Property : Property deals in Dubai broke records Now 2024

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Property : Property deals in Dubai broke records Now 2024

By Some Shankar Bandyopadhyay, the market has experienced a notable upturn, with a 59% increase in transactions and a 57% increase in value.

According to figures released on Monday, more than 17,000 real estate transactions totaling Dh55.5 billion were documented in Dubai last month, setting a new record for July 2024.

Property Finder data shows that, in comparison to July 2023, the market continued its upward trend, with a 59% increase in transactions and a 57% increase in value.

ready market saw transactions totaling Dh36 billion, surpassing by 23% the highest peak recorded in June 2024

The industry saw a turning point in July when transaction values reached the highest peak seen earlier in the year, in May.

Ten regions—Al Barsha South Fourth, Business Bay, Maras Dubai, Jebel Ali First, Wadi Al Safa, and Al Thayah Fifth—accounted for 51% of all transactions.

Compared to 6,606 transactions in May 2024—a 27% increase

the current market had the biggest volume and value of transactions ever in July 2024, reaching 8,400 transactions.

The ready market saw transactions totaling Dh36 billion, surpassing by 23% the highest peak recorded in June 2024 in terms of value.

With over 9,300 transactions, the off-plan sector had a YoY increase in volume of about 77%.

Comparing the value of these transactions in May 2023 to Dh12.6 billion, there was a significant YoY rise of 54%, or almost Dh19.4 billion.

Ownership Perspectives
Of those who expressed interest in buying a property, 59% were seeking for an apartment, and 41% were looking for villas or townhouses.

Thirty-six percent of investors indicated a preference for studios, thirty-six percent for two-bedroom flats, and thirty-six percent for one-bedroom units.

39.8% of those looking for villas or townhouses were looking for apartments with three bedrooms, and 44.9% were looking for alternatives with four bedrooms or more.