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    Dubai real estate: Property market shows continued growth in June, says report

    Posted by main.admin on July 16, 2024
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    Dubai’s real estate sector continued its growth trajectory in June, according to the latest report from Engel & Völkers Middle East. The residential market recorded 13,436 sales transactions, marking a 43.4 percent increase compared to the same period last year. This growth was led by the primary market, which saw a 61.2 percent surge in transactions, while the secondary market experienced a 23.8 percent rise.

    Popular Property Types and Price Ranges

    One-bedroom flats emerged as the most popular choice, accounting for over 30 percent of transactions. More than half of all sales were priced between AED 750,000 and AED 1.5 million.

    Top Communities by Sales Transactions

    The top five communities by sales transactions were:

    • Arabian Ranches
    • Business Bay
    • Damac Hills
    • Downtown Dubai
    • Dubai Hills Estate

    Resilience of Dubai Real Estate

    “Our June report underscores the dynamic and resilient nature of Dubai’s real estate market; the ongoing growth in both residential and commercial sectors reflects the city’s strong economic fundamentals and its attractiveness to global investors. We remain optimistic about the market’s potential and look forward to continued success in the coming months,” said Daniel Hadi, CEO at Engel & Völkers Middle East.

    Commercial Sector Insights

    In the commercial sector, sales transactions declined by 15 percent year-on-year, primarily due to a significant reduction in hotel apartment transactions. However, excluding hotel apartment transactions, there was a 17 percent increase. The total value of commercial sales reached AED 7.49 billion, reflecting a 31 percent year-on-year increase.

    Office Space Demand

    Office space demand remained high, with transactions increasing by 19 percent year-on-year. The average price per square foot for office space rose by nearly 20 percent.

    Rental Market Trends

    Despite a reduction of 3,355 rental transactions, rental prices showed increases across key segments:

    • Office rents increased by 20 percent year-on-year.
    • Retail rents rose by 11 percent.
    • Warehouse rents saw an almost 19 percent increase.

    Top Communities for Office and Retail Transactions

    The top five communities by sales transactions for offices were:

    • Deira
    • Dubai Investments Park (DIP)
    • Business Bay
    • Dubai Industrial City
    • Business Bay (listed twice, possibly a mistake; please confirm)

    For retail sales transactions, the highest activity was recorded in:

    • Deira
    • Bur Dubai
    • International City
    • Jumeirah Lakes Towers (JLT)
    • Jumeirah Village Circle (JVC)

    Reference: Arabian Business

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