Dubai residential market sees 55% surge in transactions, Sobha Realty tops

Sobha Realty leads Dubai's residential market in registered home sales value and residential transactions, followed by Azizi Developments and Emaar Properties in transactions, and Emaar Properties and

Dubai’s residential real estate market has recorded a 55% annual surge in transactions in the October–December 2024 and a 44% rise in registered home sales value. According to data from Square Yards, the city recorded a total of 33,110 residential transactions, up from 21,405 in the same period of 2023. The registered home sales value (GTV) for the quarter reached AED 65.23 billion, further underscoring the growing investor interest in the Dubai real estate market.

 

Despite a slight quarterly dip of 0.5% in the number of transactions, the market remains healthy, with a steady outlook for the coming year. The average registered home sales value stood at AED 1.97 million, marking a small 7% decrease compared to the previous year. This indicates that while transaction volumes remain high, there is a trend toward more affordable residential properties in the market.

 

 

Market Leaders and Key Projects

 

In the December quarter of 2024, Sobha Realty led the market with 1,960 registered residential transactions, driven largely by its flagship project, Sobha Orbis. Azizi Developments followed with 1,158 transactions, with Azizi Venice being a standout performer. Damac Properties ranked third with 1,050 transactions, bolstered by its Damac ELO project. Binghatti Developers came in fourth, recording 700 transactions, with Binghatti Hills as its flagship development.

 

When it comes to registered home sales value, Sobha Realty again topped the list with AED 4,297 million, thanks to the strong performance of Sobha Orbis. Emaar Properties was second, recording AED 1,965 million, largely attributed to Emaar Marina Cove. Damac Properties secured the third spot with AED 1,464 million, supported by Damac Lagoon Views, while Azizi Developments ranked fourth with AED 1,370 million, backed by Azizi Venice. 

 

*Includes Off-plan residential registered transactions.

 

Source: Dubai Land Department, SquareYards.com

 

  Area-wise and Budget-wise Trends

 

The Dubai residential real estate market saw units below 1,000 sq. ft. dominating 75% of transactions in the December quarter of 2024, up from 61% in the same period of 2023. In comparison, units with an area greater than 1,000 sq. ft. declined to 25% in October-December 2024 from 39% in the same period the previous year. 

 

*Includes both Off-Plan and Existing residential registered transactions.

 

Source: Dubai Land Department, SquareYards.com

 

This preference for compact living spaces closely aligned with transaction values, as properties priced under AED 2 million commanded 74% of the market in October-December 2024, increasing from 70% in the same period the previous year. The data indicates a clear market orientation toward low- and mid-tier segments, with premium properties in the AED 3-5 million range and above AED 5 million seeing a slight decline.

 

During the October–December 2024 period, Dubai recorded 33,110 registered residential transactions. Among the micro-markets, Dubailand led with a 28% share of the total market. Jumeirah followed, representing 22% of the market share. Mohammed Bin Rashid City ranked third, contributing 9% to the overall volume. Together, these three micromarket accounted for 59% of Dubai’s total registered residential transactions.

 

In terms of registered home sales value, Dubai recorded AED 65,231 million during the quarter. Dubailand contributed 24% of the total sales value. The Palm Jumeirah secured the second position, accounting for 14%, while Jumeirah followed closely with a 13% market share. These three micro-markets together represented 51% of Dubai’s total registered home sales value for the quarter.

 

Locality-level analysis suggests that Business Bay and Jumeirah Village Circle (JVC) featured prominently, with the former ranking first in sales value and the latter leading in transactions. Dubai Marina, Downtown Dubai, and Al Barsha also performed well within the central Dubai micro-market, while Bukadra and Dubai World Central showed strong activity in outer regions.