The real estate market in Dubai has shown remarkable stability and increase in the first half of 2024 with the total number of transactions increased by 17. 8% and total value of AED 76. 34 billion said Metropolitan Homes. This rise has come despite some hindrances including the flood that occurred in the month of April, which for a while affected the market. Although, the market improved by the end of May 2024 where 17339 transactions in the residential resale market of Tampa were conducted in a single month, which was the highest in the year.
Once again, apartments remain the most sought-after type of house for resale making 77% of total turnovers in the residential market. The total number of apartment sales also increase from the prior year by 20 per cent and amounted to 21,578 of total value AED 39. 99 billion. The average resale price per sq. ft. increased by almost 7% attaining AED 1,545,from H1 2023. As for villa and townhouses, their sale has also improved in general, where villa resale value has gone up by 22. 6% while townhouses have gone up in value by 37. 4%.
According to Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Homes this was due to Dubai as a global city, a rise in foreign investments, and ever-evolving infrastructural improvements. In the apartments, Jumeirah Village Circle, Dubai Marina and Business Bay topped the list of preferences while Al Furjan, Arabian Ranches 3, DAMAC Hills 2 in villas and town houses.
There was a number of significant transactions in the market: a four-bedroom apartment located in Kempinski Boulevard, Downtown Dubai for AED80 mln as well as the villa situated on the Jumeirah Bay Island for AED 240. 5 mln. Some of the areas that one has to look at are Dubai South and Dubailand since there is ongoing construction that will help in stimulating the market growth in the months to come.
