Dubai Real Estate Transactions Hit Record $34bn in Q2 as Off-Plan Sales Soar 80%
Dubai’s real estate market achieved unprecedented levels in Q2 2024, totaling AED124.4 billion ($33.9 billion) in transactions, as reported by Property Finder’s Market Watch digest. This milestone marks the highest volume and value of transactions ever recorded in Dubai’s history. Compared to Q2 2023, transaction volume surged by 45%, with a total of 43,522 transactions. The transaction value also saw a significant increase of 37% year-on-year.
Surge in Off-Plan Sales
One of the most notable trends was the resurgence of the off-plan market, which nearly matched its peak from 2009. In Q2 2024, there were 26,268 off-plan transactions, a remarkable 80% increase compared to Q2 2023. This segment now constitutes 60.4% of the total transaction volume, indicating strong investor confidence in future developments. Off-plan transaction values soared to AED53.214 billion ($14.5 billion), surpassing the previous peak recorded in Q3 2023 by 12%.
Growth in Ready Property Transactions
Transactions for ready properties also showed robust growth, with nearly 17,254 transactions recorded in Q2 2024, marking a 12% year-on-year increase. The value of these transactions rose significantly by 27% year-on-year, reaching AED71 billion ($19.3 billion), compared to AED56 billion ($15.2 billion) in Q2 2023. Despite this growth, ready properties accounted for 39.6% of the total sales transactions for the quarter, highlighting a growing preference for off-plan investments.
Popular Areas for Ownership
Property Finder’s analysis identified several key areas that continue to attract high demand for property ownership in Dubai:
- Dubai Marina: Known for its waterfront living and vibrant lifestyle.
- Downtown Dubai: Home to iconic landmarks like the Burj Khalifa and Dubai Mall.
- Jumeirah Village Circle: A family-friendly community with affordable housing options.
- Business Bay: Dubai’s central business district offering luxury apartments and office spaces.
- Palm Jumeirah: An exclusive man-made island renowned for luxury living and waterfront views.
Industry Insights and Future Trends
Cherif Sleiman, Chief Revenue Officer at Property Finder, highlighted the diversity of investment opportunities available in the UAE’s real estate market. He emphasized that both ready properties in Abu Dhabi and long-term off-plan investments in Dubai continue to attract investors across different segments. Sleiman credited the Dubai Land Department (DLD) for its role in maintaining market transparency and bolstering investor confidence through regulatory measures.
“Our quarterly findings underscore the broad range of options available to home seekers in the UAE, catering to diverse buyer preferences and investment strategies. These trends reflect the collaborative efforts of regulators and private stakeholders to uphold market transparency,” Sleiman commented.
He also stressed the importance of reliable data and informed decision-making in navigating the market. Property Finder remains committed to providing comprehensive data tools and features to enhance industry transparency and support informed investment decisions. This commitment further reinforces the UAE’s reputation as a leading global destination for real estate investors seeking lucrative opportunities and sustainable growth.
Reference: Arabian News
