The Dubai real estate sector is on track for another massive year, with transactions already reaching $15bn, according to W Capital analysis.
Dubai real estate brokerage W Capital said that the 10 largest Dubai real estate sales deals total value since the beginning of the year, topped AED5bn ($1.4bn).
According to Dubai Land Department data, the total real estate sales from the beginning of the year until mid-February amounted to about AED55bn ($15bn), resulting from:
- More than 17,600 transactions
- 14,600 residential units
- 1,196 buildings
- 1,842 plots of land
Dubai real estate in 2024
The largest real estate deal since the beginning of this year, was of selling land in terms of value and area in the “Dubai Investment Park II” area. It is for residential purposes, at a value of AED3.58bn ($975m), with an area of 59.656m sq ft, at a rate of AED60 per foot.
In second place was the deal selling a plot of land for residential purposes in the Jumeirah Lake Towers area, valued at AED268.3m ($73.5m), with an area of 57,135 thousand square feet, at a price of AED4,696 per foot.
Thirdly, a deal selling land for residential purposes in the “Al Mamzar” area for a value of AED182m ($50m), with an area of 27 thousand square feet, at a price of AED6,740 per foot.
The study showed that the deal to sell land for residential purposes in the “Dubai Water Canal” area came in fourth place, with a value of AED170m ($46.3m), with an area of 30,000 square feet, at a price of AED5,666 per square foot.
The fifth was the sale of a residential apartment in the “Jazira 2” area, valued at AED140.45m ($38.2m), for an area of about 11,656 thousand square feet, at a price of AED12,048 per square foot.
In sixth place was the sale of a residential apartment plot on “Island 2” with a total value of AED137.35m ($37.4m), with an area of 11,654 thousand square feet, at AED11,785 per foot.
The deal to sell land for residential purposes in the “Al Habiyah Six” area was the seventh, with a value of AED122.308m ($33.3m), for an area of about 242.19 thousand square feet, at a rate of AED505.
In eighth place was the sale of a plot of land for residential purposes in Dubai Maritime City, valued at AED120.5m ($32.8m), with an area of 40.01 thousand square feet, at AED3,011 per square foot.
The ninth deal was the sale of a plot of land for commercial purposes in the “Warsan 4” area, at a value of AED120.318m ($32.75m), for an area of 68,540 thousand square feet, at a rate of AED173 per foot.
The tenth was a deal to sell a plot of land for commercial purposes in the “Warsan 4” area for a value of AED113.989m ($31m), for an area of 572.42 thousand square feet, at a rate of AED198.9 per square foot.
Walid Al Zarooni, W Capital CEO, said: “The real estate market in the Emirate of Dubai made a new record start at the beginning of this year, with the continued factors supporting the growth of investments and residential demand”.
He pointed out that the rise in the values of real estate transactions, especially land and residential apartments, reflects the strong momentum within the Dubai real estate market.
He noted that Dubai witnessed a large influx of wealthy foreigners aspiring to settle and invest in commercial activities, especially the thriving real estate sector that is achieving record profits.
The ease of doing business, buying and selling, as the market matures and reaches the best international standards, boosts this trend.
Al Zarooni stated that the offers presented by real estate developers to seize a good segment of customers, as well as, the strong investment demand to benefit from profitable returns, supported the historical real estate sales numbers exceeding AED400bn ($109bn).
He stressed that the real estate market is reaping the fruits of Dubai global leadership, and it is likely that sales this year will range between AED450bn and AED500bn ($123bn – $136bn) .
He said that despite the significant rises in prices over the past three years, the sector is still full of attractive investment opportunities, and experienced, trustworthy real estate brokers can be busy acquiring an investment or residential property at the best price.
Follow us on
