In this blog we dive deep into Dubai’s ever-evolving real estate market, comparing some of the top developers in the city. The focus was on how these developers compete in terms of volume, total sales (AED), average sales (AED), and average sales per square foot (AED). It also takes a look at how these statistics compare to one year ago.
The data paints a clear picture of a robust and growing market. Traditional powerhouses like Emaar and Nakheel continue to dominate, but there’s a noticeable rise in smaller, agile developers who are quickly gaining market share. Here are some key insights:
Key Takeaways from 2024
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Average Total Sales: In 2024, the leading developers recorded an average total sales volume of AED 4.58 billion, up from AED 4.38 billion in 2023. This growth of AED 200 million underscores the market's continued strength.
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Sales Transactions: The top 10 developers saw an average increase of 30.2% in sales transactions, indicating sustained demand and consistent market activity.
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Increase in Sales Price per Square Foot: The average sales price per square foot increased by AED 25.8, bringing the 2024 average to AED 1,955.8 per square foot.
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Growth in Developer Activity: In 2023, there were 266 active developers in Dubai. By 2024, this number had grown to 324, marking a significant increase in developer activity.
Developers Leading the Market
Based on recent performance and growth potential, here are the developers to watch:
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Emaar: With a commanding 21.7% market share, Emaar continues to lead the market, consistently delivering high-quality projects that attract a steady stream of buyers. Its market dominance and reliable performance make it a top choice for investors.
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Nakheel: Renowned for iconic developments like The Palm and Jumeirah Islands, Nakheel remains a heavyweight in the market. Their focus on ambitious residential and retail projects keeps them in high demand.
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Meraas: On the rise with significant growth in sales, Meraas is making a name for itself with innovative, lifestyle-oriented developments, especially in the luxury villa segment.
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Sobha Group: Known for luxury and premium developments, Sobha Group is steadily growing, with rising sales and higher prices per square foot, making it a key player in the high-end market.
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Ellington Properties: Gaining momentum, Ellington is attracting design-focused buyers with its high-quality projects. Though smaller, its growing market presence points to significant future potential.
These insights highlight significant growth and emerging opportunities in Dubai’s real estate market, with increased developer activity and rising property values. Whether you’re considering an investment or simply want to stay ahead of the trends, now is an exciting time to explore the possibilities.
If you're thinking about investing off-plan in Dubai, feel free to reach out to our Off Plan Manager Michael Haith on +97150 557 4009 or email m.haith@exclusive-links.com. Our off plan team can advise you on how can make the most of this dynamic market.
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