Dubai home sales soar 55%, Sobha Realty leads residential market growth

Post by: Bandan Preet

Dubai’s residential property market has witnessed a massive surge in transactions, recording a 55% annual increase in the October–December 2024 period. The total value of registered home sales also saw a 44% jump, reflecting strong investor confidence. According to data from Square Yards, the city recorded 33,110 residential transactions in the last quarter of 2024, a sharp rise from 21,405 deals during the same time in 2023. The total registered home sales value for the quarter reached AED 65.23 billion, highlighting Dubai’s growing appeal in the real estate sector.

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Market Trends and Price Movements

Even though there was a slight 0.5% drop in transactions compared to the previous quarter, the overall market remains strong, with positive expectations for the upcoming year. The average registered home sales value was AED 1.97 million, which is about 7% lower than the previous year. This suggests that more buyers are looking for affordable properties rather than high-end luxury homes.

Leading Developers and Popular Projects

Sobha Realty emerged as the top developer in the market during the last quarter of 2024, leading with 1,960 registered residential transactions. This success was largely due to the popularity of its Sobha Orbis project. Azizi Developments followed closely, recording 1,158 transactions, with Azizi Venice being a key contributor. Damac Properties secured the third position with 1,050 transactions, thanks to the strong performance of its Damac ELO project. Binghatti Developers came in fourth, with 700 transactions, supported by its Binghatti Hills development.

When it comes to total registered home sales value, Sobha Realty again topped the charts with AED 4,297 million in sales, largely driven by Sobha Orbis. Emaar Properties took the second spot with AED 1,965 million in sales, thanks to its Emaar Marina Cove project. Damac Properties ranked third with AED 1,464 million, supported by its Damac Lagoon Views project. Azizi Developments followed closely in fourth place with AED 1,370 million, driven by the strong demand for Azizi Venice.

Shift Towards Compact Homes and Budget-Friendly Prices

A major shift in buyer preferences was noticed during the last quarter of 2024. Smaller residential units, particularly those under 1,000 sq. ft., dominated 75% of total transactions. This was a significant jump from 61% in the same period of 2023. In contrast, the share of larger units above 1,000 sq. ft. dropped to 25%, down from 39% in the previous year.

The trend also extended to property prices. Homes priced below AED 2 million made up 74% of the market in October–December 2024, an increase from 70% in 2023. This shows that the demand for budget-friendly and mid-range housing is on the rise, while interest in high-end properties priced between AED 3-5 million and above AED 5 million has slightly declined.

Top Locations for Property Sales

During the last quarter of 2024, Dubai recorded 33,110 registered residential transactions. Among the city’s micro-markets, Dubailand led with a 28% share of total transactions. Jumeirah followed with 22%, while Mohammed Bin Rashid City contributed 9% of the overall volume. These three areas together accounted for 59% of all home transactions in Dubai during the quarter.

In terms of total registered home sales value, Dubai reported AED 65,231 million in sales. Dubailand led the market, contributing 24% of the total value, followed by Palm Jumeirah at 14% and Jumeirah at 13%. These three areas alone made up 51% of Dubai’s total sales value.

When looking at individual neighborhoods, Business Bay recorded the highest sales value, while Jumeirah Village Circle (JVC) saw the highest number of transactions. Other high-performing locations included Dubai Marina, Downtown Dubai, and Al Barsha. Meanwhile, areas like Bukadra and Dubai World Central also showed strong activity, indicating a growing interest in outer regions.

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