Dubai’s real estate market witnessed a significant surge in residential property transactions during the fourth quarter of 2024 (October-December). A total of 33,110 transactions worth AED 65 billion were recorded, marking a 55% increase compared to the 21,405 transactions in Q4 2023, according to a report by Square Yards.
The total value of property transactions grew by 44% year-on-year, rising from AED 45.45 billion in Q4 2023 to AED 65 billion in Q4 2024. This growth is attributed to strong buyer interest, although the average registered home sale value saw a slight decline of 7%.
Smaller residential units, particularly those below 1,000 sq. ft., dominated the market, accounting for 75% of all transactions in Q4 2024, compared to 61% in the same period of 2023. On the other hand, the share of larger units (above 1,000 sq. ft.) declined from 39% in 2023 to 25% in 2024.
Properties valued below AED 2 million made up 74% of total transactions, up from 70% in Q4 2023. However, there was a slight decline in the number of purchases for units priced between AED 3-5 million and above AED 5 million.
In terms of key locations, Dubai Land emerged as the top-performing micro-market, accounting for 28% of the total market share. Jumeirah followed with a 22% share, while Mohammed Bin Rashid City ranked third with 9%.
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