The Dubai real estate market has been on an upward trajectory since the Covid-19 pandemic, W Capital CEO, Walid Al Zarooni, cited data from the Dubai Land Department.

Sales grew from AED 69.80 billion in 2020 to AED 149 billion in 2021, then to AED 265.50 billion in 2022.

This was followed by AED 401 billion in 2023 and AED 517 billion from 1 January to 27 December 2024.

Earlier, W Capital expected record sales of more than AED 120 billion during the summer of 2024 in the Dubai property market.

Al Zarooni added that these exceptional figures show that real estate sales in Dubai have more than doubled in the past year compared to 2020, indicating the strong and continuous momentum within the market and the global position of Dubai’s real estate as the best city to live and work in the world.

The number of transactions increased by more than 38% year-on-year (YoY) in 2024 to about 178,900 sales deals, the highest in history compared to 129,000 deals in 2023.

He indicated that the value of real estate transactions, including sales, mortgages, and donations, increased in 2024 by about 35.80% to AED 753.60 billion, compared to AED 554.7 billion in the previous year, thus exceeding the half-trillion dirham level for the third time in a row.

The total real estate transactions during 2024 also increased by 32% YoY to 223,904 real estate transactions, compared to 169,720 real estate transactions in 2023.

The value of mortgages amounted to AED 185.77 billion in 2024, followed by grants worth AED 50.86bn through 9,319 transactions.

Highest Quarterly Sales Ever

Al Zarooni expected the market to continue to grow in 2025, whether in terms of sales, albeit by a lower percentage ranging between 10% to 15%, bringing sales closer to the AED 600 trillion barrier, as well as transactions as a whole, which may exceed AED 850 billion.

During the fourth quarter (Q4) of 2024, the real estate sector in Dubai achieved the highest quarterly sales ever, with more than AED 142.7 billion after the highest monthly sales ever recorded in October, amounting to AED 61.47 billion, while sales recorded AED 43.65 billion in November, and AED 37.48 billion in December.

Thus, the value of Dubai real estate sales during the three months ending in December 2024 increased by 0.50% on a quarterly basis, compared to Q3 sales in the same year at AED 142 bn.

Prospects for 2025

Regarding the real estate market expectations in 2025, Al Zarooni said that Dubai’s record real estate figures confirm, beyond any doubt, that the path to achieving the 2033 initiative to reach AED 1 trillion is easy, after exceeding AED 750 billion in 2024.

He added that the 2024 is a prosperous harvest year in real estate market thanks to the achieved figures. The record sales exceeded AED 500 billion, while many billion-dollar projects launched by real estate developers, through the very ambitious strategies and initiatives that ensure the continuation of the upward wave of the real estate sector over the next decade.

The adoption of the Real Estate Sector Strategy 2033, is one of the most prominent events in the real estate market in 2024, given its goals to enhance the Dubai global leadership in one of the most important vital sectors.

The sector consolidated cooperation with the private sector and international companies as well as managing real estate portfolios. That enabled the real estate market to attract investors by enhancing the principle of transparency through optimal use of data and publishing supply and demand forecasts, as well as providing a package of qualitative initiatives supported by an integrated system at the sector level.

This approach supports achieving the goals of the Dubai Economic Agenda D33, most notably making Dubai the most attractive destination for investments and a global centre for the most diversified economy.

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