In July 2024, Dubai's real estate market posted a notable performance, with the total value of transactions reaching AED 61,127,350,506. This represents an increase of 7% on June 2024 and 23% on July 2023. Land transactions accounted for 42.60% of the total, an increase of around AED 3.8 billion on the previous month and AED 11.5 billion on the previous year.
Market analysis on plan
Off-plan transactions totalled AED 20,405,655,576, representing 33.38% of the total value of transactions. Apartments 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%). Apartments and hotel rooms and retail and office space contributed AED 178,217,957 (0.87%) and AED 112,263,994 (0.55%) respectively. These figures indicate a marked preference for apartments and villas in the off-plan segment, reflecting continued demand for these property types in developing areas.
Secondary market analysis
Ready property transactions reached AED 14,683,630,907, or 24.02% of the total transaction value. Apartments remained predominant with a value of AED 9,805,573,757 (66.78%), followed by villas at AED 3,077,766,665 (20.96%). Apartments and hotel rooms totalled AED 506,520,033 (3.45%), while shops and offices reached AED 1,293,770,451 (8.81%). These figures show sustained interest in ready-to-occupy properties, particularly apartments and villas.
Conclusion
Market dynamics in July 2024 indicate a healthy and dynamic real estate sector in Dubai. The off-plan transaction market continues to attract significant investment, particularly in areas such as Dubai Hills and Business Bay, which lead in both number of transactions and value. The ready market is also showing substantial activity, with high transaction values in prime locations such as Business Bay, Dubai Marina and Burj Khalifa. Land transactions, worth over AED 26 billion, highlight the emirate's ongoing development and expansion. Investors are showing strong interest in both residential and commercial properties, reflecting Dubai's status as a key global real estate market.
In conclusion, July 2024 was a strong month for the Dubai real estate market, with an increase in the number and value of transactions compared to the previous month and the same period last year. These figures reflect continued investor confidence and the appeal of Dubai's diverse real estate offerings. With the continuation of development projects and the emergence of new zones, the market is set to maintain its upward trajectory, attracting both local and international investors.
