Dubai’s real estate sector has witnessed sustained interest in existing and off plan properties in the first three months of the year, according to the Property Finder’s Market Watch digest report for Q1 2024.
Property Finder analysts identified more than 36,000 sales transactions in the year’s first quarter, making it the second-highest three-month period on record.
Q1 2024 has unfolded to a strong demand for present projects in Dubai.
Dubai real estate sales are booming
The existing/prepared market registered nearly 19,600 transactions in Q1 2024, growing its marketplace proportion to 54% of the total transactions compared to round 15,000 transactions, contributing 48% of the overall transactions in Q1 2023.
This overall performance witnessed an exceptional volume increase of 30% in comparison to Q1 2023.
By accomplishing AED78.2bn ($21.3bn), transaction values in Q1 2024 contributed to 68% of the present income transaction value, as compared to 60% in Q1 2023.
Consequently, the existing/equipped transaction cost witnessed an extensive increase of 46% compared to AED 53.6bn ($14.6bn) in Q1 2023.
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Meanwhile, there were around 16,600 off-plan sales transactions in comparison to 16,000 transactions in Q1 2023, representing 46% of the overall transaction volume as compared to 52 percent of the entire transactions in Q1 2023.
Consequently, the off-plan transactions recorded a slight increase year-on-12 months surge of 4 percent in quantity.
The off-plan sales transaction price in Q1 2024 reached AED37.4bn ($10.2bn), contributing 32% of the whole income transaction cost, recording a 5% growth compared to Q1 2023, whilst the whole income transaction price was AED35.5bn ($9.7bn), contributing 40% of the total value.
The contemporary marketplace in Dubai gives a fertile floor of possibilities for developers and brokers to leverage their current know-how and redefine achievement in 2024.
Data from the Dubai Land Department (DLD) confirmed an extensive surge in total sales transactions in Q1 2024.
The number of transactions recorded was the second highest for the quarter ever recorded, with more than 36,000 transactions compared to 31,000 transactions in Q1 2023, reflecting a substantial increase of 17 percent.
Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “2024 has opened up to an exciting and promising phase of growth within our sector.
“As prop-tech leaders, we can see a more diversified demand, and we are positive about the impact this will have in the coming months.
“We look forward to supporting the market by empowering property seekers with all the information they need to make more informed decisions“.
