Dubai’s real estate sector reached an extraordinary milestone in 2024, achieving transactions worth $207 billion (AED761 billion), which represents a 20% year-on-year growth in value. This marked the highest performance in the sector’s history, with a record 226,000 transactions, indicating a 36% increase in volume compared to 2023. In total, the sector managed 2.78 million real estate and rental-related procedures, showcasing a 17% growth from the previous year.
Crown Prince of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, attributed this exceptional performance to the emirate’s progressive economy, state-of-the-art infrastructure, and investor-friendly policies.
“These remarkable results underscore the resilience of our economy and its ability to adapt and flourish in an evolving global environment,” stated His Highness. “Dubai’s reputation as a hub for innovation, trade, and investment continues to propel the growth of our real estate market, cementing its position as one of the world’s most desirable places to live and work.”
Strategic Vision: Dubai Real Estate Strategy 2033
Sheikh Hamdan highlighted the importance of the Dubai Real Estate Strategy 2033, which aims to double the sector’s GDP contribution, increase transparency, and attract investments from emerging markets. He also emphasized the alignment of this strategy with the Dubai Economic Agenda D33, which aspires to position the emirate among the world’s top three urban economies and double its GDP by 2033.
Record-Breaking Investments
Dubai’s real estate market witnessed remarkable growth in its appeal to global investors in 2024. The sector recorded 217,000 investments worth $143 billion (AED526 billion), reflecting a 38% increase in transaction volume and a 27% rise in value compared to 2023. Notably, 110,000 new investors joined Dubai’s real estate market, representing a 55% increase from the previous year.
“These figures highlight the market’s robust resilience and its ability to attract high-quality investments,” stated Eng. Marwan Ahmed bin Ghalita, Director General of Dubai Land Department (DLD).
Technology and Innovation at the Core
Bin Ghalita credited Dubai’s success to its focus on fostering an innovation-driven ecosystem. “The Dubai Real Estate Strategy 2033 ensures a balanced supply-demand dynamic, enhances transparency, and leverages advanced technology to deliver efficiency and investor satisfaction,” he remarked.
The integration of artificial intelligence (AI) and proptech solutions has further boosted the sector’s performance. “These technologies play a pivotal role in optimizing operations and strengthening stakeholder confidence. The addition of 110,000 new investors last year is a testament to our effective implementation of cutting-edge solutions in the real estate sector,” Bin Ghalita added.
Collaborative Efforts for Sustained Growth
DLD continues to collaborate with public and private sector partners to promote innovation and sustainability within the property market. This partnership-driven approach positions Dubai to achieve its strategic objectives, particularly in fostering investor confidence and meeting global standards of excellence.
“The sector’s outstanding performance reflects Dubai’s visionary leadership, dedication to innovation, and exceptional infrastructure,” said Bin Ghalita. “We remain confident that Dubai will continue to lead as a global hub for real estate investment and sustainable urban development.”
Published on: Jan 27, 2025
Source: https://www.constructionweekonline.com/business/insights/dubai-real-estate-records-207bn-in-2024-setting-a-new-benchmark
