Dubai’s real estate market is experiencing an extraordinary boom in 2024. The numbers from the first half of the year highlight the city’s growing appeal to investors worldwide. Let’s take a closer look at what’s happening.
January – July 2024 Overview
Between January and July 2024, Dubai saw a total of 95,784 property transactions, amounting to 284.36 billion AED (around 79.91 billion USD). This consistent growth shows that Dubai remains a top destination for real estate investment.
Here’s a quick breakdown of the monthly numbers:
•January: 11,278 transactions worth 35.4 billion AED
•February: 12,022 transactions worth 36.68 billion AED
•March: 13,841 transactions worth 37.7 billion AED
•April: 11,701 transactions worth 32.28 billion AED
•May: 17,528 transactions worth 45.7 billion AED
•June: 14,222 transactions worth 45.98 billion AED
•July: 16,491 transactions worth 50.93 billion AED
These figures show steady growth, with July reaching the highest number of transactions and value so far.
Top 10 Areas by Value in July 2024
In July alone, the top 10 areas in Dubai with the highest transaction values were:
1.Dubai Hills: 1,171 transactions worth 3.41 billion AED
2.Palm Jumeirah: 189 transactions worth 3.23 billion AED
3.Business Bay: 1,197 transactions worth 2.83 billion AED
4.Dubai South: 572 transactions worth 2.26 billion AED
5.Palm Deira: 321 transactions worth 1.88 billion AED
6.Jumeirah Village Circle: 1,370 transactions worth 1.71 billion AED
7.Dubai Creek Harbour: 622 transactions worth 1.64 billion AED
8.Nad Al Sheba First: 447 transactions worth 1.54 billion AED
9.Burj Khalifa: 306 transactions worth 1.53 billion AED
10.International Media Production Zone (IMPZ): 99 transactions worth 1.4 billion AED
These areas represent some of the hottest spots for real estate investment in Dubai, catering to a variety of investors from luxury buyers to those seeking strategic investments in developing areas.
Off-Plan vs. Ready Properties in July 2024
In July 2024, Dubai saw 16,491 property transactions split between off-plan and ready properties:
•9,698 off-plan properties were sold, totaling 20.36 billion AED.
•6,793 ready properties were sold, amounting to 30.57 billion AED.
This indicates a strong interest in both future developments (off-plan) and properties that are ready for immediate use, with ready properties seeing a slightly higher transaction value.
Why Now is the Time to Invest in Dubai
These numbers clearly show that Dubai’s real estate market is thriving, offering plenty of opportunities for both local and international investors. Whether you’re interested in luxury properties, commercial spaces, or up-and-coming neighbourhoods, Dubai has something for everyone.
Interested in learning more? Contact us today to explore your investment options and take advantage of this booming market.