The value of real estate sales in Dubai climbed 35.8% y-o-y in 2Q 2024 to AED 123 bn, according to Dubai-based real estate broker Springfield Properties’ latest market overview report (pdf). This came as the total volume of property transactions in the emirate inched up 60.1% y-o-y, with some 48.2k transactions recorded during the quarter.

ICYMI- A Property Finder report, using Dubai Land Department data, estimated a similar — albeit slightly higher — figure for sales, estimating some AED 124.4 bn in sales during the quarter, marking a 37% y-o-y uptick. The report also counted some 43k transactions for the quarter, a 45% y-o-y increase — slightly lower than Springfield Properties' estimate. Primo Capital Experts, on the other hand, logged a lower account of transaction volumes (35k), a 20.5% y-o-y increase.

Off-plan properties accounted for over 26.6k transactions in 2Q 2024 — more than half of the units sold during the quarter — collectively pooling AED 67.8 bn, indicating “strong investor appetite for new developments” in Dubai, according to the report. The secondary market followed closely, seeing some 21.5k units traded at a combined value of AED 55.2 bn.

By neighborhood: Jumeirah Village Circle handed over the most units during the quarter (3.9k), followed by Business Bay (2.6k), Meydan One (1.8k), and Dubai Hills Estate (1.7k). Jumeirah Bay Island had the largest market share, reeling in approximately AED 10.6k for every sqft sold, while Bluewaters Island had the second largest presence in the market, selling units for AED 5.3k per sqft.

Over on the rentals side: Dubai witnessed a 10% y-o-y uptick in rental activity in 2Q 2024, with 211.8k rental transactions logged, hinting at heightened demand for rental properties in the emirate. The total value of transactions dipped 8% y-o-y to AED 17.8 bn, which could indicate either a decline in average rental rates, or a shift in renter preferences, according to the report.

Sustained demand for communities like Bluewaters Island and Jumeirah Islands indicate continued interest in luxury housing among renters, the report said.

Only up from here? The report forecasts a sustained upward trajectory in Dubai’s real estate market, driven by the expansion of Al Maktoum Airport, which is expected to drive property values and attract both residential and commercial investments. The emirate’s shift toward sustainability is also expected to trigger investor interest in the market, as well as the development of high-end and mixed-use communities.

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