According to Property Finder’s Market Watch digest report, the Dubai real estate sector saw a record AED124.4bn ($33.9bn) of transactions in Q2 2024.
According to data from the Dubai Land Department(DLD), Dubai recorded the most increased volume and value of transactions ever, with a total number touching 43,522, indicating an increase of 45% corresponding to Q2 2023.
The worth of transactions increased by 37%, totaling AED 124.4 Billion ($33.9 Billion).
Record-Breaking Performance
Market volume peaked, surpassing the previous high achieved in Q1 2024 by 17%, while transaction values exceeded the peak recorded in Q4 2023 by 2%.
Off-Plan Market Surge
In the second quarter of 2024, the off-plan properties market in Dubai nearly surpassed its 2009 peak, with 26,268 transactions analogized to 26,629 in 2009, marking a mere 1% difference.
The off-plan sector experienced a remarkable YoY growth of 80% in Q2 2024, compared with 14,596 transactions recorded in Q2 2023.
This represents 60.4% of the total transaction volume. This was the 1st time off-plan transactions contributed to more than 60% of the total transaction volume, up from 51% in the second quarter of 2023.
Additionally, off-plan value transactions reached a record high of AED53.214bn ($14.5bn), exceeding the previous peak of AED47.416bn ($13bn) in Q3 2023 by 12%.
Therefore, off-plan transactions accounted for 57% of the total transaction value, deliberating a 54% yoy increase compared to the second quarter of 2023.
Ready Property Market Performance
A YoY increase of approximately 12% in volume, with nearly 17,254 ready property transactions, was seen in Dubai.
The value of these transactions surged by 27% year-on-year, reaching AED71bn ($19.3bn) compared to AED56bn ($15.2bn) in Q2 2023.
The market share of existing properties accounted for 39.6% of the total sales transactions for the quarter, showing a growing inclination towards off-plan properties in the city.
Popular Areas for Ownership
According to Property Finder’s new projects overview, buyers looking to invest in upcoming builds, or those in early stages, have a wealth of available options.
Popular areas for ownership cited in past months include:
Dubai Marina
Downtown Dubai
Jumeirah Village Circle
Business Bay
Palm Jumeirah
Also Read: New UAE joint venture to invest $300m in Pakistan real estate
Expert Insights
Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “Our quarterly findings spotlight the diversity of options available to home seekers in the UAE, with attractive investment opportunities catering to a breadth of buyers, irrespective of affluence, locality preference, maturity within the market and required facilities.
“We see this across the demand for more ready properties in Abu Dhabi and longer-term off-plan investments in Dubai.
“These trends can be attributed partly to the efforts of regulators such as the DLD, who remain committed to working with private players to ensure market transparency.
“This further contributes to the UAE quickly becoming one of the top destinations for investors globally, as cited by our recently launched white paper. While the volume of options is evident, reliable sources, relevant data, and a sound understanding of market trends are needed to ensure buyers make the right choice.
“In this vein and being the region’s leading proptech enabler, we continue to provide comprehensive data tools and features to grow industry trust and transparency further“.
