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Published on 01/24/2025

Dubai Commercial Real Estate Achieves AED 90.1 Billion in 2024

Dubai Records 9,038 Commercial Sales Worth AED 24.5B in 2024

Dubai’s commercial real estate market recorded 9,038 sales transactions in 2024, reflecting a 24% year-on-year (YoY) growth, with a total transaction value surging to AED 90.1 billion ($24.5 billion), an 11% YoY increase, according to a CRC report.

Office Market Leads Growth

The office segment was a standout, achieving 2,972 sales worth AED 6.5 billion, the highest on record and a 37% YoY growth. Prime locations like Business Bay, JLT, and Dubai Silicon Oasis remained in demand, with secondary market prices reaching AED 1,417 per sqft, a 27% YoY rise. Over 70,000 new companies joined the Dubai Chamber of Commerce, driving demand for medium-sized office spaces despite a supply crunch.

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Retail and Industrial Sectors Boom

Retail transactions hit a record 1,364 deals worth AED 3.2 billion, marking a 34% YoY increase, with off-plan retail dominating 65% of the value. Industrial spaces also saw growth, with warehouse properties averaging AED 11.9 million, a 20% YoY rise fueled by e-commerce and logistics expansion.

Future Supply and New Projects

To address the supply-demand gap, over 1,400 office units are under construction for delivery between 2025 and 2028. Upcoming projects include the Immersive Tower in DIFC and Uptown Dubai Phase 2. Additionally, Aldar Properties partnered with Expo City Dubai on a AED 1.8 billion mixed-use project, while DMCC announced the 17-story Crypto Tower in JLT.

As Dubai’s commercial property market continues to grow, 2025 is expected to set new benchmarks, solidifying the city’s position as a global hub for business and innovation.