In the first half of 2024, Dubai’s residential resale market grew significantly, according to a recent Metropolitan Homes survey.
The ‘H1 2024 Residential Resale Market Review 2024’ revealed that transaction volumes increased 17.8% year-over-year to 27,949, while transaction values rose 23.1% to AED76.34 billion.
The market soon recovered despite the extraordinary floods that occurred in April, and in May 2024, 17,139 residential resale transactions were registered, the most significant monthly total ever.
Apartment demand dominates Dubai’s residential resale market
Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Homes, said: “Dubai’s real estate market has shown remarkable strength and growth in the first half of 2024. During this period, the record-breaking sales volume and price increases demonstrate Dubai’s thriving economy and its continued appeal as a global real estate destination.
“As Dubai continues to benefit from its global standing as an attractive international city, we are confident about the future growth of the real estate market, driven by factors such as increasing foreign investment, infrastructure development and the city’s ongoing efforts to attract talent and businesses.”
The average residential resale price per square foot rose to AED1,545, a nearly 7% increase compared to H1 2023.
Apartments remain the most popular residential option, accounting for 77% of all resale transactions. Apartment sales totalled 21,578 units, a 20% increase from the previous year, with a total value of AED39.99 billion.
Villa and townhouse demand has also surged. Villa resale values increased by 22.6% to AED24.60 billion, with 2,378 transactions. Townhouse resales saw a 37.4% increase to AED11.74 billion from 3,993 transactions.
Increased demand for specific areas
The report highlights the top apartment sale, a 4-bedroom unit in Downtown Dubai’s Kempinski Boulevard, sold for AED80,000,000.
At AED 240,500,000, the list’s highest-priced villa was in Jumeirah Bay Island.
The most popular neighborhoods for apartments were Jumeirah Village Circle (JVC), Dubai Marina, and Business Bay; the most popular neighborhoods for villas and townhouses were Al Furjan, Arabian Ranches 3, and DAMAC Hills 2.
Top 3 Apartment sales
- A Four-bedroom apartment in Downtown Dubai’s Kempinski Boulevard sold for AED 80,000,000
- A Four-bedroom apartment in Dubai Water Canal’s The Four Seasons sold for AED 72,000,000
- A Six-bedroom apartment in Downtown Dubai’s The 118 sold for AED 65,000,000
Top searched areas (apartments)
- Jumeirah Village Circle (JVC)
- Dubai Marina
- Business Bay
- Downtown Dubai
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Top 3 Villa sales
- Jumeirah Bay Island AED 240,500,000
- Jumeirah Bay Island AED 160,000,000
- Jumeirah Bay Island AED 155,000,000
Top 3 Townhouse sales
- Umm Suqeim, Umm Suqeim 2 AED 34,000,000
- Jumeirah Bay Island, Villa Almalfi AED 31,000,000
- Jumeirah Village Circle, JVC District 16 AED 25,000,000
Top searched areas (Villas and Townhouses)
- Al Furjan
- Arabian Ranches 3
- DAMAC Hills 2
- Dubai Hills Estate
With more additional investments and developments prepared for the rest of the year and further, Metropolitan Homes recognised Dubai South (EMAAR South, Expo City, etc.) and Dubailand (The Valley by EMAAR, The Oasis by EMAAR, etc.) as the important regions to watch.
