Dhs21 billion revenue gain for Dubai government from real estate sector in 2024

The Government of Dubai has reported a significant increase in revenue from the real estate market in 2024. Total sales from this sector increased by 20.6 per cent, reaching Dhs20.9 billion (approximately Dhs1.74 billion per month). This represents a notable rise from the Dhs16 billion recorded in 2023 (equivalent to approximately Dhs1.33 billion per month). This growth can be attributed, at least in part, to the introduction of a 4 per cent real estate registration fee on sale and purchase transactions.

The total revenue of the Government of Dubai from property sales during (2021 to 2024) reached Dhs53.6 billion, an average of Dhs1.11 billion per month, with Dhs20.9 billion (Dhs1.74 billion per month) in 2024, Dhs16 billion (Dhs1.33 billion per month) in 2023, Dhs10.7 billion (Dhs625 million per month) in 2022, and Dhs6 billion (Dhs500 million per month) in 2021.

Market sales totalled more than Dhs522 billion at the conclusion of 2024, resulting from 180,000 transactions. This figure represented a substantial increase compared to the previous records, which stood at Dhs760.7 billion from 226,000 transactions. This represented an increase of 19.8 per cent and 36.1 per cent in value and number, respectively, when compared with the figures recorded in 2023.

With regard to the top 10 areas in terms of sales in 2024, data released by DLD revealed that these areas accounted for 31.8 per cent of the total sales. Business Bay led the way at Dhs29 billion for 11,611 transactions, followed by Jumeirah Village Circle with Dhs20 billion for 16,979 transactions, Burj Khalifa with Dhs19 billion for 4,422 transactions, Palm Jumeirah with Dhs19 billion for 1,529 transactions, and Airport City with Dhs16 billion for 2,524 transactions.

Dubai Marina came in the sixth place with 5,076 transactions amounting to Dhs13 billion. The seventh-place was held by Dubai Hills, with Dhs12 billion for 3,441 transactions, followed by by Al Yafra 1, with 1,765 transactions amounting to Dhs12 billion. The ninth-place was held by Wadi Al Safa 5, with 803 transactions amounting to Dhs11 billion, followed by Palm Deira, with 728 transactions amounting to Dhs10 billion.

Since the onset of 2022, the real estate sector in Dubai has been witnessing sustained growth. This can be attributed to several factors, chief among them being the prudent leadership and economic stimulus packages implemented.