As 2024 gets underway, the Dubai property market continues to surprise with its resilience and remarkable performance. In this article, we will analyse the main trends observed in January 2024, including the trading volumes, the total sales figures and the’trends in rental prices.
Volume and value of property transactions
January 2024 was marked by a a significant increase in property transactions in Dubai. Compared with January 2023, there were notable fluctuations in both the total volume of transactions and the value of sales.
Total transactions
- 11,029 sales made (+12.91 TP3T compared with January 2023)
- 6,011 flat sales (+6%)
- 5,018 villa sales (+22,5%)
Total sales value
- Total: AED20 billion (+52,9%)
- Flats: AED 5.5 billion (+15%)
- Villas: AED1.7 billion (-38,6%)
- Retail premises: AED 540.2 million (-4,5%)
- Plots: AED12.3 billion (+227,2%)
Changes in rental prices
The rental prices in Dubai also underwent significant changes during January 2024. The changes vary depending on the type of property.
Flats
- Average rental price: AED70,000 (+25%)
Villas
- Average rental price: AED 170,000 (+13,3%)
Retail spaces
- Average rental price: AED 59,500 (+41,7%)
Neighbourhoods with a high level of property activity
Certain areas of Dubai have attracted more attention than others this month. Here is an overview of the the most vibrant neighbourhoods in terms of property transactions:
Al Barsha South
Number of transactions: high
Sales figures: significant
Business Bay
Number of transactions: important
Sales figures: considerable
Madinat Dubai Almelaheyah
Number of transactions: notable
Sales figures: important
Dubai Marina
Number of transactions: numerous
Sales figures: high
Dubai Hills Estate
Number of transactions: numerous
Sales figures: remarkable
Conclusions
The Dubai property market In January 2024, the market showed sustained strength, driven mainly by a rise in total transactions and some impressive sales figures. Although some segments, such as the villa market, have seen a slight decline, other segments such as the plots of land have shown explosive growth. Furthermore, the rental prices continue to rise, particularly for retail premises, which are seeing the strongest growth.
The investors and tenants will need to continue to navigate this dynamic and complex market with care. If you have any questions about the property market in Dubai, please feel free to read our other articles, which provide detailed analyses of trends and future forecasts.
