As we delve into the first and second quarters of 2024, the Dubai real estate market has demonstrated significant growth and dynamic shifts. Let’s compare the key statistics and trends from Q1 and Q2 2024 to provide a clearer picture of the market's trajectory.

Total Property Sale Transactions

  • Q1 2024: 36,506 transactions (17.5% increase YoY)
  • Q2 2024: 43,612 transactions (19.7% increase QoQ, 44.1% increase YoY)

The total property sale transactions in Q2 2024 saw a notable increase of 19.4% compared to Q1 2024. This uptick suggests heightened market activity and growing buyer interest as the year progresses.

Total Sales Value

  • Q1 2024: AED 108.5 billion (21.9% increase YoY)
  • Q2 2024: AED 124.6 billion (15.1% increase QoQ, 36.6% increase YoY)

The total sales value in Q2 2024 saw a substantial increase of 14.8% compared to Q1 2024, indicating a strong upward trend in property values.

Breakdown by Property Types

  • Apartments
    • Q1 2024: 28,739 transactions; Sales Value: AED 55.3 billion
    • Q2 2024: 33,704 transactions; Sales Value: AED 62.5 billion
    • QoQ Growth: Transactions increased by 17.3%, Sales Value increased by 13%
  • Villas
    • Q1 2024: 3,910 transactions; Sales Value: AED 20.5 billion
    • Q2 2024: 5,887 transactions; Sales Value: AED 27 billion
    • QoQ Growth: Transactions increased by 50.6%, Sales Value increased by 31.7%
  • Commercial Properties
    • Q1 2024: 967 transactions; Sales Value: AED 1.9 billion
    • Q2 2024: 1,130 transactions; Sales Value: AED 2.4 billion
    • QoQ Growth: Transactions increased by 16.9%, Sales Value increased by 26.3%
  • Plots
    • Q1 2024: 2,890 transactions; Sales Value: AED 30.8 billion
    • Q2 2024: 2,891 transactions; Sales Value: AED 32.7 billion
    • QoQ Growth: Transactions remained stable, Sales Value increased by 6.2%

Property Price Changes and Price per Sqft

Q1 2024:

  • 1st Sale apartment: AED 1.3M (+9.2% YoY)
  • 1st Sale plot: AED 3.2M (+22.7% YoY)
  • 1st Sale villa: AED 3.3M (+48.2% YoY)
  • ReSale apartment: AED 1.2M (-4.2% YoY)
  • ReSale plot: AED 4.4M (-12% YoY)
  • ReSale villa: AED 3M (+4.5% YoY)

Price per Sqft:

  • 1st Sale apartment: AED 1,773 (+15.6% YoY)
  • 1st Sale plot: AED 1,441 (+206.6% YoY)
  • 1st Sale villa: AED 1,228 (+6.3% YoY)
  • ReSale apartment: AED 1,426 (+9.7% YoY)
  • ReSale plot: AED 787 (+16.3% YoY)
  • ReSale villa: AED 1,210 (+29% YoY)

Q2 2024: Detailed data on property price changes and price per sqft is still being processed. However, the robust transaction and sales value growth indicate positive price trends.

Top Performing Areas and High-End Market Insights

Q1 2024:

  • Top 5 Most Expensive Apartments Sold:
    • BULGARI Lighthouse Dubai (AED 140M)
    • Casa Canal (AED 140M)
    • Como Residences (AED 96M)
    • ORLA by Omniyat (AED 79M)
    • Orla Infinity by Omniyat (AED 79M)
  • Top 5 Most Expensive Villas Sold:
    • MBR District 1 (AED 146M)
    • Palm Jumeirah (AED 128M)
    • Tilal Al Ghaf (AED 103M)
    • The World (AED 79M)
    • Emirate Living (AED 58M)

Q2 2024: Data on the top-performing areas and high-end market insights is being finalized. However, given the increased sales values, it is likely that high-end properties have continued to perform strongly.

Comparing Q1 and Q2 of 2024 reveals a thriving and rapidly growing real estate market in Dubai. The significant increases in transactions and sales values from Q1 to Q2 indicate strong demand and investor confidence. With continued interest in apartments, villas, commercial properties, and plots, Dubai's real estate market is poised for further growth and development.

For a detailed breakdown and comprehensive analysis, refer to the full Q1 2024 report and the Q2 2024 report.

Stay updated with the latest trends and insights by visiting DXB Interact. Keep an eye on our monthly and quarterly reports to make informed investment decisions in Dubai’s dynamic real estate market.