The Dubai property market in H1 2024 delivered one of its strongest half-year performances on record, with total residential resale transactions rising 17.8% year-on-year and secondary market value reaching AED 76.34 billion, according to a report by Metropolitan Homes. The surge came despite a significant disruption: widespread flooding in April briefly stalled activity before the market rebounded sharply — May 2024 alone recorded 17,339 residential resale transactions, the highest monthly total in the year.
Apartments Lead Dubai's Residential Resale Market
Apartments continued to dominate the secondary market, accounting for 77% of all residential resale transactions in H1 2024. Total apartment sales climbed 20% year-on-year to 21,578 units, generating AED 39.99 billion in value. Average resale prices per square foot rose approximately 7% to AED 1,545, up from the same period in 2023.
Jumeirah Village Circle, Dubai Marina, and Business Bay ranked as the top three preferred locations for apartment buyers during the period.
Villas and Townhouses Post Even Stronger Gains
The villa segment outpaced apartments in value growth, with resale values rising 22.6% to AED 24.6 billion across 2,378 transactions. Townhouses saw the sharpest percentage increase of all property types — up 37.4% to AED 11.74 billion from 3,993 transactions. Al Furjan, Arabian Ranches 3, and DAMAC Hills 2 were the most sought-after communities for villa and townhouse buyers.
Expert View: Global City Status Fueling Demand
Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Homes, attributed the market's resilience and growth to Dubai's rising status as a global city, increased foreign investment flows, and sustained infrastructure development. "Dubai's real estate market has shown remarkable strength and growth in the first half of 2024," she said.
Record-Breaking Transactions Set New Benchmarks
The period also produced a number of headline transactions. A four-bedroom apartment in the Kempinski Boulevard development in Downtown Dubai sold for AED 80 million, while a villa on Jumeirah Bay Island changed hands for AED 240.5 million — among the most expensive residential deals recorded in Dubai at the time.
Areas to Watch in the Months Ahead
Looking ahead, Metropolitan Homes highlighted Dubai South and Dubailand as emerging areas to monitor. Ongoing construction activity and planned infrastructure upgrades in both communities are expected to stimulate further market growth through the remainder of 2024 and into 2025.
