Dubai real estate market figures from April 2024
New record in Dubai! April 2024 was the most prolific April in the history of the Dubai real estate market. Despite a month marked by the traditional end-of-Ramadan vacations, and by historic floods whose images travelled around the world, the market held firm. Dubai Immo, your real estate agency in DubaiOn this page, we present the key figures for the Dubai real estate market in April 2024. Discover also our analysis, as well as the main market trends.
Strong sales growth in Dubai
No fewer than 10,606 sales were recorded by the Dubai Land Department in April 2024 alone. An increase of 32.5% on April 2023. Apartment sales were the fastest-growing category, with an increase of 42.1% over the period, for a total of 8,742 apartments sold. In value terms, total transactions amounted to 30.3 billion dirhams, or around 7.7 billion euros. This represents an increase of 15% compared with April 2023.
Rents continue to rise
Average rents in Dubai continue to rise, much to the chagrin of Dubai residents. The average rent in Dubai has risen by 25% for apartments, 20% for villas and 81.6% for commercial premises. This is the average price of new rental contracts signed in April 2024, versus those signed in April 2023.
Credit sales in Dubai
The number of sales made via bank credit fell sharply in April 2024. In fact, real estate purchases on credit fell by 10%, for a total of 2,180 sales. Credit real estate transactions thus accounted for just 20% of total sales in Dubai in April 2024Vacations and bad weather can certainly explain this significant drop, but we'll be keeping a close eye on this figure over the coming months.
The biggest sales of April 2024
The most expensive apartment sold was at Orla by Omniyat, on the Palm Jumeirah. This penthouse sold for 81 million dirhams, or just over 20 million euros. As for villas, the biggest transaction took place at Emirates Hills. A huge villa overlooking the golf course sold for 148 million dirhams, or over 37 million euros.
April 2024's best-selling projects
Address Residences Zabeel recorded no fewer than 1,088 sales in April alone, for a total of over 900 million euros. 314 units were sold on Sobha Oneand 303 on Binghatti Azure.
Conclusion
Dubai's real estate market is doing very well. Investors are still looking for good opportunities. The announcement of the $35 billion construction project for theAl Maktoum AirportDubai's new airport, should further boost sales in the coming months, particularly in the Dubai South area. Long live Dubai!
