W Capital analysis: 2024 is another year of record sales for Dubai real estate
*Real estate transactions exceeded AED 750bn for the first time.
*Dubai real estate sales approached AED 520bn.
*The sector highest quarterly sales ever in Q4.
Dubai, United Arab Emirates
Sunday, December 29, 2024
Dubai-based real estate brokerage W Capital reported 2024 as a new year of real estate boom in Dubai, with sales approaching AED 520bn for the first time in history.
“The Dubai real estate market has been on an upward trajectory since the Covid-19 pandemic. Sales grewfrom AED 69.8bn in 2020 to AED 149bn in 2021, then to AED 265.5bn in 2022, AED 401bn in 2023, and AED 517bn in 2024 (2024 figures from January 1 to December 27), according to data from the Dubai Land Department,” saidWalid Al Zarooni, W Capital CEO.
Al Zarooni added that these exceptional figures show that real estate sales in Dubai have more than doubled in the past year, compared to 2020, indicating the strong and continuous momentum within the market and the global position of Dubai’s real estate as the best city to live and work in the world.
Al Zarooni revealed that the number of transactions increased by more than 38% year-on-year in 2024 to about 178.9 thousand sales deals, the highest in history, compared to 129 thousand deals in 2023.
He indicated that the value of real estate transactions (sales + mortgages + donations) increased in 2024 by about 35.8% to AED753.6bn, compared to AED554.7bn in the previous year, thus exceeding the half-trillion dirham level for the third time in a row.
The total real estate transactions during 2024 also increased by 32% year-on-year to 223,904 real estate transactions, compared to 169,720 real estate transactions in 2023.
He noted that the value of mortgages amounted to AED 185.77bn through 35,677 thousand transactions in 2024, followed by grants worth AED 50.86bn through 9,319 transactions.
Highest quarterly sales ever
During Q4- 2024, the real estate sector in Dubai achieved the highest quarterly sales ever, with more than AED 142.7bn, distributed over more than 48,641 thousand transactions, after the highest monthly sales ever recorded in October, amounting to AED 61.47bn, while sales recorded AED 43.65bnin November, and AED 37.48bn in December.
Thus, the value of Dubai real estate sales during the three months ending in December 2024 increased by 0.5% on a quarterly basis, compared to Q3 sales in the same year at AED 142bn.
2025 Prospects
Regarding the real estate market expectations in 2025, Al Zarooni said that Dubai’s record real estate figures confirm, beyond any doubt, that the path to achieving the 2033 initiative to reach a trillion dirhams is easy, after exceeding AED750bn in 2024.
He added that the 2024 is a prosperous harvest year inreal estate market thanks tothe achieved figures. The record sales exceeded half a trillion dirhams, while many billion-dollar projects launched by real estate developers, through the very ambitious strategies and initiatives that ensure the continuation of the upward wave of the real estate sector over the next decade.
He pointed out that the adoption of the Real Estate Sector Strategy 2033, is one of the most prominent events in the real estate market in 2024, given its goals to enhance the Dubai global leadership in one of the most important vital sectors.The sector consolidated cooperation with the private sector and international companies as well asmanaging real estate portfolios.That enabled the real estate market to attract investors by enhancing the principle of transparency through optimal use of data and publishing supply and demand forecasts, as well as providing a package of qualitative initiatives supported by an integrated system at the sector level.
This approach supports achieving the goals of the Dubai Economic Agenda D33, most notably making Dubai the most attractive destination for investments and a global centre for the most diversified economy.
Al Zarooni expected the market to continue to grow in 2025, whether in terms of sales, albeit by a lower percentage ranging between 10 to 15%, bringing sales closer to the AED 600 trillion barrier, as well as transactions as a whole, which may exceed AED 850 billion.
Dubai Real Estate Sales (2000-2024)
| Year | Sales Value/bn | No .of deals |
| 2024 | 517 | 178908 |
| 2023 | 401 | 129000 |
| 2022 | 265.5 | 97446 |
| 2021 | 149 | 60213 |
| 2020 | 69.8 | 33962 |
| 2019 | 76.7 | 37657 |
| 2018 | 73.7 | 32495 |
| 2017 | 113.9 | 46501 |
| 2016 | 103.1 | 40706 |
| 2015 | 124.1 | 46643 |
| 2014 | 136.6 | 55642 |
| 2013 | 141.2 | 63555 |
| 2012 | 73.2 | 37783 |
| 2011 | 59.3 | 31107 |
| 2010 | 78.9 | 45184 |
| 2009 | 137.2 | 85716 |
| 2008 | 110.1 | 23834 |
| 2007 | 52.7 | 9209 |
| 2006 | 18.9 | 2699 |
| 2005 | 15.8 | 2594 |
| 2004 | 11.8 | 2839 |
| 2003 | 6.5 | 2071 |
| 2002 | 4.5 | 1908 |
| 2001 | 3.3 | 1440 |
| 2000 | 1.9 | 920 |
Source: DLD
Dubai Real Estate (Monthly)Sales in 2024
| Month | Sales Value/bn | No .of deals |
| January | 35.22 | 11237 |
| February | 36.64 | 11988 |
| March | 37.43 | 13685 |
| April | 32.36 | 11661 |
| May | 45.73 | 17454 |
| June | 45.19 | 14072 |
| July | 50.89 | 16458 |
| August | 47.68 | 16420 |
| September | 43.57 | 17501 |
| October | 61.47 | 20659 |
| November | 43.65 | 14710 |
| December | 37.48 | 13165 |
Source: DLD
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About “W Capital”:
“W Capital Real Estate Brokerage” was established in 2007 in the United Arab Emirates, specializing in real estate development, buying, selling, renting as well as consulting services for real estate companies.
Since its inception, the company has sold over AED 200 million of properties to major developers.
About Walid Al Zarooni:
Walid Al Zarooni is the founder and Chairman of W Capital Real Estate Brokerage. A certified real estate expert from the Dubai Real Estate Regulatory Agency “RERA”, he is the author of “Secrets of the Smart Real Estate Investor”.
Al Zarooni is one of the first experts to harness social media to raise the public awareness about real estate. He provides almost free advice on a daily basis, as well as latest news and updated information through videos and posts on social media platforms such as ” Instagram “,“ Snapchat ” and “Twitter”, on which he is very active.