Residential real estate sales in Dubai rose 31% year-on-year in the second half of 2024 to Dh232 billion (A$101.88 billion), a report reveals.
A report published on Wednesday (Thursday AEDT) by Espace Real Estate cements a phenomenal year of sector growth.
In both value and volume the off-plan market was ahead of the secondary market considerably.
Over 61,400 off-plan sales pushed value to Dh127 billion, up 51% year on year.
The secondary market still performed, totalling 32,487 transactions, up 15% year on year.
High demand and reduced availability saw properties in Springs, Jumeirah Park and Town Square gaining notable price increases, all over 20%.
Newer residents and established residents are both contributing to the demand, with population growth up 65% in the last 10 years.
CEO of dubizzle and Dubizzle Group MENA, Haider Ali Khan, said Dubai's real estate market had “truly outdone itself”.
“It’s clear that this dramatic growth is driven by the government’s proactive initiatives including the revised property visa offerings and expansion of freehold areas," he said.