Dubai real estate market: the impressive figures for Q2 2024
The 2nd quarter of 2024 was the busiest in the history of the Dubai real estate market. Once again, both local and international investors provided massive support for the Dubai real estate market. Dubai Immo, your your French real estate agency in Dubaioffers you a complete analysis of the main indicators of the Dubai real estate market.
Thanks to DXB Interact and the Dubai Land Department for making these data available.
Sharp rise in the number of transactions
With 43,612 sales recorded by the Dubai Land Departmentthe 2nd quarter of 2024 was the strongest 2nd quarter in Dubai's history. This represents a +44% increase on Q2 2023, and a 19.7% increase on Q1 2024. The total value of transactions exceeded 31 billion euros, or more than 124 billion dirhams. Total sales rose by 36.6% compared with the same period last year. Off-plan sales showed the strongest growth, with 72.6% more sales than in Q2 2023.
Top-selling properties in Q2 2024
Apartments accounted for 77% of total real estate sales, with 33,704 sales recorded by the DLD. Apartment sales were up +45% on Q2 2023. The 5,887 villas sold during the period under review represent an increase of +18.7% on last year. Sales of land soared in Q2, with an increase of +154% to 2,891 sales.
Credit purchases still in the minority
In all, only 8,989 investors chose to take out a mortgage. As a result, total purchases on credit represent only 20.6% of total sales. However, this figure is 6.8% up on last year, while the amounts borrowed are up 34.8%.
Record sales for Q2 2024 in Dubai
The most expensive apartment sold in Q2 was a penthouse in the Bulgari Lighthouse. Located on the Jumeirah Bay Islands, this residence, currently under construction, will be one of the most luxurious in Dubai. The price of this apartment: 37 million euros. Note that the most expensive villa sold this quarter was also sold for 37 million euros. Located in Emirates Hills, one of Dubai's most prestigious communities, this villa boasts huge grounds and a breathtaking view of the golf course.
Dubai Immo's analysis
Dubai's real estate market once again performed very well in Q2 2024, in stark contrast to Europe and the USA. Double-digit growth is a real achievement, and demonstrates the strong appeal of Dubai real estate to investors. The economic, fiscal and social environment of the United Arab Emirates continues to attract investors, many of whom have decided to accelerate their investments in the Emirates, and particularly in Dubai. In this quarter alone, we assisted over 200 investors with their acquisitions in Dubai. Many of these transactions were for primary residences. The complicated political context in France, but also in many other countries around the world, is prompting investors to diversify their savings, and Dubai is emerging as an increasingly credible option.
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.
