18 December 2024

Dubai Real Estate Market in 2024: Transaction Volume Surpasses $170 Billion

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The transaction volume in Dubai’s real estate market reached a record $170.2 billion (625 billion AED) in 2024, reaffirming the city’s status as one of the leading global hubs for real estate investment. According to the Dubai Land Department (DLD), over 188,000 transactions were recorded, showcasing steady growth in demand from investors, business professionals, and skilled specialists worldwide.

The Role of Real Estate in Dubai’s Economy

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, emphasized that the real estate sector plays a key role in the emirate’s economic development. This sector drives capital inflow, creates new job opportunities, and strengthens Dubai’s position as an international economic and investment center.

SPI Dubai experts note that the market’s sustainable growth is supported by a balanced development strategy focused on improving quality of life, modernizing infrastructure, and fostering favorable business conditions.

Development Strategy to 2033

The primary goal of Dubai’s real estate development strategy is to increase transaction volume to $272 billion (1 trillion AED) by 2033. To achieve this target, the following initiatives will be implemented:

  1. Innovation and Technology: Implementing AI-based solutions to enhance transaction efficiency and customer satisfaction.
  2. Sustainability: Supporting environmental projects and developing green technologies.
  3. Public-Private Partnerships: Strengthening collaboration between the government and private sector for large-scale project execution.

SPI Dubai’s Forecast for 2025

SPI Dubai experts forecast that the Dubai real estate market will continue to grow in 2025, driven by the following factors:

  1. Record Demand: Premium areas such as Downtown Dubai, Business Bay, and Palm Jumeirah are expected to see increased interest from both investors and tenants.
  2. Commercial Real Estate Investments: The office and hospitality sectors will serve as key growth drivers.
  3. Price Growth in the Primary Market: The launch of new off-plan projects from major developers like Emaar and Sobha Realty will offer attractive opportunities for capital appreciation.
  4. Tourism: The tourist influx is expected to exceed 20 million visitors, boosting demand for rental properties and infrastructure projects.

Conclusion from SPI Dubai Experts

2024 has been a landmark year for Dubai’s real estate market, proving its resilience and appeal to international investors. The real estate sector remains one of the primary drivers of the emirate’s economy, and ambitious development plans through 2033 promise even greater opportunities for those looking to invest in this promising market.

Want to learn more about current investment opportunities in Dubai? Contact SPI Dubai experts for a detailed consultation and access to the best projects on the market.