Dubai, UAE, 24th of February, 2025 : During the October–December 2024 quarter, Dubai’s residential market recorded 33,110 registered transactions, representing a 55% year-on-year (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 registered home sales value (GTV) for the quarter reached AED 65.23 billion, marking a 44% Y-o-Y increase over the AED 45.45 billion reported in October–December 2023. Average registered home sales value also adjusted slightly, coming in at AED 1.97 million, dropping marginally by 7%.
| Dubai Residential Real Estate Summary – October-December 2024 | |||||
| Oct-Dec 2024 | July-Sept 2024 | Oct-Dec 2023 | Q-o-Q | Y-o-Y | |
| Registered Residential Transactions (No. of units) | 33,110 | 33,281 | 21,405 | -0.5% | 55% |
| Registered Home Sales Value (GTV) (AED Million) | 65,231 | 68,106 | 45,449 | -4% | 44% |
| Average Registered Home Sales Value (AED Million) | 1.97 | 2.05 | 2.12 | -4% | -7% |
*Includes both Off-pan and Existing residential registered transactions.
Source: Dubai Land Department, SquareYards.com
Rabiah Shaikh, Chief Business Officer & Principal Partner – 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 growth in both residential transaction volume and value. Competitive advantages such as streamlined property acquisition, favourable visa and mortgage frameworks, tax incentives, and attractive rental yields have reinforced the emirate’s position as a global property investment hub. 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.”
Market Leaders and Key Projects
In the December quarter of 2024, Sobha Realty led the market with 1,960 registered residential transactions, driven largely 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.
When it comes to registered home sales value, Sobha Realty again topped the list with AED 4,297 million, thanks to the strong performance of Sobha Orbis. Emaar Properties was second, recording AED 1,965 million, largely attributed 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.
| Top Developers by Registered Home Sales Value Dubai October-December 2024 | |||
| Rank | Developers | Registered Home Sales Value (AED Million) | Top Projects by Registered Home Sales Value |
| 1 | Sobha Realty | 4,297 | Sobha Orbis, Sobha 360 Riverside Crescent |
| 2 | Emaar Properties | 1,965 | Emaar Marina Cove, Emaar Pier Point |
| 3 | Damac Properties | 1,464 | Damac Lagoon Views, Damac ELO |
| 4 | Azizi Developments | 1,370 | Azizi Venice, Azizi Riviera Beachfront |
| 5 | Binghatti Developers | 1,188 | Binghatti Hills, Binghatti Mercedes Benz Places |
| 6 | Wasl Properties | 928 | Wasl Park Views Residences |
| 7 | Ellington Properties | 776 | Ellington Mercer House |
| 8 | Tiger Group | 485 | Tiger Red Square |
| 9 | Samana Developers | 442 | Samana Lake Views |
| 10 | Omniyat | 397 | Omniyat Anwa Aria |
*Includes Off-plan residential registered transactions.
Source: Dubai Land Department, SquareYards.com
| Top Developers by No. of Registered Residential Transactions Dubai October-December 2024 | |||
| Rank | Developers | Registered Residential Transactions (No. of units) | Top Projects by No. of Registered Residential Transactions |
| 1 | Sobha Realty | 1,960 | Sobha Orbis, Sobha 360 Riverside Crescent |
| 2 | Azizi Developments | 1,158 | Azizi Venice, Azizi Riviera Beachfront |
| 3 | Damac Properties | 1,050 | Damac ELO, Damac Lagoon Views |
| 4 | Binghatti Developers | 700 | Binghatti Hills |
| 5 | Emaar Properties | 643 | Emaar Marina Cove |
| 6 | Tiger Group | 529 | Tiger Red Square |
| 7 | Samana Developers | 457 | Samana Lake Views |
| 8 | Wasl Properties | 370 | Wasl Park Views Residences |
| 9 | Ellington Properties | 309 | Ellington Mercer House |
| 10 | Imtiaz Developments | 295 | Imtiaz Cove Edition |
*Includes Off-plan residential registered transactions.
Source: Dubai Land Department, SquareYards.com
Area-wise and Budget-wise Trends
The Dubai 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. 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 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 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.
| Dubai – Area-wise Transactions Oct–Dec 2024 vs Oct–Dec 2023 | Dubai – Budget-wise Transactions Oct–Dec 2024 vs Oct–Dec 2023 | |||||
| Area (in sq. ft.) | Oct-Dec 2024 | Oct–Dec 2023 | Budget | Oct-Dec 2024 | Oct–Dec 2023 | |
| Below 500 sq. ft. | 39% | 17% | Below AED 1 million | 36% | 39% | |
| 500–1000 sq. ft. | 36% | 44% | AED 1–2 million | 38% | 31% | |
| 1000–1500 sq. ft. | 16% | 21% | AED 2–3 million | 15% | 14% | |
| 1500–3000 sq. ft. | 8% | 14% | AED 3–5 million | 8% | 10% | |
| Above 3000 sq. ft. | 1% | 4% | Above AED 5 million | 3% | 5% | |
*Includes both Off-Plan and Existing residential registered transactions.
Source: Dubai Land Department, SquareYards.com
During the October–December 2024 period, Dubai recorded 33,110 registered residential transactions. 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. Together, these three micromarket accounted for 59% of Dubai’s total registered residential transactions.
In terms of registered home sales value, Dubai recorded AED 65,231 million during the quarter. Dubailand contributed 24% of the total sales value. The Palm Jumeirah secured the second position, accounting for 14%, while Jumeirah followed closely with a 13% market share. These three micro-markets together represented 51% 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, with the former 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 strong activity in outer regions.
| Dubai Micro market Summary – Oct-December 2024 | |||
| Micro market | Registered Home Sales Value (AED Million) | Registered Residential Transactions (No. of units) | Average Registered Home Sales Value (AED Million) |
| Overall Dubai | 65,231 | 33,110 | 1.97 |
| Dubailand | 15,561 | 9,326 | |
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