Apartments remained the dominant property type, with their sales up 41% at 60,836 transactions representing 82% of the total
Sales in Dubai’s residential property market rose substantially in the first half of 2024, “Latest H1 report, data from the Dubai Land Department show the total sales value in H1 reached AED190.4 billion, a significant 38 percent increase compared to the same period in 2023,” the report said, adding sales transactions also grew, rising 36 percent to 74,467.
Real estate market overview
Apartments remained the dominant property type, with their sales up 41 percent at 60,836 transactions representing 82 percent of the total. Villas and townhouses accounted for the remaining 18 percent of deals but 40 percent of overall market value.
The luxury end of the market performed strongly as well. There were 196 property deals above $10 million, reflective of Dubai’s status as a magnet for affluent global citizens – over 72,500 residents in the emirate are now millionaires. Off-plan sales saw a major leap, reaching a record 45,271 transactions worth AED96 billion, a 55 percent rise year-on-year.
To satisfy demand, developers delivered 20,652 new units in the first half – 93 percent more than the same period in 2023. A further 47,792 off-plan properties were launched onto the market. With 50,000 additional people relocating to Dubai in the six month period, demand continues to outstrip supply 2:1. This clear indicator means the upward momentum looks set to continue for the rest of 2024 according to Allsopp & Allsopp.