Dubai real estate records highest number of 'procedures' in 2024

Dubai: There were 2.78 million procedures within the Dubai real estate market all through 2024 - and the highest by the sector ever.

These include property and plot deals as well as rental agreements, representing a 17% gain on 2023.

In a statement, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, said: “The exceptional results in 2024 reflect the deep strength and resilience of our economy, which continues to thrive in a rapidly changing global landscape.

"Dubai’s real estate market remains among the world’s best," said Sheikh Hamdan. "We continue to introduce new initiatives in the real estate sector to advance our vision of making Dubai the world’s best place to live and work."

“The leadership’s visionary goals outlined in the Dubai Economic Agenda D33 have helped raise the emirate’s position as an international hub for investment, trade, and innovation, and enhanced its global appeal as a lifestyle and investment destination - all of which have catalysed the real estate market.”

Real estate specific transactions alone came to 226,000, with a combined value of Dh761 billion, which is a ‘remarkable’ 36% growth in volume and 20% growth in value year-on-year.

There were 110,000 new investors to Dubai’s real estate sector through last year, as the offplan launch and sales boom continued. The Golden Visa investment program continues to be a major draw, as was Dubai’s attraction as an investment destination.

"Dubai’s real estate market remains among the world’s best," said Sheikh Hamdan. "We continue to introduce new initiatives in the real estate sector to advance our vision of making Dubai the world’s best place to live and work."

In all, 217,000 investments recorded by the sector last year were valued at an impressive Dh526 billion.

“The Dubai Real Estate Strategy 2033 has been a key driver of this growth by focusing on doubling the sector’s contribution to the GDP and fostering an integrated ecosystem,” said Marwan Ahmed Bin Ghalita, Director-General of Dubai Land Department.

“This approach enhances transparency and balances supply and demand. The strategy aims to attract investments from emerging markets, solidifying Dubai’s position as a global hub for real estate investment.”