Dubai’s Real Estate Boom: 2024 Transaction Volumes Shatter Records
By Firas Al Msaddi on Tuesday, 12 November, 2024
Dubai’s real estate market has reached unprecedented heights in 2024, with AED435.65 billion in transactions recorded across 150,657 deals by October. With two months remaining in the year, these numbers have already surpassed last year’s high of AED409.8 billion from 132,628 transactions, setting a new record for the city’s property market. According to Firas Al Msaddi, CEO of fäm Properties, this surge in transaction volume highlights a strong and sustainable demand. “When we observe record-high levels of both supply and transactions, it’s clear there’s robust, sustained interest in Dubai real estate,” Al Msaddi explains. This demand is particularly evident in the off-plan market, which continues to outperform resale properties, drawing investors and end-users to new developments.
Shifting Trends: Primary Market Outpaces Resale
One fascinating aspect of this transaction boom is the changing balance between first-sale (primary) and resale (secondary) transactions. Al Msaddi identifies three distinct phases in Dubai’s market over the past decade and a half, each highlighting different market dynamics. From 2009 to 2011, the primary market dominated as Dubai developers sought to meet demand in a market short on available ready-to-move-in inventory. In 2009, for instance, there were 53,400 first-sale transactions compared to only 3,400 resale deals—a clear indicator of limited resale options. Most of these primary market deals were tied to projects launched before the 2008 economic downturn.
Between 2012 and 2014, resale transactions took the lead, reflecting a market that had grown in maturity and depth. But since 2015, Dubai has returned to a primary-market dominance, with off-plan properties capturing a larger share of transactions. “In 2024 alone, we’ve seen around 68,100 first-sale deals versus 33,300 resale transactions,” says Al Msaddi. “This skew toward off-plan properties aligns with rising rental prices, showing that end-users, both owners and tenants, are drawn to the stability and value of new developments.”
Residential Growth by the Numbers
Dubai’s apartment market highlights this transaction growth. In 2012, total apartment transactions (both primary and resale) reached 16,200 units. By 2024, this figure has climbed to over 101,500 transactions, underscoring the city’s appeal as a preferred real estate investment destination. Dubai’s real estate market continues to mature, setting the stage for future growth. With strong demand from investors and end-users, the city’s property sector is poised to remain a cornerstone of global real estate.
Shifting Trends: Primary Market Outpaces Resale
One fascinating aspect of this transaction boom is the changing balance between first-sale (primary) and resale (secondary) transactions. Al Msaddi identifies three distinct phases in Dubai’s market over the past decade and a half, each highlighting different market dynamics. From 2009 to 2011, the primary market dominated as Dubai developers sought to meet demand in a market short on available ready-to-move-in inventory. In 2009, for instance, there were 53,400 first-sale transactions compared to only 3,400 resale deals—a clear indicator of limited resale options. Most of these primary market deals were tied to projects launched before the 2008 economic downturn.
Between 2012 and 2014, resale transactions took the lead, reflecting a market that had grown in maturity and depth. But since 2015, Dubai has returned to a primary-market dominance, with off-plan properties capturing a larger share of transactions. “In 2024 alone, we’ve seen around 68,100 first-sale deals versus 33,300 resale transactions,” says Al Msaddi. “This skew toward off-plan properties aligns with rising rental prices, showing that end-users, both owners and tenants, are drawn to the stability and value of new developments.”
Residential Growth by the Numbers
Dubai’s apartment market highlights this transaction growth. In 2012, total apartment transactions (both primary and resale) reached 16,200 units. By 2024, this figure has climbed to over 101,500 transactions, underscoring the city’s appeal as a preferred real estate investment destination. Dubai’s real estate market continues to mature, setting the stage for future growth. With strong demand from investors and end-users, the city’s property sector is poised to remain a cornerstone of global real estate.
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