Dubai’s real estate market recorded over 43,000 sale transactions worth a staggering AED 123 billion during the first half of 2024, according to a new report. These transactions spanned both residential and commercial properties, reflecting broad-based demand across various real estate segments. Despite the global economic slowdown and rising interest rates, investors worldwide are turning to wealth-preserving assets, and Dubai’s real estate sector has emerged as a standout choice in today’s economic climate. Prices and consumer interest have continued to rise even after a 24-month period of continuous growth.
The affordable segment showed notable price dynamics, with villa prices in areas like DAMAC Hills 2 surging by over 41%, while apartment prices in some affordable areas decreased by up to 18%. This divergence indicates a shift in buyer preferences and highlights the market’s complexity.
The mid-range segment demonstrated strong growth, with apartment transaction prices increasing between 12% and 40%, and Jumeirah Lake Towers recording the most substantial growth in this category. Villa prices in mid-tier areas also saw increases ranging from 4% to 23%. The luxury segment maintained its upward trajectory, with most areas recording increases in transactional prices ranging from 5% to 24%.
Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group MENA, noted that “Dubai’s real estate sector has emerged as a standout choice in today’s economic climate.” Despite the high transaction volume, the market shows a complex pattern of growth, with different segments exhibiting varied price dynamics.
