The Dubai property market has experienced a remarkable surge in June 2024, showcasing substantial growth in both sales volume and value. This month has marked new highs, reinforcing Dubai’s reputation as a thriving real estate hub. Below is a detailed analysis of the key statistics and what they signify for the market.
Key Points:- Sale volume for the Dubai property market was 14,370 transactions, up 37% vs. June 2023
- This significant increase in sales volume indicates heightened market activity and growing investor confidence in Dubai’s real estate sector.
- Sales value was AED 46.4 billion, up more than 50% vs. June 2023
- A notable rise in sales value highlights increased investment in higher-value properties, signaling strong demand and economic growth.
- Apartments saw 10,644 transactions, up 29.7% vs. June 2023; villas up 1.5%; commercial up 11.2%; plots up 363.7% vs. June 2023
- The surge in apartment transactions shows sustained interest in urban living, while the dramatic increase in plot transactions suggests a growing trend in land investment and development projects.
- Property prices dropped 6.3% vs. June 2023; villas up 29%; commercial up 20%; plots up 7.7%
- The overall drop in property prices may attract more buyers, while the rise in villa and commercial property prices indicates strong demand in these segments.
- Rental prices for apartments up 22% vs. June 2023; villas up 3.1%; commercial down nearly 40%
- The increase in apartment rental prices reflects high demand for rental properties, whereas the drop in commercial rental prices might indicate a shift towards residential investments.
- Dubai property sales value by category: 43% were apartments; 37% plots; 18% villas; 2% commercial
- Apartments and plots dominate the market, showing a balanced interest in both residential and land investments.
- Top performing areas were Business Bay, JVC, Al Merkadh, Wadi Al Safa 7, Marsa Dubai
- These areas continue to attract buyers due to their strategic locations, amenities, and potential for capital appreciation.
- Property sales volume by price-range June 2024: 30% between AED 1M – 2M; 30% below 1M; 15% between 2M – 3M; 12% between 3M – 5M; 13% above 5M
- The distribution of sales across different price ranges shows a healthy mix of affordability and luxury in the market, catering to diverse buyer segments.
- Month-on-month volume dropped 18% from May 2024, which is normal during the summers, but still the 2nd highest volume of transactions this calendar year
- Despite the seasonal decline, the market remains robust, maintaining high transaction volumes.
- Off-plan was 67% of sales volume vs. ready built
- The preference for off-plan properties indicates investor confidence in the future growth of Dubai’s real estate market.
- June 2024 was the highest sales volume in years for the month of June, year on year since 2020 the volume of sales for June has consistently risen; up 36% since June 2023
- Continuous growth in sales volume over the years underscores the market’s resilience and upward trajectory.
- Sales value was 51% higher than June 2023 and has consistently risen since 2020 year-on-year
- The steady increase in sales value highlights sustained investor interest and market strength.
- Dubai property price change in June over years sees an all-time high for the month of June since June 2014 of AED 1,460 on average across all areas
- Achieving an all-time high average price indicates a thriving market and increasing property values.
- Mortgages account for 3,345 transactions, up 23% since June 2023
- The rise in mortgage transactions reflects increased buyer confidence and accessibility to financing options.
- The best selling projects in June 2024 were Bayz 101 by Danube and Sobha One in off-plan
- These projects have captured the market’s attention, offering attractive investment opportunities and quality developments.
June 2024 has been a landmark month for the Dubai property market, with impressive growth in both sales volume and value. The diverse range of transactions across various property types and price ranges reflects a dynamic and evolving market. As Dubai continues to develop and attract global interest, the real estate sector stands poised for continued success. Investors and buyers can look forward to sustained growth and promising opportunities in the months to come.