Real Estate Market Report Allsopp Now 2024
Summertime slowdown never occurs! July saw continued growth in Dubai’s real estate sector, continuing the H1 2024 triumph
- Riding on the positive trend we have seen so far this year, sales activity continued to grow in July, with total sales volume of 14,774 (up 46% from the previous year) according to data from the Dubai Land Department.
- In a similar vein, sales value increased by 22% year over year to exceed AED 39.2 billion.
- Following a remarkable surge in foreign investment and tourism, Dubai welcomed over 9.31 million visitors in the first half of 2024, indicating the expansion of the market.
- Off-plan sales, which accounted for 61% of transactions, remained the main attraction.
- In addition, 2,994 units were completed in July, a 79% increase over the same month the previous year.
- In July, 8984 extra off-plan apartments were sold, representing a whopping 80% rise in sales over July 2023! To now in 2024, off-plan sales have led the market in every month, demonstrating this outstanding performance.
In the off-plan market, the top five communities with the most launches were Dubai Residence Complex (1195), Dubai Hills Estate (682), Jumeirah Village Circle (671), Ras Al Khor (533), and Downtown Dubai (453), following the success of the H1 2024.
Comparing July 2023 to the present, Allsopp & Allsopp’s sales transaction volume increased by 9%, reflecting the general market boom. Our group saw a remarkable 200% rise in off-plan sales volume year over year.
In July, our lettings team saw a 19% increase in transactions and a 43% year-over-year increase in lettings viewings. There was also an increase in new real estate listings, up 23% month over month.
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