Dubai property prices surged by up to 41 percent during the first half of 2024.
Dubai’s real estate market saw over 43,000 sale transactions worth AED 122.9 billion in the first half of 2024, according to a new report.
These transactions covered both residential and commercial properties, reflecting broad-based demand across various real estate segments.
“Despite the global economic slowdown and rising interest rates, we’ve observed a trend of investors worldwide turning to wealth-preserving assets,” said Haider Ali Khan, CEO of Bayut and Head of Dubizzle Group MENA.
“Dubai’s real estate sector has emerged as a standout choice in today’s economic climate, with prices and consumer interest continuing to rise even after a 24-month period of continuous growth.”
Despite the high transaction volume, the affordable segment showed interesting price dynamics. While villa prices in areas like DAMAC Hills 2 surged by over 41 percent, apartment prices in some affordable areas decreased by up to 18 percent. 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 percent and 40 percent. Jumeirah Lake Towers recorded the most substantial growth in this category. Villa prices in mid-tier areas also saw increases ranging from 4 percent to 23 percent.
The luxury segment maintained its upward trajectory, with most areas recording increases in transactional prices ranging from 5 percent to 24 percent.
