Dubai’s real estate sector saw record transaction volumes in 2Q 2024, surpassing 35k transactions and marking a 20.5% y-o-y increase, according to Dubai-based real estate firm Primo Capital Experts ’ latest report. The robust growth was attributed to a 24% y-o-y rise in off-plan property transactions and a 15% y-o-y jump in secondary market sales.

Average residential property prices in the emirate jumped 20.7% y-o-y during the April to June period, with villa prices rising 22.1% y-o-y while apartments’ value rose 20.4% y-o-y. The transaction growth, accompanied by the rise in prices, signals that Dubai “remains a top destination for real estate investment worldwide,” according to the real estate firm.

Average prices in Abu Dhabi’s residential sector also grew, with villa prices up 2.3% y-o-y during the quarter, and apartment prices up 4.3%.

OTHER IMPORTANT INDICATORS-

  • Average commercial rents in Dubai climbed 22% y-o-y;
  • Industrial rents rose 14% y-o-y on the back of growing demand for industrial and logistics facilities;
  • Retail rents grew 14.7% y-o-y in Abu Dhabi.

ALSO- Dubai’s property sales volumes were up 30% y-o-y in 1H 2024, according to a press release citing data from Property Monitor and haus & haus. Haus & Haus noted a 71% y-o-y increase in registered buyers during the same period.

May saw record-high sales volumes with a 47.7% m-o-m increase m-o-m and a 45.9% y-o-y rise to some 17k transactions, according to Property Monitor data, mainly attributed due to a spillover effect from April’s storms in Dubai and the Eid al Fitr break.

Developers are ramping up construction, with some 3.3k villas added in 1H, most slated for completion by 2028, alongside investments in expanding key areas like The Oasis, The Heights Country Club and Wellness, and Grand Polo Club & Resort.

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