Dubai's property market soars in Q2, driving investor interest
Dubai's property market soars in Q2, driving investor interest
Dubai's real estate market hit new heights in the second quarter of 2024, setting new records for both transaction volumes and values.
The total number of transactions surged to 43,522, marking a 45% increase compared to the same period in 2023, according to official Dubai Land Department (DLD) data published by Property Finder. This was complemented by a 37% rise in transactional values to AED124.4 billion ($33.9 billion).
Second quarter sales volumes surpassed the previous peak recorded in Q1, 2024, by 17%, while the total value exceeded the previous high set in Q4, 2023, by 2%.
Off-plan sales drive market growth
Investor demand for off-plan properties drove the market in Q2, 2024, with 26,268 transactions recorded, up 80% year on year (YoY) and just shy of the record 26,629 sales registered in 2009.
This segment accounted for 60.4% of all sales transactions – a record high. The total value of off-plan sales reached AED53.214 billion, up 12% over the previous peak set in Q3, 2023, and accounting for 57% of the total transaction value reported in Q2, 2024.
Sales of completed properties in Dubai also rose 12% YoY to 17,254, while the value of these transactions surged by 27% YoY to AED71 billion. Despite this growth, the segment accounted for just 39.6% of sales transactions, indicating a stronger investor preference for off-plan properties.
Diversity key to popularity
According to Property Finder, Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah were the most popular precincts for investment.
Cherif Sleiman, Chief Revenue Officer of Property Finder, remarks, “Our quarterly findings spotlight the diversity of [property investment] options available [in the UAE]. We see this across the demand for longer term off-plan investments in Dubai. These trends can be attributed in part to the efforts of regulators such as the DLD, [which] remains committed to working with private players to ensure market transparency. This further contributes to the UAE fast becoming one of the top destinations for investors globally.”