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Dubai real estate deals surge 20% to record $207bn in 2024

Investment in Dubai's real estate sector reached AED526 billion through 217,000 transactions in 2024 Wam
Investment in Dubai's real estate sector reached AED526 billion through 217,000 transactions last year

The value of real estate transactions in Dubai surged 20 percent year on year to AED761 billion ($207.2 billion) in 2024, official data showed.

The record performance was driven by the emirate’s dynamic economy, robust infrastructure and progressive policies, the UAE state-run Wam news agency reported.

The number of real estate transactions rose 36 percent annually to around 226,000.

“The exceptional results in 2024 reflect the deep strength and resilience of our economy,” said Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.

Dubai attracted around 110,000 new investors to its real estate sector, a 55 percent increase year on year.  

In October 2024, Al Maktoum approved the 2025-27 budget cycle, which includes AED272 billion in expenditure, against estimated revenues of AED302 billion.

For the 2025 fiscal year, expenditure has been set at more than AED86 billion, with revenues approaching AED98 billion.

The UAE’s real GDP growth is expected to remain stable at 4 percent in 2024, accelerating to 4.5 percent and 5.5 percent in 2025 and 2026, respectively, the UAE’s central bank said in its quarterly economic review for December 2024.

Non-oil GDP growth is forecast to remain strong at 4.9 percent in 2024 and 5 percent in 2025, supported by the government’s strategic plans and policies to attract foreign investments and promote economic diversification.