The real estate sector in Dubai experienced unprecedented developments in 2024, recording historic figures and significant expansion in new projects, reflecting its growing appeal to both local and international investors. Notably, real estate market sales surpassed the half-trillion dirham mark for the first time in history, signifying growing investor confidence in this dynamic sector.
Furthermore, the adoption of the 2033 Real Estate Sector Strategy marked a pivotal milestone this year. The strategy aims to increase the sector’s contribution to Dubai’s GDP to AED 73 billion, raise residential ownership to 33%, and achieve a 70% growth in real estate transactions, reaching AED 1 trillion. It also seeks to amplify the value of real estate portfolios 20-fold to AED 20 billion, demonstrating a clear vision for the future of Dubai’s real estate sector.
Simultaneously, Dubai Land Department (DLD) launched several programs and initiatives to support real estate growth. Among the most notable is the Dubai Real Estate Broker Program, which aims to empower Emirati youth to actively participate in the sector, increasing the proportion of Emirati brokers from 5% to 15% within three years.
Additionally, DLD introduced the RISE Initiative for real estate innovation, designed to position Dubai as a global hub for PropTech by attracting specialized companies and fostering innovative solutions that promote sustainable market growth.
In terms of new projects, 2024 witnessed the launch of approximately 370 real estate developments worth over AED 80 billion. These include 110,000 residential, hospitality, and commercial units. This surge in projects underscores strong demand from local and international investors, whether for residential use or long-term investments.
To further enhance the efficiency of real estate operations, DLD signed agreements with seven major developers, including Emaar, DAMAC, and Sobha. These agreements allow developers to use real estate registration systems to simplify procedures and expedite transactions, reflecting a significant digital transformation in the sector’s services.
On another front, reports from Savills Global highlighted that Dubai maintained its position as the top global market for luxury home sales exceeding $10 million, ahead of cities like New York and Hong Kong. Dubai also led the global luxury residential markets in rental growth, with a rate of 12.1%, driven by increasing demand from foreign investors attracted by business-friendly policies and long-term residency programs.
In conclusion, 2024 stands as a landmark year for Dubai’s real estate sector. The emirate strengthened its position as a global investment destination through strategic vision and ambitious initiatives that support sustainable and diversified growth in the real estate market.
