Dubai Real Estate Transactions Cross $170 Billion in 2024

The findings of this report clearly indicates that Dubai’s real estate market has made tremendous feats in the year 2024 with around 188000-plus real estate transactions making total value of AED 625 billion ($170.2 billion) up by 38 % in volume and 23% in value as compared to 2023. The Director of the Dubai Land Department, Sultan bin Abdullah bin Sultan bin Zayed Al Nahyan, discussed its performance to Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, and Chairman of The Executive Council of Dubai, where he highlighted the importance of the sector in the development of the emirate economy.

Sheikh Hamdan credited the increase asserting that it is the result of Dubai’s continued expansion and success in drawing international capital, corporate entities and human capital. Dubai’s safe environment for Investments which is backed up by good laws and protection of the investors’ interest has further made the emirate to remain as the most appealing place for real estate investments.

The previous gathering was participated by the Minister of State for Artificial Intelligence Omar bin Sultan Al Olama and other officials in the course of assessing the outputs of the Dubai Real Estate Sector Strategy 2033. This strategy is in line with the Dubai Economic Agenda D33 to position Dubai amongst the three leading world cities urban economic powerhouse by improving the real estate sector through technology, innovation, and sustainability.

Marwan Ahmed bin Ghalita, Director General of the DLD, outlined major programmes intended to further integrate the organisation, develop successful partnerships with the private sector, and improve customer service through the application of artificial intelligence resources. He also presented clear visions to increase the number of real estate sales to AED 1 trillion ($272 billion) in the future ten years.

Last year, the total property sales in Dubai were AED 437 billion ($119 billion), and for 2024, it has been estimated to be AED 583 billion ($158 billion) which indicates a 33% rise in the property sales of the country than the last year. Sheikh Hamdan restated the importance of the sector to the overall development of Dubai, but pointed out the need to expand even more to accommodate the growth of the emirate’s economy.

Despite current global economic circumstances, Dubai’s sophisticated approaches to market evolution and investor appeal makes the area a key player in its real estate industry.