Dubai’s Residential Property Market Booms in First Half of 2024
The streets of Dubai are buzzing with excitement as residential property sales skyrocket by 33.5 percent in the first half of 2024, reaching a staggering 77,233 transactions. According to Engel & Volkers Middle East, the total sales value hit 227 billion dinars ($61.8 billion), marking a 31 percent increase compared to the same period in 2023.
Breaking Records and Setting New Benchmarks
Dubai’s real estate market shows no signs of slowing down, with key infrastructure projects like the $8 billion drainage system, the $35 billion Al-Maktoum International Airport expansion, and the $5 billion Dubai Metro Blue Line paving the way for continued growth and development.
Optimism and Resilience in the Market
Daniel Hadi, CEO of Engel & Volkers Middle East, praises Dubai’s resilience and strategic investments, stating that the city’s appeal to global investors remains strong. With a growing population and a projected 4 percent economic expansion in 2024, the outlook for the real estate market is optimistic.
Strong Investor Interest and Demand
The off-plan market drives over 60 percent of all transactions, showcasing investor confidence in new developments. Popular communities like Jumeirah Village Circle, Dubai South, and Damac Hills 2 offer affordability, modern amenities, and strategic locations, attracting buyers and investors alike.
Apartment Sales Surge
Apartments lead the growth in transactions, contributing 91 percent of the increase. Their affordability, availability, and high returns make them a top choice for buyers, with Jumeirah Village Circle standing out as the most popular community for both off-plan and secondary transactions.
Growth in the Villa Segment
Despite being relatively small, the villa segment experiences significant growth, with transactions up 52 percent year-on-year. Families seeking spacious homes and buyers looking for prime properties are driving this surge, indicating a diverse demand in Dubai’s real estate market.
Resilience Post-Floods and Luxury Real Estate Thriving
Even after the April floods, Dubai’s real estate market remains resilient, with luxury properties witnessing a 47 percent increase in transactions. The UAE’s expected influx of millionaires in 2024 fuels demand for opulent villas and branded residences, further boosting the luxury segment.