Dubai’s residential real estate market continued its robust growth in the fourth quarter of 2024, registering a 55% year-on-year (YoY) surge in property transactions, data from Dubai Land Department and Square Yards showed on Monday.
The city recorded 33,110 registered residential transactions between October and December 2024, up from 21,405 deals in the same period a year earlier. However, activity dipped marginally on a quarterly basis, with a 0.5% decline from the previous quarter’s 33,281 transactions, signaling market stabilization after a period of sharp growth.
Gross transaction value (GTV) for the quarter stood at AED 65.23 billion ($17.76 billion), a 44% increase from AED 45.45 billion in Q4 2023, but slipped 4% from the prior quarter. The average home sale value also moderated, falling 7% YoY to AED 1.97 million.
“Dubai’s residential market remains resilient, driven by investor-friendly regulations, favorable visa reforms, and attractive rental yields,” said Rabiah Shaikh, Chief Business Officer & Principal Partner, Global Markets, Square Yards. She highlighted strategic initiatives like the Dubai Real Estate Sector Strategy 2033 as key growth drivers for the sector.
Sobha Realty tops market rankings
Among developers, Sobha Realty led both in transaction volumes and sales value. The firm registered 1,960 transactions in Q4, largely driven by its flagship Sobha Orbis project. Azizi Developments followed with 1,158 transactions, while Damac Properties recorded 1,050 transactions.
In terms of sales value, Sobha Realty again emerged on top with AED 4.3 billion, followed by Emaar Properties with AED 1.97 billion and Damac Properties with AED 1.46 billion. Azizi Developments secured fourth place with AED 1.37 billion.
Smaller units dominate transactions
Market data showed a clear shift in buyer preference towards compact units. Homes below 1,000 sq. ft. accounted for 75% of all transactions in Q4 2024, up from 61% a year ago. Conversely, larger units above 1,000 sq. ft. declined to 25% from 39%.
Budget-conscious buying also shaped market trends. Properties priced under AED 2 million made up 74% of transactions, up from 70% in Q4 2023. High-end segments in the AED 3-5 million and above AED 5 million brackets saw a marginal decline in share.
