Dubai’s real estate market has experienced a significant surge in 2024, with sales reaching AED 330 bn across 112,630 transactions by the end of August, Invest-Gate reports.

This marks a 31.6% increase in value and a 34% rise in transaction numbers compared to the same period in 2023, when AED 250.7 bn was recorded from 84,026 transactions.

According to data from Dubai Land Department, total real estate activity during this period amounted to AED 479 bn from 143,500 transactions, reflecting a 36.8% increase in value and a 29.3% rise in the number of transactions year-over-year.

Moreover, mortgage transactions also saw substantial growth, totalling AED 116.34 bn, a 44.4% increase compared to AED 80.56 bn in the same period last year. Additionally, property grants reached AED 32.57 bn, up 73.2% from AED 18.8 bn in 2023.

Furthermore, ready properties dominated the sales market, accounting for 57.8% of total sales, with a value of AED 190.7 bn across 46,212 transactions. These included 31,161 residential units, 3,089 buildings or villas, and 11,962 land plots.

Also, off-plan properties contributed 42.2% of sales, totalling AED 139.37 bn from 66,413 transactions, encompassing 59,474 residential units and 6,666 buildings.

Notably, the top 10 areas in Dubai accounted for 32% of total sales, valued at AED 105 bn. Business Bay led the list with AED 18.75 bn, followed by Jumeirah Village Circle with AED 13.07 bn, and Burj Khalifa with AED 12.29 bn.