Dubai real estate transactions to exceed $136 billion in 2024

Dubai real estate transactions exceeded $136 billion in 2024. Dubai Marina, Downtown Dubai and Palm Jumeirah were among the most sought-after locations for buying and renting luxury apartments. Dubai’s real estate market continued to grow in 2024, reaching new records. The overall increase in sales and rental prices highlighted the strong demand for real estate in the emirate and the growing confidence of investors in its thriving market. With strategic urban planning, investor-friendly policies and a tax-free system, Dubai is further strengthening its attractiveness as a leading investment destination. According to dubizzle’s search trends for 2024, Dubai Marina has become the most popular location for buying and renting luxury apartments. Downtown Dubai and Palm Jumeirah have also consolidated their positions among the top three locations for buying luxury apartments in Dubai. Their popularity is attributed to their proximity to major landmarks and attractions.Record Market Growth“Dubai’s real estate market reached new heights in 2024 with over AED 500 billion ($136.13 billion) in transactions between November 2023 and November 2024. Given Dubai’s strong economic growth and the announcement of major infrastructure projects such as the Dubai Metro Blue Line and Al Maktoum Airport, this pace is unlikely to abate anytime soon,” said Haider Ali Khan, CEO of dubizzle and Dubizzle Group MENA.Luxury Real Estate TrendsDubai Marina took the top spot in the luxury apartment category with an average selling price of AED 2.55 million and a return on investment (ROI) of 28%. Downtown Dubai came in second with an average selling price of AED 3.83 million. The price per square foot in Dubai Marina increased by 15.03% and in Downtown Dubai by 10.95%. Palm Jumeirah offered an average selling price of AED 6.29 million and recorded a 44% ROI, while Dubai Creek Harbour with an average price of AED 2.72 million registered a 6.36% ROI. Luxury apartments in Jumeirah Beach Residence (JBR) were sold for an average price of AED 3.31 million. Luxury villas remained popular in Dubai Hills Estate, Palm Jumeirah and DAMAC Hills. Dubai Hills Estate achieved an average selling price of AED 16.07 million with a return on investment of 62%. The price per square foot increased by 14.83% to AED 2,435. Palm Jumeirah saw a price per square foot increase of 23% to AED 5,392.Mid-Range Properties For the mid-range apartments segment, the most popular areas were Jumeirah Village Circle (JVC), Business Bay and Jumeirah Lake Towers (JLT). JVC achieved the highest ROI of 55% with an average selling price of AED 1.12 million and a price per square foot increase of 19.95% to AED 1,330. Business Bay saw a price per square foot increase of 37% and an average selling price of AED 2.12 million. For the mid-range villa segment, investors favoured Al Furjan, Dubailand and Dubai South. Al Furjan achieved an average selling price of AED 4.86 million and an ROI of 89%.Affordable PropertiesThe key areas for affordable apartments were Dubai Silicon Oasis (DSO), International City and Dubai Sports City. The average selling price of apartments in DSO was AED 805,000 with an ROI of 33%. For affordable villas, investors focused on DAMAC Hills 2, Dubailand and Dubai South.Rental TrendsDubai Marina, Downtown Dubai and Dubai Creek Harbour dominated for luxury apartment rentals. The middle segment preferred JVC, Business Bay and JLT, while affordable rentals were popular in Deira, International City and Al Nahda. Luxury rental villas were most in demand in Al Barsha, Jumeirah and Dubai Hills Estate, while the middle segment dominated in JVC, Town Square and Reem. SOURCE: https://economymiddleeast.com