According to data from the Dubai Land Department, Walid Al Zarooni, CEO of W Capital, stated that the Dubai real estate market has been increasing since the COVID-19 pandemic.
In 2020, the amount was AED 69.80 billion, followed by AED 149 billion in 2021 and AED 265.50 billion in 2022. Additionally, from January 1 to December 27, 2024, the amount was AED 517 billion, and AED 401 billion was recorded in 2023.
W Capital previously predicted that the Dubai real estate market would see record sales of over AED 120 billion in the summer of 2024. Al Zarooni went on to say that these remarkable numbers demonstrate that Dubai real estate sales have more than doubled in 2023-24 when compared to 2020, demonstrating the market’s robust and ongoing momentum and Dubai’s standing as the world’s greatest place to live and work.
Compared to 129,000 sales deals in 2023, the number of transactions in 2024 climbed by over 38% year-over-year (YoY) to over 178,900 sales deals, the most in history. For the third consecutive year, he said, the value of real estate transactions, including sales, mortgages, and donations, surpassed the half-trillion-dirham threshold in 2024, rising by almost 35.80% to AED 753.60 billion from AED 554.7 billion the year before.
In comparison to 2023, when there were 169,720 real estate transactions, the overall number of real estate transactions in 2024 climbed by 32% year over year to 223,904 transactions. In 2024, mortgages totalled AED 185.77 billion, with grants totalling AED 50.86 billion through 9,319 transactions.
Al Zarooni further anticipated that the market would continue to expand in 2025, both in terms of transactions overall, which might surpass AED 850 billion, and in terms of sales, albeit at a slower rate of 10%–15%, pushing sales closer to the AED 600 trillion threshold.
Following the highest monthly sales ever recorded in October 2024 (AED 61.47 billion), followed by AED 43.65 billion in November and AED 37.48 billion in December, the real estate sector in Dubai recorded its highest quarterly sales ever during the fourth quarter (Q4) of 2024, totalling over AED 142.7 billion. Thus, compared to Q3 sales in the same year, which were valued at AED 142 billion, the value of Dubai real estate sales during the three months ending in December 2024 increased by 0.50% every quarter.
Outlook For 2025
Regarding the expectations for the real estate market in 2025, Al Zarooni stated that after surpassing AED 750 billion in 2024, Dubai’s record real estate data unequivocally demonstrate that the road to reaching the 2033 plan to achieve AED 1 trillion is straightforward.
He went on to say that because of the numbers attained, 2024 will be a successful harvest year for the real estate industry. Through extremely ambitious strategies and activities, real estate developers launched numerous billion-dollar projects, and record sales topped AED 500 billion. These measures ensured that the real estate sector would continue to rise over the next ten years.
Given its objectives to strengthen Dubai’s worldwide leadership in one of the most significant and crucial sectors, the Real Estate Sector Strategy 2033’s adoption is one of the most notable developments in the real estate market in 2024.
In addition to managing real estate holdings, the sector solidified collaboration with the private sector and multinational corporations.
The real estate market was able to attract investors by making better use of data, putting out supply and demand forecasts, and promoting transparency. It also did this by implementing several quality programmes backed by a unified system at the sector level.
This strategy aids in accomplishing the objectives of the Dubai Economic Agenda D33, chief among them being the establishment of Dubai as the world’s most diversified economy and the most alluring place to invest.