Dubai’s real estate sector has reached unprecedented heights in 2024, setting new records in transaction volumes and investment values. The Dubai Land Department (DLD) reported over 163,000 transactions totaling more than AED544 billion in the first nine months of the year, reflecting the market’s robust strength and resilience.

This remarkable performance is attributed to several factors:

• Strategic Initiatives: The implementation of the Dubai Real Estate Sector Strategy 2033 aims to double the sector’s contribution to the emirate’s GDP, increase home ownership rates, and enhance market value.
• Enhanced Transparency: Dubai has improved its global real estate market transparency, with the city climbing to the 28th position in JLL’s 2024 Global Real Estate Transparency Index, making it the only property market in the Middle East and North Africa (MENA) to feature in the “Transparent” tier.
• High-Value Transactions: The market has witnessed significant deals, including a land sale in Mohammed Bin Rashid Gardens for AED201.82 million and an apartment in Island 2 for AED143.5 million.

The DLD’s data also highlights a substantial increase in real estate investments, surpassing AED376 billion during the same period. This surge is driven by advanced infrastructure, a strong regulatory framework, and Dubai’s appeal as a premier destination for international investors.

Looking ahead, the Dubai Real Estate Sector Strategy 2033 outlines ambitious goals, including:

• Doubling GDP Contribution: Aiming to increase the real estate sector’s contribution to Dubai’s GDP to approximately AED73 billion.
• Increasing Home Ownership: Targeting a home ownership rate of 33%.
• Expanding Market Value: Seeking to raise the market value to AED1 trillion.

These objectives are supported by programs focusing on transparency, data governance, flexible urban planning, real estate investment funds, affordable housing, and sustainability. The strategy also emphasizes the integration of advanced technologies, including artificial intelligence, to enhance operational efficiency and customer experiences.

Dubai’s real estate market continues to be a key driver of economic growth, attracting global investors and solidifying its position as a leading destination for real estate investment.