The UAE real estate market witnessed an impressive performance in 2024, recording a total of AED893 billion in property transactions across 331,300 deals. Key emirates contributing to this milestone included Abu Dhabi, Dubai, Sharjah, and Ajman. Mortgage transactions alone accounted for AED229.3 billion across 50,000 deals, excluding data from Ajman, according to the Emirates News Agency (WAM).
Dubai Real Estate: A Market Leader
Dubai emerged as the frontrunner in the UAE real estate sector, achieving AED760.7 billion in transactions from 226,000 deals. Property sales in the emirate contributed AED522 billion across 180,000 transactions, while mortgage transactions totaled AED187 billion from 35,000 deals.
Abu Dhabi registered AED79.3 billion in real estate transactions in 2024. Sales and mortgages were facilitated through 25,046 transactions, with sales alone accounting for AED46.5 billion from 14,816 deals, as reported by the Department of Municipalities and Transport’s “Dari” platform. The capital also saw AED32.8 billion in mortgage transactions through 10,230 deals, encompassing ready units and off-plan properties.
Sharjah and Ajman: Rising Contributors
Sharjah’s real estate sector recorded AED36.4 billion in transactions from January to November 2024. This figure included AED9.5 billion in mortgages across 78,600 sales transactions and 4,011 mortgage deals. Ajman’s market demonstrated growth, with AED16.35 billion in transactions by October 2024, spread across 12,718 deals. This follows the emirate’s remarkable 43% growth in 2023, when it achieved AED16.9 billion in transactions through 11,500 deals.
Industry analysts anticipate continued growth in the UAE real estate market for 2025. This optimism is driven by the country’s favorable investment environment and a pipeline of upcoming projects aimed at enhancing the sector’s appeal and accessibility.
Published on: 6 Jan 2025
Source: https://www.arabianbusiness.com/industries/real-estate/uae-real-estate-property-market-transactions-hit-243bn-in-2024
