Off-plan transactions made up over 50% of Dubai real estate transactions in Q4 2024

Dubai's real estate market wrapped up 2024 with exceptional results, reinforcing its reputation as a leader in luxury, innovation, and strategic investments within the global real estate sector. The off-plan market, which represented more than half of the total transaction value in the final quarter of the year, was central to Dubai's real estate growth.

Recent data from Springfield Properties reveals that the total value of real estate sales in Dubai for Q4 2024 reached AED 116.5 billion, marking a 31.1% year-on-year increase. The number of transactions surged by 51.8%, with 46,844 deals closed.

“Dubai’s real estate market continues to show remarkable resilience and global appeal, driven by strategic planning, visionary projects, and strong investor confidence. This growth reflects our focus on addressing evolving buyer needs while setting new standards in quality, innovation, and sustainability,” said Farooq Syed, CEO of Springfield Properties.

Off-plan market’s strong contribution

The off-plan market, with 30,388 sales totaling AED 61.69 billion—accounting for 53% of the total transaction value—was a significant driver behind Dubai's real estate boom. High-end off-plan projects like Palm Jumeirah and Dubai Hills Estate attracted global buyers seeking exclusivity and modern luxury, while areas like Dubai South and Jumeirah Village Circle emerged as key hubs for middle-income consumers.

The total sales volume for Dubai’s real estate market in 2024 reached AED 423.3 billion across 168,407 transactions, marking a 42.4% year-on-year increase. Thanks to attractive payment plans and strong investor demand, off-plan sales made up 63.4% of all transactions in 2024.

Top 7 locations for property investment in Dubai

The top-performing areas in Q4 2024, according to Springfield Properties, include:

Business Bay: Continued to dominate due to high demand for both off-plan and ready properties, thanks to its prime location and mixed-use developments appealing to investors and end-users.
• Dubai Marina: Known for strong rental yields, this area remains a popular choice for high-end waterfront apartments.
• Palm Jumeirah: Record sales of villas and apartments made it the leader in the ultra-luxury market.
• Downtown Dubai: Significant demand for premium flats surged, driven by the area's prestigious developments and lifestyle amenities.
• Dubai South (Expo City): Gained popularity due to its strategic location near critical infrastructure and affordable housing options.
• Jumeirah Village Circle: A favored choice for middle-class buyers, thanks to its reasonable pricing and family-friendly atmosphere.
• Dubai Land: Focused on townhouses and villa communities, solidifying its place as a hub for value-driven investments.

Luxury market driving growth

Dubai’s thriving luxury real estate sector continues to attract high-net-worth individuals and institutional investors from around the world. Iconic neighborhoods like Palm Jumeirah, Downtown Dubai, and Dubai Marina maintain their strong appeal by blending luxury, lifestyle, and long-term value.

With the highest average sales price of AED 4,600 per square foot for premium residences in Palm Jumeirah, the luxury segment remains a major contributor to the market's overall value. These results highlight Dubai’s ability to meet global demand and reaffirm its position as a market leader in ultra-luxury real estate.

“Dubai’s allure for high-net-worth individuals lies in its ability to combine lifestyle, security, and strategic value. Buyers and investors recognize the city as one that offers world-class amenities while ensuring long-term growth and stability,” added Syed.

Population growth expected to fuel demand in 2025

The real estate market is poised to benefit from ongoing population growth and infrastructure development, with Dubai's population projected to reach 7.8 million by 2040. As the population is expected to exceed 4 million by 2025, demand for properties across all market segments is likely to rise significantly.

The continued strength of upscale areas like Palm Jumeirah and Downtown Dubai will be complemented by emerging areas like Dubai South, which is focused on inclusivity and infrastructure development.

Dubai’s commitment to creating a sustainable and progressive real estate environment, catering to both global investors and end-users, aligns with the goals outlined in the Dubai 2040 Urban Master Plan.

“Dubai has positioned itself as a global leader in real estate by consistently adapting to market trends and driving innovation. Looking ahead to 2025, the focus will remain on delivering value-driven projects that reflect Dubai’s unique ability to balance exclusivity with inclusivity, setting the standard for urban living in the years to come,” Syed concluded.