Investors are eagerly seizing the opportunity in Dubai’s real estate market, with over 36,000 homes being purchased within the initial quarter of the year.
In the initial three months of 2024, the Dubai real estate sector has seen continual interest in both current and off-plan properties, as indicated by Property Finder’s Market Watch digest report. The analysts at Property Finder have noted over 36,000 sales transactions during this period, marking it as the second most active quarter on record. The first quarter of 2024 has seen a robust demand for existing projects in Dubai.
Dubai real estate sales booming
In Q1 2024, the existing market recorded approximately 19,600 transactions, accounting for 54% of the total transactions, up from around 15,000 transactions in Q1 2023, which represented 48% of the total transactions.
This performance reflects a significant volume growth of 30% compared to Q1 2023.
Transaction values in Q1 2024 reached AED78.2 billion ($21.3 billion), contributing to 68% of the existing sales transaction value, compared to 60% in Q1 2023.
As a result, the existing transaction value experienced a notable surge of 46 percent, compared to AED 53.6 billion ($14.6 billion) in Q1 2023.
During the same period, there were approximately 16,600 off-plan sales transactions, compared to 16,000 transactions in Q1 2023, comprising 46 percent of the total transaction volume, as opposed to 52 percent in Q1 2023.
Consequently, there was a marginal 4 percent year-on-year increase in the volume of off-plan transactions.
In Q1 2024, the off-plan sales transaction value reached AED37.4bn ($10.2bn), constituting 32 per cent of the total sales transaction value. This marked a 5 per cent increase compared to Q1 2023 when the total sales transaction value stood at AED35.5bn ($9.7bn), contributing 40 per cent to the total value.
The current market conditions in Dubai present ample opportunities for developers and brokers to utilize their expertise and redefine success in 2024.
According to data from the Dubai Land Department (DLD), there was a notable surge in total sales transactions in Q1 2024.
The number of transactions recorded in Q1 2024 was the second-highest ever recorded for the quarter, surpassing 36,000 transactions compared to 31,000 transactions in Q1 2023, reflecting a substantial increase of 17 per cent.
Cherif Sleiman, in his capacity as Chief Revenue Officer at Property Finder, expressed enthusiasm for the promising phase of growth unfolding within their sector in 2024.
As leaders in proptech, we observe a more varied demand and anticipate positive outcomes in the forthcoming months.
We eagerly anticipate bolstering the market by equipping property seekers with comprehensive information to enhance their decision-making processes.
