Dubai Real Estate: Off-Plan Market Drives Over 50% of Transactions in Q4 2024.

Dubai’s real estate market concluded 2024 with outstanding results, solidifying the city’s reputation as a global leader in innovation, luxury, and strategic investments. At the core of this growth lies the off-plan market, which contributed over half of the total transaction value in the last quarter.

According to Springfield Properties, total sales transaction values reached AED116.5 billion in Q4 2024, a 31.1% year-on-year increase. Transaction volumes also surged 51.8%, with 46,844 closed deals.

Farooq Syed, CEO of Springfield Properties, commented, “Dubai’s real estate market continues to demonstrate remarkable strength and global appeal, underpinned by strategic planning, visionary developments, and investor confidence. This growth reflects a deliberate focus on meeting evolving buyer preferences while setting new benchmarks in quality, innovation, and sustainability.

Off-Plan Segment Contributes 53% of Transactions

The off-plan segment was a key driver of Dubai’s real estate success, with 30,388 transactions worth AED61.69 billion, accounting for 53% of the total transaction value in Q4 2024. Emerging growth hubs like Dubai South and Jumeirah Village Circle attracted mid-income buyers, while luxury off-plan developments in Palm Jumeirah and Dubai Hills Estate appealed to a global audience seeking exclusivity and modernity.

In 2024, the real estate sector achieved total sales transaction values of AED423.3 billion and 168,407 transactions, reflecting a 42.4% year-on-year growth. Off-plan sales dominated the market, contributing 63.4% of total annual transactions, supported by innovative payment plans and strong investor demand.

Top 7 Areas to Buy Property in Dubai

According to Springfield Properties, the top-performing areas in Q4 2024 were:

• Business Bay: A leading location due to demand for both off-plan and ready properties, valued for its central location and mixed-use developments.

• Dubai Marina: Known for luxury waterfront apartments offering high rental yields.

• Palm Jumeirah: Dominated the ultra-luxury segment with record-breaking villa and apartment sales.

• Downtown Dubai: Attracted strong demand for high-end apartments with iconic developments and premium lifestyle offerings.

• Dubai South (Expo City): Gained popularity as a hub for affordable housing and strategic investments, benefiting from its proximity to key infrastructure.

• Jumeirah Village Circle (JVC): Remained a favorite among mid-income buyers, offering affordable pricing and family-friendly amenities.

• Dubai Land: Strengthened its position as an emerging hotspot for value-driven investments, particularly in townhouse and villa communities.

Luxury Market Sets New Benchmarks

Dubai’s luxury real estate segment continues to thrive, attracting high-net-worth individuals and institutional investors. Established communities like Palm Jumeirah, Downtown Dubai, and Dubai Marina remain dominant, offering exclusivity, lifestyle appeal, and long-term value.

Palm Jumeirah properties achieved the highest average sales price at AED4,600 per square foot, emphasizing Dubai’s ability to cater to global demand and reinforcing its status as a leader in the ultra-luxury market.

“Dubai’s appeal to high-net-worth individuals is about delivering a seamless integration of lifestyle, security, and strategic value. Buyers and investors see Dubai as a city that offers world-class amenities and aligns with their aspirations for long-term growth and stability,” added Syed.

Population Growth Fuels Future Demand

Dubai’s population is projected to reach 7.8 million by 2040, setting the stage for sustained growth and infrastructure development. In 2025, the population is expected to reach 4 million, driving strong demand across all real estate segments.

Key areas like Dubai South, with its focus on inclusivity and strategic infrastructure, are set to complement luxury hubs such as Palm Jumeirah and Downtown Dubai. The city’s alignment with the Dubai 2040 Urban Master Plan underscores its commitment to building a sustainable, forward-thinking real estate ecosystem.

Outlook for 2025

As Dubai transitions into 2025, the real estate sector is poised to continue reshaping the global property landscape through strategic developments and innovative policies.

“Dubai has positioned itself as a global real estate leader by continuously adapting to market dynamics and driving innovation. The focus will remain on delivering value-driven projects that reflect Dubai’s unique ability to combine inclusivity with exclusivity, setting the standard for urban living in the years ahead,” Syed concluded.

Q4 2024 marked a pivotal year for Dubai’s real estate sector, showcasing its resilience, adaptability, and ability to capture global attention. With strategic developments and forward-thinking policies, Dubai is well-positioned to lead the global property market in 2025 and beyond.