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Dubai United Arab Emirates
Dubai recorded the highest volume and value of transactions ever in the second quarter (Q2), with the total number hitting 43,522, an increase by 45% compared to Q2 2023.
The value of transactions increased by 37%, totalling AED124.4 billion ($33.9 billion), according to Property Finder, Mena’s leading property portal. Market volume peaked, surpassing the previous high achieved in Q1 2024 by 17%, while transaction values exceeded the previous peak recorded in Q4 2023 by 2%. On the other hand, Abu Dhabi saw over 2,489 transactions with values reaching almost AED6.7 billion.
In Abu Dhabi, existing properties have shown a YoY increase of approximately 41% in volume with around 1,166 transactions in Q2 2024. The value of these transactions increased by 42% YoY, touching AED3.8 billion, compared to AED2.7 billion in Q2 2023.
Existing properties contributed to 57% of the total sales transactions value compared to 33% in Q2 2023, revealing growth in returns and preference for ready properties. On the contrary, Abu Dhabi registered around 1,323 off-plan transactions in Q2 2024, representing 53% of the total transactions. Sales transaction values in Q2 2024 reached AED2.87 billion, contributing to 43% of the total value.
Off-plan properties with attractive benefits
In Q2 2024, the off-plan market in Dubai nearly reached its 2009 peak, with 26,268 transactions compared to 26,629 in 2009, marking a mere 1% difference.
The off-plan sector experienced a remarkable YoY growth of 80% in Q2 2024, compared with 14,596 transactions recorded in Q2 2023. This represents 60.4% of the total transaction volume. This was the first time that off-plan transactions contributed to more than 60% of the total transaction volume, up from 51% in Q2 2023.
Additionally, off-plan value transactions reached a record high of AED53,214 billion, exceeding the previous peak of 47,416 billion in Q3 2023 by 12%. Consequently, off-plan transactions accounted for 57% of the total transaction value, reflecting a 54% year-on-year increase compared to Q2 2023.
A YoY increase of approximately 12% in volume, with nearly 17,254 ready property transactions was seen in Dubai. The value of these transactions surged by 27% year-on-year, reaching AED71 billion compared to AED56 billion in Q2 2023. Although, the market share of existing properties accounted for only 39.6% of the total sales transactions for the quarter, showing a growing inclination towards off-plan properties in the city.
New projects to look out for
According to Property Finder’s new projects overview, buyers looking to invest in upcoming builds, or those in early stages - have a wealth of options available to them. In tandem, the Data Guru research tool offers insights on communities and localities, providing a contextual deep dive, and supporting the decision making process. Popular areas for ownership cited in part months include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay and Palm Jumeirah.
“Our quarterly findings spotlight the diversity of options available to home seekers in the UAE, with attractive investment opportunities catering to a breadth of buyers, irrespective of affluence, locality preference, maturity within the market and required facilities.
“We see this across the demand for more ready properties in Abu Dhabi, as well as longer term off-plan investments in Dubai. These trends can be attributed in part to the efforts of regulators such as the DLD, who remain committed to working with private players to ensure market transparency. This further contributes to the UAE fast becoming one of the top destinations for investors globally, cited by our recently launched white paper.
“While the volume of options is evident, reliable sources, relevant data and a sound understanding of market trends are needed to ensure buyers are making the right choice. In this vein and being the region’s leading proptech enabler, we continue to provide a host of comprehensive data tools and features to further grow industry trust and transparency,” said Cherif Sleiman, Chief Revenue Officer, Property Finder.
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