Dubai's property market wrapped up 2024 on a high note, achieving AED423.3 billion in total sales value and 168,407 transactions—marking a 42.4% year-on-year growth. The off-plan segment drove this success, contributing 63.4% of annual transactions, fueled by innovative payment plans and global investor demand.
In Q4 alone, sales transaction values hit AED116.5 billion, up 31.1% year-on-year, with 46,844 deals recorded. Off-plan transactions dominated, comprising 53% of the quarter's activity, with hotspots like Dubai South and Jumeirah Village Circle catering to mid-income buyers, while luxury developments in Palm Jumeirah and Dubai Hills Estate drew high-net-worth individuals.
Top-performing areas included Business Bay, Dubai Marina, Palm Jumeirah, and Downtown Dubai, each offering a blend of luxury, central locations, and high rental yields. Palm Jumeirah led the luxury segment, with properties averaging AED4,600 per square foot, cementing Dubai's status in the ultra-luxury market.
With Dubai’s population expected to reach 4 million in 2025 and 7.8 million by 2040, the city is poised for sustained growth. Key areas like Dubai South and established luxury hubs are set to benefit from the city's forward-thinking Urban Master Plan, ensuring continued appeal to global investors and end-users alike.