UAE real estate shows steady growth with record projects, deals in 2024

ABU DHABI: The UAE real estate market stayed strong throughout 2024, with more property projects and investments in buildings and roads. This helped the sector grow and became an important part of the country’s economy.

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In different parts of the UAE, including Abu Dhabi, Dubai, Sharjah, and Ajman, the property market was busy with many transactions. This shows that the UAE is a top place for property investment. Many wealthy buyers also helped keep the market active, especially in luxury properties.

According to reports from the local property departments, the total value of all real estate deals reached around AED893 billion by the end of 2024. More than 331,000 deals were made, and the value of mortgages alone was AED229.3 billion, with over 50,000 mortgage transactions, not including Ajman.

In Abu Dhabi, real estate deals reached AED79.3 billion by the end of 2024, with 25,046 transactions in total. The “Dari” platform, managed by the Department of Municipalities and Transport, showed that over AED46.5 billion was made from sales, with 14,816 transactions. These included 5,646 deals for ready homes and 9,169 deals for homes being built. There were also 10,230 mortgage deals worth AED32.8 billion.

Dubai had a record year in 2024, with real estate deals worth AED760.7 billion and over 226,000 transactions. Property sales in Dubai reached AED522 billion from 180,000 deals, while mortgage deals were worth AED187 billion from 35,000 transactions.

Sharjah also saw strong growth in its property market, with AED36.4 billion in transactions between January and November 2024. This included AED9.5 billion in mortgages. Sharjah’s real estate department reported more than 78,600 deals, with 4,011 mortgages.

Ajman’s real estate market grew by 43% in 2023, with AED16.9 billion in total transactions. There were 11,500 deals in total, and trading activity reached AED10.2 billion through 8,675 transactions. By October 2024, Ajman’s real estate deals totaled AED16.35 billion, with around 12,718 deals.

Overall, the real estate market in the UAE has done well in 2024, and experts expect it to keep growing in 2025. The country’s welcoming investment environment and new projects will continue to attract both local and foreign buyers.