Dubai’s real estate sector reached a historic high in 2024, with 2.78 million procedures, including transactions and rental agreements—an increase of 17% compared to 2023.
Real estate transactions alone totaled 226,000, valued at Dhs 761 billion, reflecting a 36% rise in volume and a 20% increase in value from the previous year.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, credited the growth to Dubai’s strong economy, infrastructure, progressive policies, and investment-friendly environment. “These results show the strength of our economy, guided by the Dubai Economic Agenda D33, which has positioned Dubai as a global hub for investment, trade, and innovation,” he said.
Sheikh Hamdan emphasized that the Dubai Real Estate Strategy 2033 has boosted the sector’s transparency, return on investment, and investor confidence, making Dubai a world leader in real estate innovation, stability, and sustainability.
Dubai: The top investment destination
Dubai also attracted significant investment in 2024, with 217,000 real estate investments worth Dhs 526 billion — an increase of 38% in number and 27% in value. The city welcomed 110,000 new investors, up 55% from last year, reinforcing its position as a global investment hub.
His Excellency Eng. Marwan Ahmed bin Ghalita, Director General of Dubai Land Department, said these results demonstrate the resilience of Dubai’s market and its adaptability to global changes. “The Dubai Real Estate Strategy 2033 is driving growth, aiming to double the sector’s contribution to GDP and attracting investment from emerging markets.”
Innovation and technology driving growth
The real estate sector’s success is also attributed to cutting-edge technologies like AI and PropTech, which improve operational efficiency and investor satisfaction. “Our use of these technologies strengthens investor confidence and supports Dubai’s goal of becoming a global leader in real estate,” said Eng. Marwan.
Looking ahead
Dubai continues to set new standards in economic and real estate excellence, supported by collaboration between public and private sectors. With ongoing innovation, strategic planning, and world-class infrastructure, Dubai is firmly on track to becoming the world’s leading destination for real estate investment and sustainable development.
tanvir@dubainewsweek.com
