Market overview
In Q2 2024, Dubai’s real estate market demonstrated remarkable growth in both sales volume and value. The total number of property transactions surged to 43,261, marking an 18.5% increase from the previous quarter. The total sales value surpassed AED 120 billion, reflecting heightened investor confidence and a vibrant market environment.
Residential sector
The residential sector performed robustly, with significant transactions in both the off-plan and ready markets. The average price per square foot for apartments rose by 18.1%, while villas saw a 19.1% increase compared to Q1 2024, highlighting strong demand for luxury and high-end properties. Key areas such as Downtown Dubai, Dubai Marina, and Palm Jumeirah remained top choices for investors, driving substantial sales volumes and values.
Commercial sector
The commercial real estate sector also displayed positive momentum, with increased transactions for office and retail spaces. Dubai’s reputation as a global business hub continued to attract multinational corporations and startups, fueling sector growth.
Off-Plan vs. Ready properties
Off-plan properties accounted for approximately 65% of total transactions, maintaining substantial interest due to innovative projects and flexible payment plans. Ready properties also experienced strong demand, particularly in established communities offering immediate occupancy and rental returns.
Top performing areas
- Downtown Dubai: Maintained its status as a prime investment destination with high transaction volumes and premium property prices.
- Dubai Marina: Continued to attract significant interest due to its waterfront lifestyle and robust rental yields.
- Palm Jumeirah: Remained a top choice for luxury living, with several high-value villa sales setting new benchmarks.
Future prospects
Looking ahead, Dubai’s real estate market is poised for continued growth. Upcoming events like Expo 2020, ongoing infrastructure developments, and favorable government policies are expected to enhance market dynamics. New visa regulations and incentives for foreign investors will also play a crucial role in sustaining this upward trajectory.
The second quarter of 2024 has reaffirmed Dubai’s position as a leading global real estate market. With strong performance across various segments and promising future prospects, the market continues to offer lucrative opportunities for investors and end-users alike.
For more insights on Dubai’s real estate performance, stay tuned to our updates.
