In Q2 2024, the Dubai real estate market experienced significant growth in both sales volume and value. The total number of property transactions reached 43,261, representing an 18.5% increase from the previous quarter. The total sales value exceeded AED 120 billion, reflecting heightened investor confidence and a positive market environment.
The residential sector saw robust performance with notable transactions in both the off-plan and ready markets. The average price per square foot for apartments rose by 18.1%, while villas saw a 19.1% increase compared to Q1 2024, indicating strong demand for luxury and high-end properties. Key areas such as Downtown Dubai, Dubai Marina, and Palm Jumeirah remained top choices for investors, driving significant sales volumes and values.
The commercial real estate sector also demonstrated positive momentum, with increased transactions for office and retail spaces. Dubai's reputation as a global business hub continued to attract multinational corporations and startups, contributing to sector growth.
Off-plan properties accounted for approximately 65% of total transactions, continuing to attract substantial interest with innovative projects and flexible payment plans. Ready properties also saw strong demand, particularly in established communities offering immediate occupancy and rental returns.
Looking ahead, the Dubai real estate market is poised for continued growth with upcoming events like Expo 2020, ongoing infrastructure developments, and favorable government policies expected to enhance market dynamics. New visa regulations and incentives for foreign investors will also play a crucial role in sustaining this upward trajectory.
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