Market Watch 2024: UAE Real Estate Trends and Insights Revealed
2024 is over, and it’s time for a full recap on the real estate market in UAE during this year. The Market Watch full annual report is here, which is your optimum source of trusted data and insights about the real estate market in UAE.
Let’s go into more detail about the market performance during 2024, the high-in-demand areas in Dubai and Abu Dhabi, and more.
Let’s go into more detail about the market performance during 2024, the high-in-demand areas in Dubai and Abu Dhabi, and more.
Abu Dhabi Highlights
• Abu Dhabi experienced a slight increase in total sales transactions (both residential and commercial) in 2024. Total transactions for the year totaled approximately 14,662, compared to 14,165 in 2023, reflecting a slight increase of 3.5%.
• Meanwhile, the total transaction value decreased by -9.4%, reaching AED 47.92 billion compared to AED 52.86 billion, primarily due to the significant drop in residential transactions, which accounted for 66% of the transaction volume and 53% of the transaction value.
• Residential transactions witnessed a notable year-on-year decrease for the year 2024, by -10.4% to 9,705 transactions from 10,836 in 2023. This led to a 21.4% decrease in residential transaction value, which dropped to AED 25.6 billion compared to AED 32.56 billion.
• Meanwhile, the total transaction value decreased by -9.4%, reaching AED 47.92 billion compared to AED 52.86 billion, primarily due to the significant drop in residential transactions, which accounted for 66% of the transaction volume and 53% of the transaction value.
• Residential transactions witnessed a notable year-on-year decrease for the year 2024, by -10.4% to 9,705 transactions from 10,836 in 2023. This led to a 21.4% decrease in residential transaction value, which dropped to AED 25.6 billion compared to AED 32.56 billion.
Dubai Highlights
• Dubai witnessed a significant surge in total sales transactions in 2024. The market surpassed previous records, marking the highest year ever recorded, with a transaction volume of 180,987. 2024 outperformed the market peak set in 2023 by 36.5% in volume, largely driven by off-plan transactions, which accounted for 60.5% of total transactions, compared to 51.4% in 2023.
• In 2024, a total of 185 areas saw real estate transactions, with 48% of the total transactions being accounted for by ten areas. Leading the pack was Al Barsha South Fourth, which contributed to 9.6% of the total transactions, followed by Business Bay at 6.8% and Marsa Dubai at almost 4.7%.
• Interestingly, there was a significant increase in demand for places outside of the top ten areas, such as Bukadra, which witnessed a significant increase by recording 4,253 transactions compared to 7 transactions in 2023 all of them are off-plan, as well as Madinat Dubai Almelaheyah recorded 5,144 transactions compared to 2,102 transactions, and
• Ras Al Khor Industrial First which recorded 2,615 transactions compared to 8 transactions to the same period. Looking at the top ten areas in terms of transaction volume, Madinat Hind 4 saw a notable increase of 187%, followed by Madinat Al Mataar with an increase of 161% and Wadi Al Safa 5 with a 83% increase. While Al Merkadh witnessed a notable decrease of almost 14.5% compared to 2023.
• In 2024, a total of 185 areas saw real estate transactions, with 48% of the total transactions being accounted for by ten areas. Leading the pack was Al Barsha South Fourth, which contributed to 9.6% of the total transactions, followed by Business Bay at 6.8% and Marsa Dubai at almost 4.7%.
• Interestingly, there was a significant increase in demand for places outside of the top ten areas, such as Bukadra, which witnessed a significant increase by recording 4,253 transactions compared to 7 transactions in 2023 all of them are off-plan, as well as Madinat Dubai Almelaheyah recorded 5,144 transactions compared to 2,102 transactions, and
• Ras Al Khor Industrial First which recorded 2,615 transactions compared to 8 transactions to the same period. Looking at the top ten areas in terms of transaction volume, Madinat Hind 4 saw a notable increase of 187%, followed by Madinat Al Mataar with an increase of 161% and Wadi Al Safa 5 with a 83% increase. While Al Merkadh witnessed a notable decrease of almost 14.5% compared to 2023.
