The Dubai real estate market has experienced impressive growth in terms of value and number of sales over the past six months. Total transactions from January 2024 to June 2024 recorded 344.4 billion dirhams, resulting from 101,920 procedures, with a growth of 35% in value and number.
According to data from the Land and Property Department, the sector’s sales in Dubai during this period achieved 233.2 billion dirhams through 80,230 deals, with a growth of 30% and 32.8% in terms of value and number respectively.
Business Bay led the way in terms of sales volume, with a value of AED 14 billion resulting from 5,727 deals. Jumeirah Village Circle came in second place with AED 9.53 billion resulting from 8,309 deals, while Palm Jumeirah followed closely behind with AED 9 billion through 855 deals. Burj Khalifa sold for an impressive AED 9 billion through an equally impressive number of deals at just under two thousand – that’s how popular it is!
In terms of residential units sold, there were a total of sixty-five thousand properties across Dubai’s diverse neighborhoods – including map properties which accounted for forty-two thousand deals and ready properties which accounted for twenty-two thousand deals; buildings/villas sold for six thousand two hundred ninety-five units; while land sales reached eight thousand six hundred ninety-three units.
Mortgages recorded about ninety billion dirhams resulting from seventeen thousand procedures – showing that more people are investing in property than ever before! Donations reached twenty one billion dirhams through three thousand eighty-nine procedures – highlighting the generosity of the UAE community towards charitable causes.
The second quarter of this year saw transactions worth one hundred seventy nine billion dirhams resulting from fifty four thousand eighty five transactions – a seven percent increase in both value and number compared to the first quarter this year! This trend reflects positive economic indicators and government initiatives aimed at boosting real estate activity in Dubai.