by THO
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Dubai’s residential market recorded 33,110 transactions valued at over AED 65.23 billion in the October–December 2024 quarter. This marks a 55% year-on-year (Y-o-Y) increase compared to the 21,405 transactions recorded in the same period in 2023, a report by Square Yards said.
The value of property transactions surged by 44% Y-o-Y, up from AED 45.45 billion in the October–December 2023 period, it said.
“This growth in annual activity demonstrates strong buyer interest, while the minor quarterly adjustment indicates a steady, healthy market. Average registered home sales value also adjusted slightly, coming in at AED 1.97 million, dropping marginally by 7%,” the report showed.
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Rabiah Shaikh, Chief Business Officer and Principal Partner of Global Markets at Square Yards, said that Dubai’s residential real estate market continues its upward trajectory, driven by a strong regulatory framework, investor-friendly policies, and a maturing investment landscape.
“Looking ahead, we see a clear roadmap for sustained growth, supported by strategic initiatives like the Dubai Real Estate Sector Strategy 2033. The ambition to double the sector’s contribution to GDP, enhance homeownership, and push market value past AED 1 trillion underscores confidence in the long-term potential of Dubai’s real estate market, with the residential segment at its core,” he added.
Also Read: Here’s what’s driving super-rich Indians to invest in Dubai’s real estate market
Less than 1000 sq ft homes dominate residential transactions
Dubai’s residential real estate market saw units below 1,000 sq ft, dominating 75% of transactions in the December quarter of 2024, up from 61% in the same period of 2023, according to the analysis by SquareYards. In comparison, units with an area greater than 1,000 sq. ft. declined to 25% in October-December 2024 from 39% in the same period the previous year.
This preference for compact living spaces is closely aligned with transaction values, as properties priced under AED 2 million commanded 74% of the market in October-December 2024, increasing from 70% in the same period the previous year. The analysis showed that the data indicates a clear market orientation toward low- and mid-tier segments, with premium properties in the AED 3-5 million range and above AED 5 million seeing a slight decline.
Among the micro-markets, Dubailand led with a 28% share of the total market. Jumeirah followed, representing 22% of the market share. Mohammed Bin Rashid City ranked third, contributing 9% to the overall volume. The analysis showed that these three micro markets accounted for 59% of Dubai’s total registered residential transactions.
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