Real Estate

Dubai Property Market Sees 17.8% Surge in Transactions in H1 2024

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.

Victoria Dickinson

Victoria Dickinson is a seasoned journalist at Dubai.News, specializing in real estate and business news. With over a decade of experience in the industry, Victoria has a keen eye for market trends and an in-depth understanding of the economic factors influencing the real estate sector. Based in Dubai, she provides insightful analysis and comprehensive coverage of the region's dynamic property market, from luxury developments to emerging business hubs. Victoria's background in economics and finance, coupled with her passion for storytelling, allows her to deliver news that is both informative and engaging. Her articles not only inform but also help readers make well-informed decisions in the competitive real estate landscape. Outside of her professional work, Victoria enjoys exploring Dubai’s diverse neighborhoods and attending industry events to stay ahead of the latest developments.

Recent Posts

Top 3 Adrenaline Adventures to Experience in Dubai Right Now

Dubai is where you need to be when you are in pursuit of thrills over…

7 days ago

UAE Holidays 2026: Long Weekends and Public Breaks to Expect

Some of the many long weekends and extended public holidays in the calendar to be…

7 days ago

UAE Celebrates Union Pledge Day on July 18 to Honour National Unity

July 18 is Union Pledge Day in the United Arab Emirates, a semi-official national holiday…

1 week ago

Legacy of the Khans: Ustad Rahat Fateh Ali Khan and Shazman Ali Khan Live in Dubai

The emirate of Dubai will witness a historic musical concert as Ustad Rahat Fateh Ali…

2 weeks ago

Dubai Luxury Property Market Smashes Record with $10 Billion in Sales in H1 2025

According to the recently published report, the luxury real estate market of Dubai recorded the…

2 weeks ago

Emirates Airlines Signs Deal to Accept Cryptocurrency for Payments

Emirates, Dubai-based airline, has entered into a preliminary deal with Crypto.com to launch the payment…

2 weeks ago