FY 2024 Dubai real estate market highlights: A year of growth and transition

The Dubai real estate market in FY 2024 showcased remarkable growth and significant transitions, solidifying its position as a global investment hub, according to a report from Betterhomes.

The year witnessed record-breaking transactions, evolving market dynamics, and transformative trends, underscoring the city’s resilience and adaptability in a rapidly changing economic environment.

According to the report, FY 2024 set new benchmarks for the Dubai real estate sector, with total property transactions surpassing AED 450 billion.

Both residential and commercial segments recorded substantial growth, reflecting increased investor confidence and robust demand.

Off-plan sales, in particular, soared by over 20% year-on-year, driven by high-profile launches and attractive payment plans.

Dubai MarinaShutterstock

Luxury Segment Dominance

The luxury property market in Dubai continued to thrive, fueled by demand from high-net-worth individuals (HNWIs) and global investors.

Prime locations like Palm Jumeirah, Downtown Dubai, and Dubai Marina saw record prices, with villas and high-end apartments leading the charge.

Notably, several ultra-luxury properties were sold at prices exceeding AED 100 million, underscoring Dubai’s appeal to elite investors.

Boom in Sustainable Developments

Sustainability emerged as a pivotal trend in FY 2024, with developers increasingly focusing on eco-friendly projects.

Green building certifications, energy-efficient designs, and smart home technologies became key selling points.

Initiatives aligned with Dubai’s Green Economy Strategy contributed to the growing popularity of sustainable communities like Dubai Hills Estate and Expo City Dubai.

Rising Demand for Affordable Housing

While luxury properties dominated headlines, affordable housing saw steady growth as developers responded to the needs of mid-income buyers.

Areas like Dubailand, Al Furjan, and Jumeirah Village Circle experienced increased demand due to competitive pricing and improved connectivity. Affordable housing initiatives aligned with Dubai’s vision to cater to a diverse population.

Expanding Commercial Real Estate

The commercial real estate sector rebounded strongly in FY 2024, with high demand for office spaces and retail properties.

The return of global events, increased tourism, and the growth of startups and SMEs drove demand. Flexible workspaces and co-working hubs gained popularity as companies embraced hybrid work models.

Dubai Creek HarbourShutterstock

Government policies played a crucial role in shaping the real estate market. Initiatives such as extended residency visas, Golden Visas, and reforms to attract foreign investment boosted market sentiment.

The Dubai Economic Agenda (D33) further enhanced investor confidence by outlining ambitious growth targets for the emirate.

Outlook for 2025

Looking ahead, the Dubai real estate market is expected to build on its strong foundation.

Developers are likely to focus on delivering innovative projects that cater to diverse buyer preferences.

Sustainability, smart technologies, and flexible payment options are expected to remain central themes.

Additionally, the continued influx of foreign investors and residents will further cement Dubai’s reputation as a global real estate powerhouse.

FY 2024 was a landmark year for Dubai’s real estate market, marked by growth, innovation, and resilience.

As the emirate continues to evolve and adapt, its real estate sector remains a key driver of economic growth and a magnet for global investors. With a promising outlook for FY 2025, Dubai is well-positioned to maintain its status as a premier destination for real estate investment.

AP Style Adjustments:

1. Space after "FY" (e.g., "FY 2024").
2. Use of "HNWIs" - The acronym for "high-net-worth individuals" is fine as long as it's introduced with the full term first.
3. Capitalization: AP generally capitalizes proper nouns like "Palm Jumeirah" and "Dubai Marina."
4. Headlines: Kept consistent with headline formatting but adjusted for AP conventions.