UAE real estate sees steady growth in projects, record transactions in 2024

Abu Dhabi [UAE], January 5 (ANI/WAM): The UAE's real estate sector maintained its growth momentum throughout 2024, marked by an increase in real estate projects and infrastructure investments, reinforcing its position as a key pillar of the country's economic growth.
The vibrant real estate markets across the emirates underscored the UAE's status as a global hub for property investments and an attractive destination for high-net-worth individuals who play a vital role in stimulating market activity, particularly in luxury real estate.
The property markets in Abu Dhabi, Dubai, Sharjah, and Ajman witnessed significant activity in transaction volumes over the past year, maintaining positive performance levels thanks to diverse investment opportunities and growing demand for various property types.
According to official data from the local real estate authorities of the four emirates, the total value of real estate transactions reached approximately AED 893 billion by the end of 2024, with over 331,300 transactions recorded. Mortgage transactions alone exceeded AED 229.3 billion, encompassing over 50,000 transactions, excluding mortgages in Ajman.
In Abu Dhabi, the total real estate transactions amounted to AED 79.3 billion through 25,046 sales and mortgage transactions across various property types by the end of 2024.
The "Dari" platform by the Department of Municipalities and Transport in Abu Dhabi reported that total sales since the beginning of the year exceeded AED 46.5 billion, executed through 14,816 sales and purchase transactions. These included 5,646 transactions for ready units and 9,169 for off-plan properties. Over the past 12 months, the emirate recorded 10,230 mortgage transactions valued at AED 32.8 billion.
Dubai achieved record-breaking real estate transaction values in 2024, totalling over AED 760.7 billion from 226,000 transactions. These figures highlight Dubai's leading position in offering diverse and attractive investment opportunities that surpassed previous records.
According to the Dubai Land Department, property sales in the emirate reached AED522 billion through 180,000 sales transactions across various property types. Mortgage transactions amounted to AED187 billion from 35,000 mortgages by the end of 2024.
Sharjah maintained robust growth in its real estate sector, recording transactions worth over AED 36.4 billion between January and November 2024, including AED 9.5 billion in mortgage transactions, according to the monthly reports from the Sharjah Real Estate Registration Department.
Sharjah's distinctive real estate projects facilitated over 78,600 total sales transactions during the same period, with 4,011 mortgage transactions recorded.
In Ajman, real estate transaction values exceeded AED 16.9 billion in 2023, reflecting a remarkable 43 per cent growth compared to 2022. A total of 11,500 real estate transactions were executed, with total trade volumes reaching AED 10.2 billion across 8,675 trading activities.
Ajman's figures highlight the upward trajectory of its real estate sector, with strong performance across numerous projects driven by diverse investment opportunities and growing demand for various property types throughout the emirate.
The Ajman Department of Land and Real Estate Regulation reported that real estate transactions in the emirate reached AED 16.35 billion by the end of October 2024, encompassing approximately 12,718 transactions, showcasing the resilience and diversity of investment options in Ajman's property market.
With positive indicators in real estate markets across the UAE in 2024, international reports predict continued growth in 2025, supported by the country's conducive investment environment and the anticipated execution of several new real estate projects attracting both local and international investments. (ANI/WAM)