The Dubai real estate sector achieved a record AED 124.4B ($33.9B) in transactions during Q2 2024, as reported in Property Finder’s Market Watch digest.
Dubai Land Department data reveals Q2 2024 marked unprecedented levels of real estate activity, with 43,522 transactions, up 45% from Q2 2023.
Transaction values surged by 37%, totaling AED 124.4B ($33.9B).
In Q2 2024, Dubai’s real estate market volume surpassed Q1 2024 by 17%, while transaction values exceeded Q4 2023 by 2%.
The off-plan market in Dubai in Q2 2024 almost matched its 2009 peak, with 26,268 transactions, a mere 1% difference from 2009’s 26,629 transactions.
The off-plan sector saw remarkable year-on-year growth of 80% in Q2 2024, compared to 14,596 transactions in Q2 2023.
Off-plan transactions constituted 60.4% of the total volume for the first time, up from 51% in Q2 2023.
Off-plan transaction values hit a record AED 53.214B ($14.5B), 12% higher than Q3 2023’s peak of AED 47.416B ($13B).
Consequently, off-plan transactions represented 57% of the total transaction value, a 54% increase from Q2 2023.
Dubai saw a 12% year-on-year increase in volume, with approximately 17,254 transactions for ready properties in Q2 2024.
The value of these transactions rose by 27%, reaching AED 71B ($19.3B) compared to AED 56B ($15.2B) in Q2 2023.
Existing properties accounted for 39.6% of total sales transactions in Q2 2024, indicating a growing preference for off-plan properties.
Property Finder’s overview of new projects highlighted popular areas for ownership such as Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
Cherif Sleiman, Chief Revenue Officer at Property Finder, noted the diversity of home options in the UAE, catering to various buyer preferences and investment needs.
Regulators like the DLD are pivotal in enhancing market transparency, contributing to the UAE’s appeal as a top global investment destination.
Property Finder continues to support market transparency through its data tools and features, reinforcing industry trust and understanding among investors.
