Dubai’s Residential Market Surges 55% in Transactions, 44% Rise in Sales Value in Oct-Dec 2024

Dubai, UAE, February 24, 2025: Dubai’s residential market recorded 33,110 registered transactions during the October–December 2024 quarter, representing a 55 per cent year-on-year (Y-o-Y) increase compared to the 21,405 transactions recorded during the same period in 2023. This growth in annual activity demonstrates strong buyer interest, while the minor quarterly adjustment indicates a steady, healthy market.

The registered home sales value (GTV) for the quarter reached AED 65.23 billion, marking a 44 per cent Y-o-Y increase over the AED 45.45 billion reported in October–December 2023. Average registered home sales value also adjusted slightly, coming in at AED 1.97 million, dropping marginally by 7 per cent.

Rabiah Shaikh, Chief Business Officer & Principal Partner – Global Markets, Square Yards said, “Dubai’s residential real estate market continues its upward trajectory, driven by a strong regulatory framework, investor-friendly policies, and a maturing investment landscape. The latest figures reaffirm the city’s appeal, with double-digit growth in both residential transaction volume and value. Competitive advantages such as streamlined property acquisition, favourable visa and mortgage frameworks, tax incentives, and attractive rental yields have reinforced the emirate’s position as a global property investment hub. Looking ahead, we see a clear roadmap for sustained growth, supported by strategic initiatives like the Dubai Real Estate Sector Strategy 2033. The ambition to double the sector’s contribution to GDP, enhance homeownership, and push market value past AED 1 trillion underscores confidence in the long-term potential of Dubai’s real estate market, with the residential segment at its core.”

Market Leaders and Key Projects

In the December quarter of 2024, Sobha Realty led the market with 1,960 registered residential transactions, driven largely by its flagship project, Sobha Orbis. Azizi Developments followed with 1,158 transactions, with Azizi Venice being a standout performer. Damac Properties ranked third with 1,050 transactions, bolstered by its Damac ELO project. Binghatti Developers came in fourth, recording 700 transactions, with Binghatti Hills as its flagship development.

When it comes to registered home sales value, Sobha Realty again topped the list with AED 4,297 million, thanks to the strong performance of Sobha Orbis. Emaar Properties was second, recording AED 1,965 million, largely attributed to Emaar Marina Cove. Damac Properties secured the third spot with AED 1,464 million, supported by Damac Lagoon Views, while Azizi Developments ranked fourth with AED 1,370 million, backed by Azizi Venice.

Area-wise and Budget-wise Trends

The Dubai residential real estate market saw units below 1,000 sq. ft. dominating 75 per cent of transactions in the December quarter of 2024, up from 61 per cent in the same period of 2023. In comparison, units with an area greater than 1,000 square feet declined to 25 per cent in October-December 2024 from 39 per cent in the same period the previous year.

This preference for compact living spaces closely aligned with transaction values, as properties priced under AED 2 million commanded 74 per cent of the market in October-December 2024, increasing from 70 per cent in the same period the previous year. The data indicates a clear market orientation toward low- and mid-tier segments, with premium properties in the AED 3-5 million range and above AED 5 million seeing a slight decline.