As H2 2024 comes to an end, the Dubai residential market continues its expansion, with 93,922 residential transactions valued at AED 232 billion during the period. Dubai’s property market has soared to new heights, making 2024 the year of unprecedented growth. This represents a 48% increase in transactions year-over-year (YoY) and a 26% increase quarter-on-quarter (QoQ), highlighting the ongoing growth and significant investor interest in the Emirate.
Key Insights:
- In the first half of 2024, off-plan transactions accounted for 61% of all residential deals. This momentum has only increased in H2 2024, with off-plan purchases making up 65% of overall transactions. This trend underscores the strong investor appetite to capitalise on Dubai’s dynamic population growth story.
- Average selling prices have increased in 19 of the 20 villa/townhouse markets tracked in this report, with an average increase of 19%.
- Average selling prices have also risen in 10 out of the 11 apartment communities tracked, with an average increase of 13%.
- Across the board rental transactions continues to drop with rental values continuing to rise significantly. This trend reflects a growing shift among tenants toward homeownership, provided they have the financial means to make the transition
- In H2 2024, five of Espace’s top ten buyer nationalities originated from Western European countries, securing five of the top six positions in the rankings. Notably, four of these nations rank among the top ten globally for national GDP, underscoring Dubai’s growing reputation as a magnet for global wealth. This trend reflects the sustained post-COVID appeal of Dubai to European buyers, who are drawn by the city’s exceptional lifestyle, safety, and strong returns on capital investment.
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