Property Transactions Up 32% Now

Property transactions in Dubai are up 32%, while sales value is up 23%.

Dubai’s residential real estate market is seeing an extraordinary upswing, driven by the post-pandemic worldwide demand for luxury real estate.

The Dubai Land Department recorded an astounding 32,109 transactions in the April–June 2024 period, up 32% from the same period the previous year, according to the most recent data from Square Yards.

AED 63 billion was the total sales value, a strong 23% year-over-year gain.

The market has seen significant sequential advances from January to March 2024, with both the number of transactions and sales value jumping by 17%.

This double-digit growth suggests that the market is continuing to move upward.

A noteworthy development in Dubai’s real estate market is the increase in sales of houses between AED 1-2 million, which currently account for 33% of all sales, up from 27% the previous year.

This change demonstrates the rising demand for residences in the middle range

Furthermore, 41% of all transactions are properties between 500 and 1,000 square feet, which continue to be the most popular size range.

This suggests that consumers have a significant desire for small-scale, high-end living areas.

Together, Jumeirah and Dubaian accounted for 43% of all registered home transactions in the June quarter, setting the bar for residential activity.

Dubaian and The Palm Jumeirah have a combined 32% stake in sales value, while Jumeirah and Sheikh Zayed Road each had a 13% share.

Dubai Islands (Deira Island) and The Palm Jumeirah lead the way in average registered property sales values, coming in at AED 4.78 million and AED 4.38 million, respectively.

With 3,637 registered transactions, Jumeirah Village Circle (JVC) leads the market, followed by Al Merkid with 2,432 transactions, according to locality-level information.

Business Bay tops the list in terms of sales value, with AED 4,475 million worth of houses sold in the quarter.

Significant contributions were also made to the total sales value by Dubai Marina and Zabel.

For the April–June 2024 quarter, Emaar Properties and Shobha Realty maintained their dominant positions in the market in terms of both transaction volume and sales value.

In terms of transactions and sales value, Sabha One in the Ras Al Khor Industrial Area came out on top, closely followed by Emaar’s Address Residences on Sheikh Zayed Road.

With property prices approaching AED 11,500 per square foot, the Bulgari Lighthouse by Meera’s in Jumeirah Bay stands out as Dubai’s most expensive project.

Property Transactions Up 32%

This deal, at an astounding AED 149 million, was the highest of the quarter. At Exome Residential in The Palm Jumeirah, a noteworthy transaction totaling AED 105 million was documented, surpassing AED 100 million.

The property market in Dubai has demonstrated resilience in the face of recent storms and broader global economic worries, as evidenced by the June 2024 quarter.

With no indications of slowing down, the luxury market continues to be a bastion of high demand.

With fewer properties available, the market for upscale real estate is expected to see steady demand and price increases.

Additionally, end users and working professionals moving to Dubai have appealing options thanks to the rise in new projects in peripheral micro-markets at mid-segment price points.

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