UAE Annual 2024, Market Watch Digest Residential Real Estate Insights
• Abu Dhabi’s residential real estate market experienced a -10.4% year-on-year decline in sales transactions, with 9,705 transactions recorded in 2024 compared to 10,836 in 2023, driven largely by a decline in off-plan transactions.
• The value of these transactions dropped to approximately AED 25.6 billion, reflecting a year-on-year decrease of -21.4%
• Existing property transactions saw a year-on-year increase of approximately 53.4% in volume, with around 4,320 transactions. However, the value of these transactions increased by 34.7% year-on-year, reaching AED 9.27 billion compared to AED 6.89 billion in 2023.
• Off-plan transactions experienced lower demand, with a year-on-year decrease of approximately -32.8% in volume, resulting in 5,385 recorded transactions. The value of these transactions fell by around -36.4% year-on-year, dropping to approximately AED 16.33 billion from AED 25.68 billion in 2023.
• The value of these transactions dropped to approximately AED 25.6 billion, reflecting a year-on-year decrease of -21.4%
• Existing property transactions saw a year-on-year increase of approximately 53.4% in volume, with around 4,320 transactions. However, the value of these transactions increased by 34.7% year-on-year, reaching AED 9.27 billion compared to AED 6.89 billion in 2023.
• Off-plan transactions experienced lower demand, with a year-on-year decrease of approximately -32.8% in volume, resulting in 5,385 recorded transactions. The value of these transactions fell by around -36.4% year-on-year, dropping to approximately AED 16.33 billion from AED 25.68 billion in 2023.
Dubai Highlights
• In 2024, the market reached unprecedented heights, recording the highest ever volume and value of transactions. The total number of transactions increased by 36.5%, reaching around 180,987 transactions compared to 2023.
• The value of these transactions increased by 27.2%, totalling around AED 522.5 billion. The market volume and value peaked, surpassing the previous high achieved in 2023.
• The existing property transactions showed a year-on-year increase of approximately 10.9 %
in volume, with nearly 71,460 transactions. The value of these transactions surged by almost 16.9% year-on-year, reaching AED 294.5 billion compared to AED 251.9 billion in 2023.
• Despite this strong performance, the existing market contribution recorded its lowest share ever, accounting for only 39% of the total sales transactions and 53% of the total value of the transactions.
• The off-plan transactions demonstrated increased demand, with a year-on-year volume increase of approximately 60.6%, reaching around 109,527 transactions. This marks the highest volume of transactions for a year ever recorded. In terms of value, there was a year-on-year surge of approximately 43.5%, reaching roughly AED 228.03 billion compared to AED 159 billion in 2023.
• The value of these transactions increased by 27.2%, totalling around AED 522.5 billion. The market volume and value peaked, surpassing the previous high achieved in 2023.
• The existing property transactions showed a year-on-year increase of approximately 10.9 %
in volume, with nearly 71,460 transactions. The value of these transactions surged by almost 16.9% year-on-year, reaching AED 294.5 billion compared to AED 251.9 billion in 2023.
• Despite this strong performance, the existing market contribution recorded its lowest share ever, accounting for only 39% of the total sales transactions and 53% of the total value of the transactions.
• The off-plan transactions demonstrated increased demand, with a year-on-year volume increase of approximately 60.6%, reaching around 109,527 transactions. This marks the highest volume of transactions for a year ever recorded. In terms of value, there was a year-on-year surge of approximately 43.5%, reaching roughly AED 228.03 billion compared to AED 159 billion in 2023.
