Dubai real estate market: January 2024 figures
Dubai's real estate market figures for January 2024 are once again showing very strong growth. In this article, Dubai Immo presents the key figures for the first month of 2024, which is off to a great start. It was the strongest January in Dubai's history.
Thanks to DXB Interact and the Dubai Land Department for making these figures available to us free of charge and in full transparency throughout the year.
Strong sales growth in Dubai
Overall, the number of real estate transactions rose by +12. 9% compared with 2023, which was already the record year. This represents a total of 11,029 sales in January alone. In detail, sales of apartments rose by +18.9%, commercial premises by +1.3%, and land by +267.5%. Sales of villas are down sharply on 2023, with a decline of -56.6%. This is due to a severe lack of supply in this market segment. Over the period, off-plan sales accounted for 60% of the number of transactions, compared with 40% for the secondary market.
Total sales up 24.7%!
The market was very dynamic in January 2024. This was reflected not only in a sharp rise in the number of sales, but also in the total value of sales. The latter reached 34.8 billion dirhams, or around 8.7 billion euros. In percentage terms, the increase is 24.7% compared with January 2023...
How have prices evolved?
The average price of an apartment in Dubai remained stable at AED 1.3M, or €325,000 . Prices for villas rose by +12.7%, to reach an average price of AED 2.9M. The average price of commercial premises is up 53%, at AED 1.2M or €300 ,000. The average price of land is down sharply, by 34%. This is due to the absence of the huge land sales we saw at the same time last year.
Rental prices continue to rise
The average price of a rental apartment in Dubai has reached AED 70,000, or around €17,500 per year. This represents an increase of 25% compared with the average price in January 2023... As a direct consequence of these sharp rent rises, many residents are being forced to move to the outskirts, or even to Sharjah for those on the lowest incomes. The average rental price of a villa rose by +13. 3% to AED 170,000, while that of commercial premises increased by +41.7% to AED 59,500.
