Images: Dubai Media Office/ Getty Images
The UAE’s real estate market continues to soar as property portal Property Finder reported impressive growth across Dubai and Abu Dhabi in 2024.
Both cities have experienced remarkable momentum, with Dubai achieving record-breaking transaction volumes and values, while Abu Dhabi also demonstrated strong performance despite a more modest market.
Cherif Sleiman, chief revenue officer at Property Finder, noted that 2024 “was a defining year for the UAE’s real estate sector, with record-breaking transactions”.
He added: “The momentum is expected to continue in 2025 as both Dubai’s off-plan market and Abu Dhabi’s property portfolio continue to grow. The launch of the Smart Rental Index by the Dubai Land Department is an example of how the UAE is raising the bar in transparency and trust.”
Here are the key highlights of 2024, as shared by Property Finder:
Dubai: Record-breaking year for real estate transactions
- Total transactions: 180,987, worth Dhs522.5bn.
- 36.5 per cent increase in transaction volume compared to 2023.
- 27.2 per cent increase in transaction value compared to 2023.
- Off-plan sales surged, comprising 60.5 per cent of all transactions, up from 43.6 per cent last year.
- Off-plan transaction volume increased by 60.6 per cent, reaching 109,527 transactions.
- Off-plan transaction value jumped by 43.5 per cent, totaling Dhs228.03 bn, up from Dhs159bn in 2023.
Abu Dhabi: Steady growth amid record performance
- Total transactions: 14,662, valued at Dhs47.92bn.
- 4 per cent increase in transaction volume from 2023.
- Residential properties accounted for 66 per cent of the transaction volume and 53 per cent of the total value.
- Existing property market showed impressive performance, with 53.4 per cent year-on-year growth in transaction volume, reaching 4,320 transactions.
- Existing properties had a total transaction value of Dhs9.27bn, marking a 34.7 per cent YoY increase.
Off-plan market: A dominant driver in Dubai and Abu Dhabi
- Dubai’s off-plan market saw substantial growth, making up 60.5 per cent of total transactions. Off-plan transactions reached 109,527 with a value of Dhs228.03 bn, marking the highest volume and value ever recorded in Dubai.
- Abu Dhabi’s off-plan market also performed well, with 5,385 transactions, accounting for 55.5 per cent of total transactions. The total value of off-plan sales in Abu Dhabi reached Dhs16.34bn, contributing to 63.8 per cent of the total residential sales value.
Existing/ready property market: Solid performance in both cities
- In Dubai, existing property transactions grew by 10.9 per cent, with 71,460 transactions. These transactions accounted for 39 per cent of total transactions, reaching a value of Dhs294.5 bn, a 16.9 per cent increase from 2023.
- Abu Dhabi’s existing property market saw significant growth with 53.4 per cent more transactions year-on-year, reaching 4,320 transactions valued at Dhs9.27 bn, a 34.7 per cent YoY increase.
Expert insights
Mark Richards, CEO of The Network, added that Dubai’s real estate market is poised for another strong year in 2025, driven by sustained demand, limited supply in key segments, and continued population growth.
He estimates that 50,000-60,000 new residents will arrive annually, while 41,000 new residential units are expected in 2025, though only 5,000 of these will be villas and townhouses, creating a notable supply gap in this high-demand segment.
Sam McCone, managing partner of McCone Properties, highlighted that private developers are focusing on high-quality real estate, refining design and craftsmanship to meet the evolving demands of buyers and tenants.
Abdullah Alajaji, MD of Driven Properties, noted the rising demand for affordable housing and smaller units, along with strong interest in luxury properties and off-plan developments, which indicates strong investor confidence moving into 2025.
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