The Dubai real estate sector saw a record AED124.4bn ($33.9bn) of transactions in Q2 2024, according to Property Finder’s Market Watch digest report.
According to data from the Dubai Land Department, Dubai recorded the highest volume and value of transactions ever, with a total number touching 43,522, showing an increase by 45 per cent compared to Q2 2023.
The value of transactions increased by 37 per cent, totalling to AED124.4bn ($33.9bn).
Dubai real estate Q2 2024
Market volume peaked, surpassing the previous high achieved in Q1 2024 by 17 per cent, while transaction values exceeded the previous peak recorded in Q4 2023 by 2 per cent.
In Q2 2024, the off-plan market in Dubai nearly reached its 2009 peak, with 26,268 transactions compared to 26,629 in 2009, marking a mere 1 per cent difference.
The off-plan sector experienced a remarkable YoY growth of 80 per cent in Q2 2024, compared with 14,596 transactions recorded in Q2 2023.
This represents 60.4 per cent of the total transaction volume. This was the first time that off-plan transactions contributed to more than 60 per cent of the total transaction volume, up from 51 per cent 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 per cent.
Consequently, off-plan transactions accounted for 57 per cent of the total transaction value, reflecting a 54 per cent year-on-year increase compared to Q2 2023.
A YoY increase of approximately 12 per cent in volume, with nearly 17,254 ready property transactions was seen in Dubai.
The value of these transactions surged by 27 per cent year-on-year, reaching AED71bn ($19.3bn) compared to AED56bn ($15.2bn) in Q2 2023.
The market share of existing properties accounted for 39.6 per cent of the total sales transactions for the quarter, showing a growing inclination towards off-plan properties in the city.
According to Property Finder’s new projects overview, buyers looking to invest in upcoming builds, or those in early stages, have a wealth of options available to them.
Popular areas for ownership cited in past months include:
Dubai Marina
Downtown Dubai
Jumeirah Village Circle
Business Bay
Palm Jumeirah
Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “Our quarterly findings spotlight the diversity of options available to home seekers in the UAE, with attractive investment opportunities catering to a breadth of buyers, irrespective of affluence, locality preference, maturity within the market and required facilities.
“We see this across the demand for more ready properties in Abu Dhabi, as well as longer term off-plan investments in Dubai.
“These trends can be attributed in part to the efforts of regulators such as the DLD, who remain committed to working with private players to ensure market transparency.
“This further contributes to the UAE fast becoming one of the top destinations for investors globally, 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 needed to ensure buyers are making the right choice.
“In this vein and being the region’s leading proptech enabler, we continue to provide a host of comprehensive data tools and features to further grow industry trust and transparency”.
Source: Arabian Business
