Dubai's real estate market recorded a dramatic surge in sales volume during the first half of 2024, driven by robust demand and a growing population. Leading brokerage haus & haus reported that sales volumes were 30% higher year-on-year, with May alone recording a 47.7% month-on-month increase and a 45.9% year-on-year jump, according to Property Monitor data.
Strong Demand Drives Dubai Property Sales in H1 2024
Simon Baker, Managing Director of haus & haus Real Estate, welcomed the sustained growth, forecasting average prices to rise by approximately 7% through 2024. "It is quite encouraging to see volumes in the Dubai market still growing in line with projected population growth," said Baker. "The market seen in the first half of this year has been maturing, with sales values increasing at a slower and healthy pace."
The brokerage also reported a 71% rise in buyer registrations over the same period, reflecting strong investor confidence. The elevated activity in May was partly attributable to transactions deferred from April following the significant flooding, underscoring the market's resilience and its ability to absorb short-term disruptions.
Villa Segment Leads Growth
The villa segment emerged as one of the standout performers in Dubai's real estate market, fuelled by rising demand for larger family homes. Property Monitor confirmed that villa transaction activity climbed in the first half of 2024 compared to the same period in 2023. Developers responded to this appetite by launching an additional 3,323 villas and master community projects, many expected to be delivered by 2028.
Emaar Expands Key Communities to Meet Demand
Major developers, including Emaar, are expanding strategic communities to accommodate rising demand. Emaar's The Oasis and Grand Polo Club & Resort are among the flagship projects drawing significant investor interest, reinforcing positive sentiment across the Dubai property market.
Market fundamentals remain solid, with strong buyer interest expected to persist throughout the remainder of 2024, supporting a stable and maturing sales environment.
