Dubai Real Estate Transactions as Reported on the 30th of December 2024

The Dubai real estate market closed December 30, 2024, with an impressive total transaction value of AED 2,584,172,203. This figure is a testament to the city’s thriving real estate landscape, driven by robust activity across both off-plan and ready properties. Off-Plan Properties Off-plan transactions contributed 72.3% of the total, amounting to AED 1,868,405,828. This highlights the continued strong demand for new developments in Dubai. Breaking down the sub-categories: Ready Properties Ready property transactions comprised 27.7% of the total, valued at AED 715,766,375. This reflects a consistent interest in immediately available properties. The contributions of the sub-categories were as follows: Key Insights Dubai Real Estate Transactions as Reported on the 30th of December 2024 The Dubai real estate market closed December 30, 2024, with an impressive total transaction value of AED 2,584,172,203. This figure is a testament to the city’s thriving real estate landscape, driven by robust activity across both off-plan and ready properties. Off-Plan Properties Off-plan transactions contributed 72.3% of the total, amounting to AED 1,868,405,828. This highlights the continued strong demand for new developments in Dubai. Breaking down the sub-categories: Flats: Dominated the off-plan segment, contributing 84.8% of the total off-plan transactions with a value of AED 1,584,543,553. Villas: Represented 11.4% of off-plan transactions, totaling AED 212,101,983. Hotel Apartments & Rooms: Recorded AED 7,652,838, a modest 0.4% contribution. Commercial: Accounted for 3.4%, with transactions worth AED 64,107,454. Ready Properties Ready property transactions comprised 27.7% of the total, valued at AED 715,766,375. This reflects a consistent interest in immediately available properties. The contributions of the sub-categories were as follows: Flats: Led the ready market with a 64.6% share, amounting to AED 462,359,657. Villas: Accounted for 24.8%, with transactions worth AED 177,635,531. Hotel Apartments & Rooms: Contributed 3%, totaling AED 21,685,828. Commercial: Made up 7.6%, with a value of AED 54,085,359. Key Insights Dominance of Off-Plan Transactions: With over 72% of the total, off-plan properties underline Dubai’s appeal as a hub for future-focused investments, driven by ongoing infrastructure and development projects. Flats as a Preferred Choice: Flats led transactions in both off-plan and ready segments, highlighting their accessibility and popularity among buyers. Balanced Market Activity: The ready property market’s 27.7% share reflects a steady demand for move-in-ready homes, catering to immediate housing and investment needs. Growing Interest in Villas: Villas demonstrated significant contributions in both off-plan (11.4%) and ready (24.8%) segments, indicating a rising preference for larger residential spaces. Conclusion The robust performance of Dubai’s real estate market on December 30, 2024, underscores the city’s dynamic property sector. The strong off-plan activity reflects investor confidence in Dubai’s long-term growth, while the sustained interest in ready properties indicates a balanced and vibrant market. With its strategic initiatives and continuous development, Dubai remains a global hotspot for real estate investment and lifestyle opportunities. Dubai Real Estate Market Review 31-Dec-2024 Dubai’s new Rental Index can remove sudden hikes by landlords. Non-oil sectors account for 75% of UAE GDP. Commercial properties rents up 15% in a year and occupancy to 90-95%. Navigating the rising demand for commercial property in Dubai for 2025 Dubai’s thriving economy and business-friendly policies have driven unprecedented demand for office spaces, pushing rents up 15% in a year and occupancy to 90-95%. With limited new developments, investors see high returns in premium properties and co-working spaces, especially in financial hubs, amid opportunities to shape the city’s commercial landscape. Al Ahli Bank of Kuwait signs agreement with Dubai Land Department as an Escrow Account Trustee Dubai’s RERA has appointed Al Ahli Bank of Kuwait (ABK-UAE) as an escrow account trustee, enabling secure transactions for off-plan real estate projects. This partnership enhances investor confidence, aligns with Dubai’s Vision 2030, and highlights ABK’s commitment to supporting the UAE’s growing real estate market. Dubai’s new Rental Index can remove sudden hikes by landlords Dubai’s new digital rental index, launching in early 2025, will provide real-time updates, enhancing transparency and reducing arbitrary rent hikes. This initiative ensures regulated pricing, benefits tenants and landlords, and aligns with Dubai Land Department’s efforts to create a trusted and sustainable real estate ecosystem. Dubai South completes first phase of Pulse Beachfront Dubai South Properties has completed the first phase of The Pulse Beachfront, featuring 251 luxury villas with modern amenities, including a water lagoon and fitness facilities. The project, offering 788 units in total, will finish by Q1 2025, enhancing Dubai South’s Residential District, now home to over 25,000 residents. Dubai: What key trends will drive the property market in 2025? Dubai’s real estate market in 2025 will thrive on population growth, infrastructure advancements, and affordability, with 42,000 new units boosting supply. Key drivers include DXB’s relocation to Dubai South, Metro’s Blue Line launch, and branded residences’ rise, ensuring resilience and innovation amidst global challenges. UAE real estate set for growth in 2025 with institutional investors taking the lead The UAE’s real estate market is set for growth in 2025, driven by institutional investors, population increases, and sustainability trends. Key factors include rising demand for premium and affordable properties, regulatory stability, and innovative developments like mixed-use and green projects, ensuring resilience amid global challenges and sustained investor confidence. Dubai real estate sector recorded $6bn of transactions last week, including $3.4bn of mortgages The Dubai real estate sector saw $3.4bn of mortgages transactions and 3,345 sales. Non-oil sectors account for 75% of UAE GDP Non-oil sectors drove 75% of the UAE’s GDP in H1 2024, with real GDP at AED 981 billion, growing 3.6%. Key contributors included trade (16.5%), manufacturing (15%), and real estate (7.6%). The transport sector led growth at 8.4%. GDP growth is projected at 4.5% in 2025 and 5.5% in 2026.