The list of the most attractive areas for those looking to own property in Dubai in recent months included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
The value of off-plan sales in Dubai real estate market Record levels after recording AED 53.214 billion, exceeding the previous peak of AED 47.416 billion in the third quarter of 2023, by 12%.
Dubai real estate market sales recorded record numbers in terms of number and value, with the total number of sales reaching 43,522, an increase of 45% compared to the second quarter of 2023, according to data fromDubai Land Department.
The value of sales also increased by 37% after recording AED 124.4 billion. The number of sales reached its peak, exceeding the previous increase recorded in the first quarter of 2024 by 17%, while the value of sales exceeded the previous peak recorded in the fourth quarter of 2023 by 2%.
Property Finder revealed data included in its brief report on “Market Monitoring” for the second quarter of 2024, which provided indicators and analyses that deserve follow-up and attention from real estate seekers in the country when considering taking knowledge-based investment steps.
Dubai’s off-plan property market in Q2 2024 approached its peak level in 2009, recording 26,268 sales compared to 26,629 transactions in 2009, a difference of just 1%.
Off-plan sales witnessed a remarkable growth year-on-year of 80% in Q2 2024, compared to 14,596 sales in the same period in 2023, representing 60.4% of the total number of sales. This is the first time that off-plan sales have contributed more than 60% of the total number of sales, compared to 51% in Q2 2023. The value of off-plan sales also reached record levels after recording AED 53.214 billion, exceeding the previous peak of AED 47.416 billion in Q3 2023, by 12%. Consequently, off-plan sales contributed 57% of the total value of transactions, an increase of 54% year-on-year compared to Q2 2023.
Dubai real estate witnessed a nearly 12% increase in sales year-on-year, with 17,254 ready property sales. The value of these sales increased by 27% year-on-year, recording AED 71 billion compared to AED 56 billion in Q2 2023. Although the market share of ready properties accounted for only 39.6% of total sales in the quarter, market trends showed a growing appetite for off-plan properties in the city.
New projects
Based on the upcoming projects listed by Property Finder on its portal, buyers are looking to invest in upcoming projects or those that are still in the early stages of construction, with a wide range of options available to them.
The list of the most attractive areas for those looking to own property in recent months included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.
