Property Finder’s Market Watch digest report reveals a stellar performance for Dubai real estate sector in Q2 2024. Both transaction volume and value reached all-time highs, with a significant increase of 37% year-over-year (YoY) in transaction value, reaching AED 124.4 billion (approximately USD 33.9 billion). Transaction volume also saw a substantial rise of 45% YoY, reaching 43,522. These figures highlight the continued strength and growth of the Dubai property market.
Surge in Off-Plan properties Sales in Dubai
The data highlights a growing investor demand for off-plan properties in Dubai. This trend is reflected in the remarkable YoY growth of 80% for off-plan sales, reaching 26,268 transactions. This surge in off-plan activity now contributes to a dominant 60.4% of the total transaction volume, surpassing the previous market share high for this category. The value of off-plan transactions also achieved a record high of AED 53.214 billion (approximately USD 14.5 billion), reflecting a 12% increase over the previous peak.
Ready Property Market Growth in Dubai Real Estate
While off-plan sales witnessed significant growth, the market for ready properties also experienced positive movement. Transaction volume for ready properties increased by 12% YoY, while the value of these transactions surged by 27% YoY, reaching AED 71 billion (approximately USD 19.3 billion) compared to AED 56 billion (USD 15.2 billion) in Q2 2023.
Popular Investment Areas in Dubai
Dubai real estate market continues to attract investors seeking diverse options. Popular areas for ownership, include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
Cherif Sleiman, Chief Revenue Officer at Property Finder, attributes the positive market performance to various factors, including regulatory efforts by the Dubai Land Department (DLD) that promote market transparency. This, in turn, contributes to the UAE’s growing recognition as a leading global investment destination. Property Finder emphasizes the importance of reliable data and market knowledge for informed investment decisions. The company remains committed to providing comprehensive data tools and fostering industry trust through transparency.
