UAE Real Estate Sector Experiences Steady Growth With Record Transactions In 2024

The UAE's real estate sector continued to thrive in 2024, driven by a surge in property projects and infrastructure investments. This growth reinforced its role as a crucial component of the nation's economic expansion. The dynamic property markets across the emirates highlighted the UAE's appeal as a global investment hub, attracting high-net-worth individuals who significantly boost market activity, especially in luxury real estate.

In Abu Dhabi, real estate transactions reached AED79.3 billion by the end of 2024. This included 25,046 sales and mortgage transactions across various property types. The "Dari" platform from the Department of Municipalities and Transport reported sales exceeding AED46.5 billion through 14,816 transactions, comprising both ready units and off-plan properties.

Dubai set new records with real estate transaction values surpassing AED760.7 billion from 226,000 transactions in 2024. The Dubai Land Department noted that property sales amounted to AED522 billion through 180,000 sales transactions. Mortgage transactions contributed AED187 billion from 35,000 mortgages by year-end.

Sharjah also experienced robust growth in its real estate sector, recording over AED36.4 billion in transactions between January and November 2024. This included AED9.5 billion in mortgage transactions, according to monthly reports from the Sharjah Real Estate Registration Department.

Ajman's real estate market showed remarkable progress with transaction values exceeding AED16.9 billion in 2023, marking a significant 43% increase compared to the previous year. A total of 11,500 real estate transactions were executed, with trade volumes reaching AED10.2 billion across 8,675 activities.

The Ajman Department of Land and Real Estate Regulation reported that by October 2024, real estate transactions reached AED16.35 billion through approximately 12,718 transactions. These figures underscore Ajman's strong performance driven by diverse investment opportunities and growing demand for various property types.

According to official data from local authorities across the four emirates, total real estate transaction values reached around AED893 billion by the end of 2024 with over 331,300 recorded transactions. Mortgage activities alone exceeded AED229.3 billion from over 50,000 transactions excluding Ajman.

The UAE's positive indicators in its real estate markets throughout 2024 have led international reports to predict continued growth into 2025. This is supported by a favourable investment environment and anticipated new projects attracting both local and international investors.

With inputs from WAM