Dubai real estate market: February 2024 figures
To infinity and beyond! Another month of very strong growth for the Dubai real estate market, which reached new heights in February 2024. Buoyed by continuing high demand, sales recorded by the Dubai Land Department exceeded all expectations. In this article, you'll find the key figures for the Dubai real estate market in February 2024, as well as our analysis.
Thank you to the Dubai Land Department and DXB Interact for sharing these transparent figures with us.
Article summary
Strong growth in sales
Dubai's real estate market recorded no fewer than 12,025 transactions in February 2024. This represents an increase of +34% on February 2023, which was already a record month. In detail, sales of off-plan properties rose by +29%, while those on the secondary market (ready or old) increased by +40.6%. When we analyse the figures in detail, we see that sales of apartments that pulled the figures upwards. Apartment sales rose by +51.2%. At the same time villa sales fell by -55.3%. This decline is due to a clear lack of supply. The arrival on the market of a new villa community with Damac in March/April 2024 should help to meet the growing supply of this type of property, which is very popular with families.
Total transaction value: reaching new heights
February 2024 was indeed the strongest February in Dubai's history. Property sales reached 36.7 billion dirhams, or around 9.2 billion euros. This represents an increase of +37.7% compared to February 2023. These figures reflect both the increase in numbers and the upward trend in the prices of properties sold over the period.
Off-plan sales VS Secondary market
Off-plan sales accounted for 60% of all transactions recorded in February 2024. Sales on the secondary, or "old", market accounted for 40%. These figures are relatively stable over the last few months.
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Rental prices continue to rise
Rental prices continue to rise sharply in Dubai. Compared with February 2023, rental prices have evolved as follows:
- +20.8% for apartment rentals
- +15.9% for villa rentals
Rising prices are a direct reflection of the persistent delta between supply and demand. Dubai is still largely lacking in quality housing, to meet the demand of the thousands of people who choose to move to Dubai every month, alone or with their families.
The most expensive properties sold in Dubai
Find below the TOP 5 most expensive apartments of February 2024 in Dubai :
- Apartment in Bulgari Lighthouse Dubai, AED 140M ( €35M)
- Apartment in Como Residences, Palm Jumeirah, sold for 96M AED or 24M€.
- Apartment in Orla Infinity By Omniyat, Palm Jumeirah, sold for 73M AED or 18.25M€.
- Apartment at The 118, Downtown, sold for AED 65M or €16.25M
- Apartment in Keturah B2, Al Jadaf, sold for 50M AD or 12.5M€.
Find below the TOP 5 most expensive apartments of February 2024 in Dubai :
- Villa in District One, AED 65M or €16.25M
- Villa in District 11, Ellington Properties, AED 40M or €10M
- Villa Jumeirah Golf Estates, Signature Mansions, 39M AED ( 9.75M€)
- Villa in Tilal Al Ghaf, Plagette 32, 29M AED ( 7.25M€)
- Villa in La Mer, AED 16M, or €4M
Conclusion
Dubai's real estate market continues to move forward. Local and international demand is growing, and developers are adapting with quality real estate developments. With interest rates falling in Dubai, many investors are expected to enter or re-enter the Dubai real estate investment market. The trend is excellent and 2024 looks set to be another great year for the Dubai real estate market.
Guillaume Giroux, Dubai Immo founder and real estate expert, Dubai, UAE
As founder of the Dubai Immo Group and a real estate investor, I bring you daily updates on the Dubai market. My aim is to provide you with all the keys you need to invest wisely and securely, by sharing my in-depth analysis and strategic advice.
