The first quarter of 2024 has marked another milestone for the real estate market in Dubai. With a total number of 36,506 real estate transactions, the market recorded a remarkable increase of 17.5% compared to the same quarter of the previous year. A look at the individual segments reveals interesting developments:
While apartment sales increased by 24.7% year-on-year, reaching a total sales value of an impressive AED 55.3 billion, villas recorded a decline of 9.4% to AED 20.5 billion. Commercial space and land also recorded growth, with land transactions recording a notable increase of 2.1% compared to the previous year.
The price development of the various property types reflects the dynamics of the market. While off-plan apartments and villas continue to gain in attractiveness, finished villas recorded a decline of 6.4% compared to the previous year. Interestingly, plots recorded a massive increase of 74.8% in terms of price per square foot compared to the previous year, indicating increased demand in this segment.
The top 5 areas that recorded the highest transaction volumes in the first quarter of 2024 are Jumeira Village Circle, Business Bay, Madinat Dubai Almelaheyah, Dubai Marina and Al Merkadh. These areas continue to demonstrate their attractiveness for real estate investors in Dubai.
Analysis of price trends over the years shows a continuous upward trend, with the price per square foot reaching a record AED 1,560 in 2024.
In terms of price ranges for property sales in the first quarter of 2024, there is an even distribution, with transactions in the AED 1 to 2 million range accounting for the largest share.
One interesting aspect is the ratio of first-time sales to resales, with first-time sales accounting for 46% of the volume and 48% of the value of total transactions.
The development of the real estate sales volume over the years illustrates the steady growth of the market, with the first quarter of 2024 reaching a new high of 31,700 transactions and a total volume of AED 65.8 billion.
Overall, the first quarter of 2024 reflects continued momentum and attractiveness of the Dubai real estate market, which remains one of the leading investment destinations for investors worldwide.
