The Dubai real estate sector set a new peak in property sales, reaching $13.5 billion (AED 49.6 billion) in July 2024, posting a jump of 31.63 percent over the same year-ago period, an industry report said.
Last month also saw 15,994 transactions, a 43.2 percent rise compared to July 2023, the report by Springfield Properties, a premier real estate brokerage said.
The report also showed substantial growth in the off-plan property market during the first half of 2024.
Dubai real estate surge
This surge is indicative of the robust demand and investor confidence in the emirate’s real estate sector, fuelled by strategic developments and favourable economic conditions, Springfield Properties said.
According to the report, the city’s off-plan property market has experienced remarkable growth, with sales transactions reaching AED 103.8 billion in the first half of 2024.
This surge is supported by a thriving rental market, offering investors higher rental yields, the report said.
“The exceptional performance of Dubai’s real estate market in H1 2024 underscores the city’s dynamic growth and resilience,” Farooq Syed, CEO of Springfield Properties, said.
“This surge in off-plan property sales highlights Dubai’s strategic importance as a global investment hub,” he said.
Syed said the combination of innovative developments, supportive government policies, and a robust economic environment has made Dubai an attractive destination for investors worldwide.
“We remain optimistic about the continued growth and opportunities in the second half of the year,” he said.
The report said over the past five years, July property sales in the emirate have risen significantly from $1.2 billion (AED4.4 billion) and 2,300 transactions in 2020 to nearly $13.7 billion (AED50 billion) and 16,000 transactions in 2024.
Key areas for affordable off-plan properties include Dubai Investments Park (DIP), Dubailand, Dubai Residence Complex, and Dubai South. Notably, Verdana 2 in DIP and Reportage Village in Dubai and are popular choices for budget-conscious buyers.
In the mid-tier segment, Jumeirah Village Circle (JVC), Arjan, and Jumeirah Lake Towers (JLT) attract significant interest, while Al Furjan and Arabian Ranches 3 are favoured for villas.
The luxury market is dominated by high-rise projects in Business Bay, Downtown Dubai, and Palm Jumeirah.
“Overall, off-plan sales outpaced ready properties, accounting for 67 percent of the total sales value.
“The strong demand has heightened competition, drawing investors to prime locations for their potential returns and strategic benefits,” the report said.
The city’s real estate market continues to attract high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), driving demand for opulent villas and branded residences.
In H1 2024, the city recorded 196 sales exceeding $10 million, reinforcing its status as a premier destination for luxury real estate.
The off-plan market has been thriving like never before, showing promising signs of growth. With approximately 48,000 new units being launched during H1, demand remains high with the influx of new residents continuing to rise, according to Bayut.
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