UAE Real Estate Surges in 2024 with Record AED 893 Billion Transactions
Abu Dhabi [UAE], January 5: The surge in real estate developments and significant infrastructure spending supported the exceptional resilience of the UAE’s real estate sector and its steady expansion throughout 2024. These developments reaffirm the sector’s key importance as a pillar of the UAE’s economic growth.
An international hub for investment
The continued success of real estate markets across all emirates of the UAE highlights the country’s position as a leading international destination for real estate investments. The UAE was particularly attractive to high-net-worth individuals (HNWIs) and institutional investors, who contributed significantly to market activity, particularly in the luxury real estate sector. Real estate activity is gradually expanding, indicating increased interest in the sector from both domestic and foreign investors.
Transactions That Break the Record
By the end of 2024, the total value of real estate transactions in Abu Dhabi, Dubai, Sharjah, and Ajman was estimated to be around AED 893 billion, based on statistics from local real estate authorities. More than 331,300 sales boosted this figure, indicating strong demand for real estate types. Excluding mortgages in Ajman, 50,000 mortgage transactions across the emirates accounted for AED 229.3 billion in mortgage transactions.
Abu Dhabi: A strong performance
In Abu Dhabi, the real estate market recorded transactions worth AED 79.3 billion by the end of 2024, comprising 25,046 sales and mortgage transactions across various property types. The Department of Municipalities and Transport’s “Dari” platform showed that 14,816 sales and purchase transactions totaled more than AED 46.5 billion. Of these purchases, 9,169 were off-plan properties and 5,646 were ready-to-move-in units. AED 32.8 billion is the total value of 10,230 mortgage contracts, showing the emirate’s strong market dynamics.
Dubai: Setting New Records
By completing 226,000 transactions with record-breaking transaction values of AED 760.7 billion, Dubai maintained its top spot in the UAE real estate market. According to the Dubai Land Department, 180,000 real estate transactions totaled AED 522 billion, and 35,000 mortgage transactions totaled AED 187 billion. Dubai’s real estate market is at an all-time high thanks to its strategic initiatives and wide range of investment opportunities.
Sharjah: Sustaining Growth
Sharjah’s real estate sector maintained steady growth, recording AED 36.4 billion in transactions between January and November 2024. The Sharjah Real Estate Registration Department noted AED 9.5 billion in mortgage activities during this period. The emirate saw over 78,600 total sales transactions, complemented by 4,011 mortgage activities. Distinctive real estate projects and the emirate’s unique appeal to investors have played a key role in sustaining market performance.
Ajman: A Rising Star
Ajman experienced a significant surge in real estate activity, with transaction values exceeding AED 16.9 billion in 2024, representing a 43% growth over the previous year. The emirate recorded 11,500 real estate transactions, with trade volumes reaching AED 10.2 billion across 8,675 operations. By the end of October 2024, Ajman’s property market had registered approximately 12,718 transactions worth AED 16.35 billion, reflecting the resilience and diversity of investment opportunities within the emirate.
With positive performance indicators across all emirates, international reports anticipate continued growth in the UAE’s real estate sector in 2025. This expansion will be driven by a favorable investment climate, innovative real estate developments, and ongoing demand from local and foreign investors. The UAE’s commitment to fostering diverse investment opportunities and improving infrastructure ensures the sector’s continued contribution to the country’s economic growth.
A Favorable Environment for Investment
A stable regulatory and economic environment that fosters sustainable growth is favorable for the UAE’s real estate industry. Initiatives including investor-friendly laws, golden visas, and a state-of-the-art technology platform have solidified the UAE as a top real estate investment destination.
Important Points
In 2024, there were AED 893 billion worth of real estate transactions in the United Arab Emirates.
More than 331,300 transactions have been documented in Ajman, Sharjah, Dubai, and Abu Dhabi.
With AED 760.7 billion in sales, Dubai was the market leader, followed by Abu Dhabi with AED 79.3 billion.
In 2024, AED 16.9 billion was transacted in Ajman, compared to AED 36.4 billion in Sharjah.
The steady success of the UAE’s real estate market highlights how essential it is to the country’s economic structure. The sector is set for significant growth as the nation continues to draw in international investors with its creative projects and strong infrastructure, solidifying the UAE’s standing as a world leader in real estate investment and development.