Property transactions in June 2024 accounted for 48.07 % of total transactions. The overall market saw a decline of approximately 4.7 billion AED from May 2024 to June 2024. The total value of property transactions in Dubai for June 2024 stood at 57,301,033,080 AED. This represents a significant increase compared with the previous month (May 2024) and the same month last year (June 2023).
Overview of property transactions
In June 2024, the total value of property transactions in Dubai reached 57,301,033,080 AED, marking a significant increase compared with the previous month and the same month last year. However, despite this year-on-year increase, the market saw a slight decline of around 4.7 billion AED compared with May 2024.
Land transactions accounted for 48.07 % of total transactions, highlighting the continued importance of large-scale development projects and land investments in Dubai.
Market focus at strategic level
Total value: 16,720,457,471 AED
- Flats: 13,480,711,422 AED (80,62%)
- Villas: 3,013,215,170 AED (18,02%)
- Flats and hotel rooms: 146,308,711 AED (0.88%)
- Retail and Office Space: 80,222,167 AED (0.68%)
Off-plan transactions in June 2024 totalled 16,720,457,471 AED, accounting for 29.18 % of the total transaction value. This segment comprised various types of properties, dominated mainly by flats, which contributed AED 13,480,711,422, representing 80.62 % of the total value of off-plan transactions. Villas followed with AED 3,013,215,170, or 18.02 %. Flats and hotel rooms, as well as shops and offices, contributed AED 146,308,711 (0.88 %) and AED 80,222,167 (0.48 %) respectively.
These figures show continued strong demand for off-plan properties, particularly flats, which remain a popular choice amongst investors. The most traded off-plan developments in June 2024 included Ras Al Khor, Business Bay, Dubai Hills, Jumeirah Village Circle, Meydan One, Wadi Al Safa 5, Al Yufrah 1, Dubai Marina, Hadaeq Sheikh MBR and Madinat Dubai Almey.
Top 10 districts by transaction value: (AED million)
Top 10 by number of transactions:
Focus on the secondary market
Total value: 13,038,833,132 AED
- Flats: 8,388,467,463 AED (64,33%)
- Villas: 2,111,700,811 AED (16,20%)
- Flats and hotel rooms: 1,789,649,286 AED (13,73%)
- Retail and Office Space: 751,925,512 AED (5,77%)
Transactions involving off-plan properties reached a value of 13,038,833,132 AED in June 2024, accounting for 22.75 % of total transactions. Flats once again dominated this segment with AED 8,388,467,463, accounting for 64.33 % of the total value of completed transactions.
Villas accounted for 2,111,700,811 AED (16.20 %), followed by flats and hotel rooms with 1,789,649,286 AED (13.73 %) and shops and offices with AED 751,925,512 (5.77 %). These figures indicate sustained interest in ready-to-move-in properties, particularly flats, which continue to attract strong demand.
Top 10 districts by transaction value: (AED million)
Top 10 by number of transactions:
Conclusion:
The Dubai property market in June 2024 is characterised by a dynamic and vibrant environment, with significant investment across various property types. Although there has been a slight month-on-month decline compared with May 2024, the market as a whole remains strong, driven by substantial growth in off-plan and land transactions.
The year-on-year comparison highlights a significant increase, reflecting the market’s upward trend and investor confidence in Dubai’s property sector. These trends show that Dubai continues to be a prime destination for property investment, attracting buyers and investors from around the world.
