Dubai’s residential market sees 55% surge in Q4 2024 transactions

Dubai’s real estate market continues its impressive growth, with residential transactions skyrocketing by 55% in Q4 2024, reaching 33,110 deals—up from 21,405 in the same period last year, according to data from Square Yards.

This surge, valued at Dh65.23 billion (a 44% increase from Dh45.45 billion in Q4 2023), was led by key developers.

Top developers and best-selling projects

Sobha Realty dominated with 1,960 transactions, driven by Sobha Orbis. Azizi Developments followed with 1,158 deals, fueled by Azizi Venice. Damac Properties secured third place (1,050 transactions), thanks to Damac ELO, while Binghatti Developers recorded 700 sales, led by Binghatti Hills.

“This surge reflects strong buyer interest, with minor quarterly fluctuations indicating a stable and maturing market,” stated Square Yards.

Market trends and growth drivers

Dubai’s real estate market remains attractive due to investor-friendly policies, streamlined property acquisition, and high rental yields. With price growth expected at 5-8% annually and rental yields averaging 7% in 2025, the sector is poised for continued expansion. Supply is also set to rise, with 182,000 new units expected between 2025-2026, including 76,000 in 2025 alone.

Property consultant Jayakrishnan Bhaskar noted that investors are increasingly purchasing high-value properties for rental income, as demand for both short- and long-term leases remains strong.

The market is seeing a shift toward compact living, with 75% of Q4 transactions involving units under 1,000 sq. ft., up from 61% in 2023. Meanwhile, properties priced under Dh2 million made up 74% of sales, signaling a tilt toward affordability.

Top performing areas

Dubailand led the market with 28% of transactions, followed by Jumeirah (22%) and Mohammed Bin Rashid City (9%). In terms of sales value, Dubailand contributed 24%, while Palm Jumeirah and Jumeirah accounted for 14% and 13%, respectively.

Business Bay and Jumeirah Village Circle (JVC) stood out, with Business Bay leading in sales value and JVC in transaction volume. Dubai Marina, Downtown Dubai, and Al Barsha also performed well, while outer areas like Bukadra and Dubai World Central showed increasing activity.

As Dubai pushes forward with its Real Estate Sector Strategy 2033, aiming to double the industry’s GDP contribution and surpass Dh1 trillion in market value, the city’s property boom shows no signs of slowing down.