In the second quarter of 2024, Dubai’s real estate market has maintained its vigorous performance, with record-breaking transaction volumes and rising prices across both sales and rental sectors. According to the latest report from DXB Interact, Dubai saw 43,261 property sales volume worth AED 124.1 billion in Q2 2024, representing a 37.3% increase compared to the same period last year.

Apartment and Villas Sales in Q2, 2024

In the second quarter of 2024, apartment sales outpaced villa sales, showing an 18.1% increase compared to the previous quarter and a notable 46.5% rise from Q2 2023. Total apartment sales reached AED 62.9 billion, highlighting the sector's significant financial activity and attractiveness to investors. This data underscores the strong growth and substantial contribution of apartments to Dubai's real estate market this quarter.

On the other hand, villa sales in the same period also experienced strong growth, with 4,658 units sold, marking a significant 19.1% increase compared to the previous quarter and a robust 14.4% rise from Q2 2023. The total sales value for villas reached AED 23.6 billion, reflecting buoyant market sentiment and strong investor confidence in Dubai's property sector. This surge in villa sales indicates sustained demand for upscale residential properties driven by favorable market conditions and compelling investment opportunities.

Commercial Properties and Plots Sales 

The market saw a significant increase in commercial property transactions, with 1,109 units sold, marking a notable 14.7% rise from the previous quarter and a substantial 20.4% increase compared to Q2 2023. The total sales value for commercial properties reached AED 2.3 billion, highlighting strong market activity and the sector's contribution to Dubai's economic vitality.

Simultaneously, the sale of plots designated for commercial development surged, with 3,566 plots sold during the same period. This represented a remarkable 23.5% increase quarter-over-quarter and an impressive 84% surge compared to Q2 2023. The total sales value for commercial plots reached AED 35.3 billion, underscoring robust investor confidence and strategic acquisitions in prime locations across Dubai.

Off-Plan Sales Value

Off-plan sales saw a significant increase, with more than 200 new residential projects started so far this year, adding almost 50,000 units to the market. This shows that developers are confident, and there's steady interest from both end users and investors. In the second quarter, the average price per square foot in the city hit AED 1,380, up 18% from Q2 2023 and 4% from Q1 2024. This shows property prices in the city are stabilizing, which is a positive trend.

Some areas saw big price increases last year. For example, villas on Palm Jumeirah Fronds went up by a huge 75% compared to the previous year. Jumeirah Park also did well, with a 45% increase, and Arabian Ranches saw a 22% rise.

Mortgage Sector

In the mortgage sector, there were 8,989 transactions totaling 44.3 billion in value, marking a 6.8% increase compared to Q2-2023 in terms of several transactions and a substantial 34.8% increase in value during the same period.

Top 5 Performing Areas in the 2nd Quarter 2024

Dubai Property Price Change in the 2nd Quarter Over Years

Property Sales Volume in Q2 Over Years

Property Sales Value in the Q2 Over Years

This is 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 property that perfectly meets your needs and requirements.