During the October–December 2024 quarter, Dubai's residential market recorded 33,110 registered transactions, representing a 55 per cent Y-o-Y increase compared to the 21,405 transactions recorded during the same period in 2023. This growth in annual activity demonstrates strong buyer interest, while the minor quarterly adjustment indicates a steady, healthy market.
The quarter's registered home sales value (GTV) reached AED 65.23 billion, marking a 44 per cent Y-o-Y increase over the AED 45.45 billion reported in October–December 2023. Average registered home sales value also adjusted slightly, reaching AED 1.97 million, dropping marginally by 7 per cent.
Rabiah Shaikh, Chief Business Officer & Principal Partner at Global Markets, Square Yards, said, "Dubai's residential real estate market continues its upward trajectory, driven by a strong regulatory framework, investor-friendly policies, and a maturing investment landscape. The latest figures reaffirm the city's appeal, with double-digit residential transaction volume and value growth. Competitive advantages such as streamlined property acquisition, favourable visa and mortgage frameworks, tax incentives, and attractive rental yields have reinforced the emirate's global property investment hub position. 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."
In the December quarter of 2024, Sobha Realty led the market with 1,960 registered residential transactions, driven mainly by its flagship project, Sobha Orbis. Azizi Developments followed with 1,158 transactions, with Azizi Venice being a standout performer. Damac Properties ranked third with 1,050 transactions, bolstered by its Damac ELO project. Binghatti Developers came in fourth, recording 700 transactions, with Binghatti Hills as its flagship development.
Regarding registered home sales value, Sobha Realty topped the list with AED 4,297 million due to the strong performance of Sobha Orbis. Emaar Properties was second, recording AED 1,965 million, attributed mainly to Emaar Marina Cove. Damac Properties secured the third spot with AED 1,464 million, supported by Damac Lagoon Views, while Azizi Developments ranked fourth with AED 1,370 million, backed by Azizi Venice.
The Dubai residential real estate market saw units below 1,000 sq. ft. dominating 75 per cent of transactions in the December quarter of 2024, up from 61 per cent in 2023. In comparison, units with an area greater than 1,000 sq. ft. declined to 25 per cent in October-December 2024 from 39 per cent in the same period the previous year.
This preference for compact living spaces closely aligned with transaction values, as properties priced under AED 2 million commanded 74 per cent of the market in October-December 2024, increasing from 70 per cent in the same period the previous year. 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.
During October–December 2024, Dubai recorded 33,110 registered residential transactions. Among the micro-markets, Dubailand led with a 28 per cent share of the total market. Jumeirah followed, representing 22 per cent of the market share. Mohammed Bin Rashid City ranked third, contributing 9 per cent to the overall volume. Together, these three micro markets accounted for 59 per cent of Dubai's total registered residential transactions.
About registered home sales value, Dubai recorded AED 65,231 million during the quarter. Dubailand contributed 24 per cent of the total sales value. The Palm Jumeirah secured the second position, accounting for 14 per cent, while Jumeirah followed closely with a 13 per cent market share. These three micro-markets together represented 51 per cent of Dubai's total registered home sales value for the quarter.
Locality-level analysis suggests that Business Bay and Jumeirah Village Circle (JVC) featured prominently, ranking first in sales value and the latter leading in transactions. Dubai Marina, Downtown Dubai, and Al Barsha also performed well within the central Dubai micro-market, while Bukadra and Dubai World Central showed intense activity in the outer regions.
