According to formations cast on Monday, more than 17,000 real estate transactions totaling Dh55.5 Bn were confirmed in Dubai last month, establishing a new record for July 2024. According to Property Finder data, the market maintained an upward trend, seeing a 59% increase in transactions and a 57% increase in value when compared to July 2023.
Key Areas and Market Segments
The industry saw a turning point in July when transaction values equaled the biggest peak seen this year in May. Ten areas represented 51% of the transactions, including Al Barsha South Fourth, Business Bay, Marsa Dubai, Jebel Ali First, Wadi Al Safa, and Al Thayah Fifth. In July 2024, the current market recorded the most elevated volume and value of transactions ever, connecting 8,400 transactions, corresponding to 6,606 transactions in May 2024, showing a growth of 27%. In words of worth, the ready market registered transactions worth Dh36 billion, striking the most heightened peak recorded in June 2024 by 23%
Off-Plan Market Performance
With 9,300 sales, the off-plan sector saw a YoY increase in volume of over 77%. The value of these transactions experienced a notable increase of 54% YoY, touching approximately Dh19.4 billion, compared to Dh12.6 billion in May 2023.
Ownership Insights
Fifty-nine percent of property seekers with an ownership interest were looking for an apartment, while 41% were searching for villas/townhouses. Thirteen percent of investors were looking for studios, while thirty-six percent preferred two-bedroom apartments. Of the investors, 33.6% were looking for one-bedroom flats. Seekers for villas/townhouses included 39.8% searching for three-bedroom units and 44.9% for four-bedroom or more extensive options. Ownership in Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Palm Jumeirah was highly sought after. Dubai Hills Estate, Al Furjan, Palm Jumeirah, and Akoya by Damac were the areas where the most desired villas/townhouses were owned.
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Conclusion
Dubai’s real estate market has demonstrated remarkable resilience and growth in July 2024, setting new records across various segments. The significant increases in transaction volume and value, particularly in the existing and off-plan markets, underscore the robust demand for property in the emirate. With diverse property types and location preferences, Dubai continues to attract a wide range of investors and homebuyers, reinforcing its position as a dynamic and attractive real estate market.
