Dubai continues to be the real estate hot spot as investors snatch up 36,506 total property sale transactions in the first quarter of 2024, making it the second-highest first-quarter sales on record. Q1 2024 sales have opened up to strong demand for the upcoming and existing projects in Dubai.
In Q1 of 2024, Dubai's real estate market experienced a 17.5% increase as compared to 2023 Q1. The total sales value of 2024 Q1 increased 21.9% worth 108.5B AED as compared to Q1 2023. This period demonstrates how fast the Dubai real estate market is growing. The table below shows the property types with their sales value and percentages.
|
Property Type |
Total Units |
Q1 2024 vs. Q1 2023 |
Sales Value |
|
Apartments |
28,739 |
🔺24.7% vs. Q1 2023 |
AED 55.3B |
|
Villas |
3,910 |
🔻- 9.4% vs. Q1 2023 |
AED 20.5B |
|
Commercial |
967 |
🔺9.4% vs. Q1 2023 |
AED 1.9B |
|
Plots |
2,890 |
🔺2.1% vs. Q1 2023 |
AED 30.8B |
Property prices changes
Q1 2024 reports generated by Dubai Land Department and DXB Interact show that off-plan apartments, villas, and ready apartments prices are on an increasing trajectory in 2024 in comparison with plots and ready villas prices.
|
Property Type |
Price |
2024 vs. 2023 |
|
Off-plan apartment |
AED 1.3M |
🔺1.5% |
|
Off-plan villa |
AED 2.9M |
🔺26.4% |
|
Plot |
AED 4.4M |
🔻-25.6% |
|
Ready apartment |
AED 1.1M |
🔺2.9% |
|
Ready villa |
AED 2.8M |
🔻-6.4% |
Top 5 Performing Areas in Dubai Q1 2024
In terms of sales volume, the top 5 performing areas are
-
Jumeirah Village Circle (JVC)
-
Business Bay
-
Madinat Dubai Al Melaheyah
-
Dubai Marina
-
Al Merkadh
|
Rank |
Area |
Sale Volume |
Sale Value |
|
1 |
Jumeirah Village Circle (JVC) |
3774 Transactions |
AED 3.5 B |
|
2 |
Business Bay |
2872 Transactions |
AED 6.1 B |
|
3 |
Madinat Dubai Al Melaheyah |
2101 Transactions |
AED 4.1 B |
|
4 |
Dubai Marina |
1744 Transactions |
AED 6.1 B |
|
5 |
Al Merkadh |
1729 Transactions |
AED 2.4 B |
Property sales volume in the Q1 2024
Number of property sales transactions in Dubai over the years based on the Dubai Land Department
Dubai real estate sales are booming
In Q1 2024 existing/ready market increased its market share to 54% of the total transactions; this performance indicates a substantial volume growth of 30% compared to Q1 2023. Meanwhile, off-plan properties represent 46% of the total transaction volume compared to 52% of the total transactions in Q1 2023.
Off-plan transactions recorded a growth year-on-year surge of 4% in terms of volume.
This is currently the golden opportunity to buy off-plan and ready-to-move properties in Dubai. If you are looking for where to invest or buy property, CIELO is dedicated to guiding you in finding the perfect property that meets your needs and requirements.