Dubai’s residential property market experienced a significant increase in sales during the first half of 2024, as reported by Allsopp & Allsopp.
According to the latest H1 report from Allsopp & Allsopp, data from the Dubai Land Department reveals that total sales value in the first half reached AED 190.4B, marking a substantial 38 percent rise compared to the same period in 2023. The report also noted a 36 percent increase in sales transactions, totalling 74,467.
In terms of property types, apartments remained the dominant category, with sales increasing by 41 percent to 60,836 transactions, representing 82 percent of the total.
Villas and townhouses made up the remaining 18 percent of transactions but contributed 40 percent to the overall market value.
The luxury segment of the market also performed strongly, with 196 property transactions exceeding $10M, underscoring Dubai’s appeal to affluent global citizens – the emirate is now home to over 72,500 millionaires.
Off-plan sales experienced a significant surge, reaching a record 45,271 transactions valued at AED 96B, a 55 percent increase year-on-year.
To meet demand, developers completed 20,652 new units in the first half of the year – a 93 percent rise compared to the same period in 2023. An additional 47,792 off-plan properties were launched onto the market.
With 50,000 more people relocating to Dubai during the six-month period, demand continues to outpace supply at a ratio of 2:1.
Allsopp & Allsopp predicts that this strong momentum will likely continue for the remainder of 2024, based on these clear indicators.
