – primary market:

1. Al Barsha South 4 – 12,878 transactions worth Dhs13.5bn
2. Business Bay – 6,888 transactions worth Dhs21.1bn
3. Wadi Al Safa 5 – 6,602 transactions worth Dhs13.6bn
4. Madinat Al Mataar – 6,254 transactions worth Dhs17.0bn
5. Hadaeq Sheikh Mohammed Bin Rashid – 5,246 transactions worth Dhs13.4bn
6. Madinat Hind 4 – 5,152 transactions worth Dhs8.4bn
7. Madinat Dubai Almelaheyah – 4,818 transactions worth Dhs12.7bn
8. Al Merkadh – 4,474 transactions worth Dhs6.2bn
9. Jabal Ali 1 – 4,335 transactions worth Dhs6.7bn
10. Bukadra – 4,215 transactions worth Dhs9.9bn

Secondary market stays strong

The secondary market also experienced robust growth.

Re-sales rose 21 per cent to Dhs188.1bn, with transaction volumes up 14 per cent to 61,100. The average price per square foot increased by 12 per cent to Dhs1,300, reflecting high rental yields and demand for ready properties.

Business Bay topped the re-sale market with 5,142 transactions worth Dhs9.8bn, while Dubai Marina led in value, with 4,924 transactions worth Dhs15.2bn, maintaining its status as a premium waterfront destination.

Top 10 performing areas – secondary market:

1. Business Bay – 5,142 transactions worth Dhs9.8bn
2. Dubai Marina – 4,924 transactions worth Dhs15.2bn
3. Al Barsha South 4 – 4,635 transactions worth Dhs7.0bn
4. Al Thanyah 5 – 3,305 transactions worth Dhs8.1bn
5. Al Merkadh – 3,155 transactions worth Dhs8.3bn
6. Downtown Dubai – 3,122 transactions worth Dhs12.7bn
7. Jabal Ali 1 – 2,364 transactions worth Dhs5.0bn
8. Al Warsan 1 – 2,126 transactions worth Dhs1.2bn
9. Wadi Al Safa 5 – 2,125 transactions worth Dhs5.9bn
10. Hadaeq Sheikh Mohammed Bin Rashid – 2,106 transactions worth Dhs9.8bn

Diverse market appeal

A total of 14 unique areas feature across both the primary and secondary market lists, with some areas such as Business Bay, Al Barsha South 4, and Wadi Al Safa 5 excelling in both segments.

Meanwhile, apartments accounted for the bulk of sales, with transactions rising 42 per cent year-on-year to 141,168 units worth Dhs260.6bn. Villas followed with 30,938 transactions worth Dhs164.1bn, a 21.1 per cent increase.

Commercial property and land plots also saw steady growth, with 4,304 commercial units sold for Dhs9.7bn and 4,352 plots fetching Dhs86.5bn.

“This was a remarkable year for Dubai real estate, with transaction volumes growing despite global economic uncertainties,” added Al Msaddi.