According to Property Finder, Dubai saw its highest-ever volume and value of real estate transactions in the second quarter of 2024.
The Dubai real estate sector experienced a record AED 124.4 billion ($33.9 billion) in transactions during Q2 2024, as reported by Property Finder’s Market Watch digest.
Data from the Dubai Land Department indicates that Dubai achieved its highest volume and value of transactions to date, with a total of 43,522 transactions, reflecting a 45 percent increase compared to Q2 2023.
The transaction value saw a 37 percent rise, amounting to AED 124.4 billion ($33.9 billion).
Dubai real estate Q2 2024
Market volume peaked, surpassing the previous high achieved in Q1 2024 by 17%, while transaction values exceeded the previous peak recorded in Q4 2023 by 2%.
In Q2 2024, the off-plan market in Dubai nearly matched its 2009 peak, with 26,268 transactions compared to 26,629 in 2009, showing just a 1% difference.
The off-plan sector experienced a remarkable year-over-year growth of 80% in Q2 2024, compared with 14,596 transactions recorded in Q2 2023.
This represents 60.4% of the total transaction volume. This was the first time off-plan transactions contributed to more than 60% of the total transaction volume, up from 51% in Q2 2023.
Additionally, off-plan value transactions reached a record high of AED53.214bn ($14.5bn), exceeding the previous peak of AED47.416bn ($13bn) in Q3 2023 by 12%.
Consequently, off-plan transactions accounted for 57% of the total transaction value, reflecting a 54% year-on-year increase compared to Q2 2023.
A year-over-year increase of approximately 12% in volume, with nearly 17,254 ready property transactions, was observed in Dubai.
The value of these transactions increased by 27 percent year-on-year, reaching AED 71 billion ($19.3 billion) compared to AED 56 billion ($15.2 billion) in Q2 2023.
The market share of existing properties constituted 39.6 percent of the total sales transactions for the quarter, indicating a growing preference for off-plan properties in the city.
According to Property Finder’s new projects overview, buyers interested in investing in upcoming or early-stage builds have a variety of options available.
Popular areas for ownership in recent months include:
– Dubai Marina
– Downtown Dubai
– Jumeirah Village Circle
– Business Bay
– Palm Jumeirah
Cherif Sleiman, Chief Revenue Officer at Property Finder, stated: “Our quarterly findings highlight the diversity of options available to home seekers in the UAE, with attractive investment opportunities catering to a wide range of buyers, regardless of affluence, locality preference, market experience, and required facilities.
“We observe this in the increased demand for more ready properties in Abu Dhabi, as well as longer-term off-plan investments in Dubai.
“These trends can be partly attributed to the efforts of regulators like the DLD, who are committed to collaborating with private players to ensure market transparency.
“This further contributes to the UAE rapidly becoming one of the top destinations for investors globally, as cited by our recently launched white paper. While the volume of options is evident, reliable sources, relevant data, and a sound understanding of market trends are essential to ensure buyers make the right choice.
“In this regard, and as the region’s leading proptech enabler, we continue to provide a range of comprehensive data tools and features to further enhance industry trust and transparency.”
