In February 2024, the Dubai property market showed remarkable momentum, recording significant growth in terms of both the number of transactions and sale prices. This article provides a detailed analysis of this performance, whilst identifying the most sought-after neighbourhoods and trends in the rental market.
Property transactions in Dubai in February 2024
February 2024 marked a significant milestone in Dubai’s property sector, with a total of 12,025 transactions, representing an increase of 34% compared with February 2023. Sales totalled AED 22.9 billion, representing an impressive increase of 85,1% compared with the previous year.
- Total property transactions: 12,025 sales (+341 Q3)
- Total sales value: AED 22.9 billion (+85.1%)
Analysis by segment: flats, villas, commercial properties and land
Flats
Flat sales continued to rise, reaching a total value of AED 6.2 billion, which represents an increase of 31,8% compared with February 2023.
Villas
Unlike flats, the value of villa sales fell by 26,2%, totalling AED 1.4 billion. This fall may be attributed to market fluctuations or to lower demand for this type of property.
Commercial properties
The commercial segment also showed positive growth, with sales totalling AED 533.2 million, representing an increase of 19,8% compared with the previous year.
Plots of land
The value of land transactions has skyrocketed, reaching AED 14.7 billion, representing a staggering increase of 235,5% compared with February 2023. This exceptional performance highlights a growing interest in property development in Dubai.
- Flats: AED 6.2 billion (+31.81% Q3)
- Villas: AED 1.4 billion (-26.2%)
- Sales: AED 533.2 million (+19.81% Q3)
- Plots: AED 14.7 billion (+235.5%)
Rental market trends in Dubai in February 2024
Flats
Renting a flat in Dubai now costs, on average, 72,500 AED per year, representing an increase of 20,8% compared with February 2023. This increase reflects a continued rise in demand for urban housing.
Villas
The average rental price for villas is 170,000 AED per year, representing an increase of 17,2%. This figure reflects the enduring appeal of larger and often better-equipped homes.
Commercial properties
As for commercial properties, the average rental price remains stable at 70,000 AED per year. This stability could indicate that supply and demand are currently in balance in this segment.
- Flats: 72,500 AED per year (+20.8%)
- Villas: 170,000 AED per year (+17.2%)
- Commercial properties: 70,000 AED per year (unchanged)
The most dynamic neighbourhoods in February 2024
Al Barsha South
With 1,152 transactions Of the completed projects, Al Barsha South stands out as the neighbourhood with the highest number of sales. The total value of these sales amounts to 1.121 billion AED, thereby demonstrating its considerable appeal to buyers and investors.
Madinat Dubai Almelaheyah
This neighbourhood was also among the areas with high sales activity, although the initial data did not provide precise figures on the number of transactions or their values.
Business Bay and Dubai Marina
Business Bay and Dubai Marina continue to be major centres of attraction. However, specific statistics regarding the number of transactions and their value are not detailed here.
Al Merkadh
Finally, Al Merkadh is one of the notable neighbourhoods, although no exact figures have been provided.
- Al Barsha South: 1,152 transactions, 1,121 billion AED
- Madinat Dubai Almelaheyah: no precise data available
- Business Bay and Dubai Marina: details not provided
- Al Merkadh: missing figures
The Dubai property market in February 2024 is showing remarkable strength, characterised by a strong growth in transactions and some sales figures. The segments of the flats and some plots of land are particularly buoyant, whilst the rental sector is also showing signs of considerable vitality. Neighbourhoods such as Al Barsha South are attracting particular attention from investors. These trends point to continued confidence in Dubai’s potential as a global property hub.
