Dubai's Q1 2024 Real Estate Market Sees Over 36,000 Sales Transactions - Smart Zones® Luxury Properties

Dubai’s Q1 2024 Real Estate Market Sees Over 36,000 Sales Transactions, Highlighting Demand for Both Existing and Off-Plan Properties.


A recent report by Property Finder’s Market Watch reveals sustained investor interest in Dubai’s real estate market during the first quarter of 2024. Significantly, this period represents the second-highest sales volume on record with over 36,000 transactions, reflecting a 17% increase year-over-year (YoY) compared to Q1 2023.

Q1 2024 witnessed a notable shift towards existing properties. The ready market saw a 30% transaction volume growth YoY, reaching nearly 19,600 transactions and capturing 54% of the total market share. This uptick is further bolstered by a 46% increase in the value of existing property transactions, reaching AED 78.2 billion ($21.3 billion).

While the off-plan market witnessed a smaller volume increase of 4% YoY with approximately 16,600 transactions, it retained a significant share (46%) of the overall market. The total value of off-plan transactions also saw a modest increase of 5% YoY, reaching AED 37.4 billion ($10.2 billion).

The robust performance of Dubai’s real estate sector presents a positive outlook for developers and brokers. The influx of diversified buyer demand indicates a fertile ground for continued growth and success in 2024.

Property Finder’s Chief Revenue Officer, Cherif Sleiman, shared a positive outlook on the market’s trajectory. He highlighted the diversification of buyer demand and expressed confidence in the long-term benefits for the sector.

With strong demand across both existing and off-plan properties, Dubai’s real estate market is poised for continued success in 2024. Industry stakeholders can leverage this positive momentum to further solidify Dubai’s position as a leading real estate destination.

   

Publish 5 Apr 2024

Source: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-off-plan-v-ready-property-sales-figures-revealed-36000-sales-transactions-in-q1

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