Dubai’s real estate transactions set to eclipse AED500 billion for the first time

Dubai’s real estate market is on course to surpass annual sales of more than AED500 billion for the first time, according to an early end-year forecast from fäm Properties.

The Dubai-based real estate consultancy and broker said that total sales in 2024 up to the end of October amounted to AED435.6 billion on the back of 150,651 transactions, eclipsing the previous high of AED409.8 billion from 132,628 property sales set last year.

Using average monthly sales as a metric for the remaining two months of 2024, fäm Properties said that the final value of sales could soar past the AED500 billion milestone.

“In a market where supply is at an all-time high alongside record transaction volumes, we are witnessing a clear trend of sustainable demand,” said Firas Al Msaddi, CEO of fäm Properties. Al Msaddi added that the market is buoyed by an attractive future prospect, a strong regional economy, purchase-hungry local and international investors, and expats that are increasingly drawn to Dubai thanks to its growing reputation as a popular destination to live and work.

Many of those expats coming to Dubai enjoy significant wealth, pushing demand for villa’s and other high-end properties. Data from fäm Properties shows that the total of 3,830 villa sales for AED20.5 billion last month was 102% up in volume on October the year previous.

Overall, the largest number of property deals are struck in the AED1 to 2 million range, at 33% of the total, with 8% in the range of more than AED5 million. The five most active areas for buying and selling properties include Jumeirah Village Circle, Business Bay, Dubai Hills Estate, and Dubai South.