Dubai real estate transactions crossed AED2.8bn on Thursday

This comes as the emirate’s property market continues to attract record investment.

The most expensive residential property sold on July 4 was worth AED43.5 million for an off-plan flat in the Burj Khalifa area, according to DLD data.

Dubai saw record activity in Q2 this year with more than 35,300 transactions, a recent report found. Additionally, transaction volume surged by over 20 percent and the average value of residential real estate in the emirate rose by 20.7 percent.

Based on the report by Primo Capital, Q2 recorded several breakthroughs which impacted the real estate sector.

Q2 2024 saw a faster increase in several categories than its corresponding quarter last year:

• Residential transaction volumes increased by 20.5 percent year-on-year
• Average residential prices in Dubai rose by 20.7 percent year-on-year
• Commercial rents in Dubai surged by 17.1 percent quarter-on-quarter
• Industrial rents in Dubai increased by 14.3 percent year-on-year
• Average retail rents in Abu Dhabi grew by 14.7 percent year-on-year

The residential market of Dubai saw unheard-of levels of activity in the second quarter of 2024, with overall transaction volumes hitting an all-time high of 35,310 transactions – a significant 20.5 percent rise year over year.

The substantial 23.9 percent increase in off-plan property transactions coupled with a noticeable 15.2 percent increase in secondary market transactions were the main drivers behind this surge.

This trend in UAE properties underscores the enduring confidence among prospective buyers and catered strong demand in the industry.

The rising trend of property prices is indicative of a dynamic market sentiment. The average cost of a home in Dubai increased by 20.7 percent year over year, with rises of 20.4 percent and 22.1 percent for flats and villas, respectively.

This acceleration confirms that, despite wider economic shifts, Dubai remains a top destination for real estate investment worldwide.