Dubai’s residential resale market saw notable expansion in the first half of 2024, as reported by Metropolitan Homes. The ‘H1 2024 Residential Resale Market Review’ indicated that transaction volumes grew by 17.8% year-on-year to 27,949, while transaction values climbed by 23.1% to AED 76.34B.
Despite significant flooding in April, the market quickly recovered, with May 2024 recording a new peak of 17,139 residential resale transactions, the highest monthly total ever.
Apartments continue to dominate Dubai’s residential resale sector. Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Homes, noted the impressive strength and growth of Dubai’s real estate market in the first half of 2024. The record sales volumes and price increases reflect the city’s robust economy and enduring appeal as a global real estate hub. Vasilieva expressed confidence in future growth, driven by rising foreign investment, infrastructure projects, and efforts to attract talent and businesses.
The average residential resale price per square foot rose to AED 1,545, marking an increase of nearly 7% from H1 2023. Apartments remain the preferred choice, representing 77% of all resale transactions, with 21,578 units sold, up 20% from the previous year, totalling AED 39.99B.
Demand for villas and townhouses has also surged. Villa resale values rose by 22.6% to AED 24.60B across 2,378 transactions, while townhouse resales increased by 37.4% to AED 11.74B from 3,993 transactions.
The report highlights a top apartment sale of AED 80M for a 4-bedroom unit in Downtown Dubai’s Kempinski Boulevard, and a top villa sale of AED 240.5M in Jumeirah Bay Island. Jumeirah Village Circle (JVC), Dubai Marina, and Business Bay were the most sought-after locations for apartments, while Al Furjan, Arabian Ranches 3, and DAMAC Hills 2 led for villas and townhouses.
Metropolitan Homes advises keeping an eye on Dubai South and Dubailand for future developments and investments.
