In July 2024, the Dubai property market performed strongly, with the total value of transactions reaching 61,127,350,506 AED. This represents an increase of 7 % compared with June 2024 and 23 % compared with July 2023. Land transactions accounted for 42.60 % of the total, an increase of approximately 3.8 billion AED compared with the previous month and 11.5 billion AED compared with the previous year.
Market analysis by sector
Off-plan transactions totalled 20,405,655,576 AED, accounting for 33.38 % of the total transaction value. Flats dominated this segment with a value of AED 16,102,314,778 (78.91 %), followed by villas at AED 4,012,858,847 (19.67 %). Flats and hotel rooms, as well as retail premises and offices, contributed 178,217,957 AED (0.87 %) and AED 112,263,994 (0.55 %) respectively. These figures indicate a marked preference for flats and villas in the off-plan segment, reflecting continued demand for these types of properties in developing areas.
Analysis of the secondary market
Transactions involving ready-to-move-in properties totalled 14,683,630,907 AED, representing 24.02 % of the total transaction value. Flats remain the dominant property type, with a value of AED 9,805,573,757 (66.78 %), followed by villas at AED 3,077,766,665 (20.96 %). Flats and hotel rooms totalled AED 506,520,033 (3.45 %), whilst retail and office properties reached AED 1,293,770,451 (8.81 %). These figures demonstrate sustained interest in ready-to-move-in properties, particularly flats and villas.
Conclusion
Market trends in July 2024 point to a healthy and dynamic property sector in Dubai. The off-plan market continues to attract significant investment, particularly in areas such as Dubai Hills and Business Bay, which lead the way in both the number of transactions and their value. The completed property market is also showing substantial activity, with high transaction values in prime locations such as Business Bay, Dubai Marina and Burj Khalifa. Property transactions, totalling over 26 billion AED, highlight the emirate’s ongoing development and expansion. Investors are showing keen interest in both residential and commercial properties, reflecting Dubai’s status as a key global property market.
In conclusion, July 2024 was a strong month for the Dubai property market, with an increase in both the number and value of transactions compared with the previous month and the same period last year. These figures reflect sustained investor confidence and the appeal of Dubai’s diverse property offerings. With development projects continuing and new areas emerging, the market is expected to maintain its upward trajectory, attracting both local and international investors.
