Dubai's real estate market achieved record-breaking sales in 2Q 2024, with a 45% y-o-y increase to over 43k transactions, according to Property Finder’s Market Digest report (pdf), which cites data from Dubai Land Department (DLD). The 43k transactions reeled in AED 124.4 bn for the sector, up 37% y-o-y.

The sector is also seeing q-o-q growth: This robust performance eclipsed the record transaction volumes set in 1Q 2024, which saw the market grow 17% y-o-y in volume and 2% y-o-y in value, according to the real estate platform.

ICYMI- Dubai-based Primo Capital Experts latest report also stated that the sector saw r ecord transaction volumes in 2Q 2024, surpassing 35k transactions, up 20.5% y-o-y on the back of rising demand in off-plan property and a 15% y-o-y jump in secondary market sales.

Dubai’s off-plan market nearly reached its 2009 high in 2Q 2024, surging 80% y-o-y to 26.2k transactions compared to the 26.6k sales of 2009. Off-plan sales accounted for 60.4% of total transactions, compared to 51% in 2Q last year. In terms of value, off-plan transactions drew in AED 53 bn, up 54% y-o-y.

Transactions in existing properties climbed 12% y-o-y to some 17k transactions, with total value increasing 27% y-o-y to AED 71 bn. However, ready properties represented only 39% of total sales, signaling a shift towards off-plan demand.

ABU DHABI-

Property sales down in Abu Dhabi in 2Q: Abu Dhabi’s property sales slumped 19% y-o-y to AED 6.7 bn in 2Q 2024, while total transactions also fell 17.8% y-o-y to 2.5k transactions.

Existing properties > off plan: Ready properties dominated demand, with transactions increasing 41% y-o-y to 1.1k worth AED 3.8 bn, making up 53% of total transactions during the quarter. On the flip side, off-plan sales fell 49% y-o-y in value to AED 2.87 bn on the back of growing demand for move-in ready homes in the emirate.

OTHER REAL ESTATE NEWS-

Dubai’s luxury property prices climbed 7% y-o-y to AED 3.7k per sq-ft across its prime residential neighborhoods, including Palm Jumeirah, Jumeirah Bay Island, Jumeirah Islands, and Emirates Hills, according to recent analysis by consultancy Knight Frank. The emirate saw some 190 homes priced USD 10 mn and above — worth a total of USD 3.2 bn — sold during 1H 2024, cementing its position as the “deepest USD 10+ mn home sales market,” according to the consultancy.

Prime residential real estate supply fell 47% to 2.8k homes over the past year, driven by a robust appetite for luxury properties from international high net worth individuals,

Sales of homes priced above USD 25 mn rose 25% in 2Q 2024 to 15 sales. This growth contrasts with the historical average of fewer than three sales per year between 2015 and 2021.

ICYMI- High net worth individuals are poised to buy USD 4.4 bn worth of luxury residential real estate in Dubai in 2024, the consultancy found in its Destination Dubai report, as international buyer appetite continues to strengthen and developers launch projects to keep up with demand.

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