The Dubai real estate market has experienced remarkable growth in both value and number of sales, with total transactions worth 344.4 billion dirhams ($98.1 billion) in the first six months of 2024, according to data from the emirate’s Land and Property Department. This represents a significant increase of 35% compared to the same period last year.
The sector’s sales have achieved 233.2 billion dirhams ($64.7 billion) through 80,230 deals, with a growth rate of 30% and 32.8% in terms of value and number respectively. The top areas in terms of sales volume include Business Bay, Jumeirah Village Circle, Palm Jumeirah, Burj Khalifa, Dubai Islands, Dubai Hills, Zabeel First and Dubai Marina.
In terms of residential units sold, the map properties accounted for the largest share with 65,250 deals, while ready properties accounted for 57,189 deals. Buildings/villas recorded 6791 sales with 4918 map deals and 1873 ready property deals. As for land sales, the number reached 8693 deals.
Mortgages recorded about 90.4 billion dirhams ($25 million), resulting from approximately 1780 procedures during the same period. In terms of donations they approached AED $21 billion ($5.8 million), resulting from approximately AED $3890 procedures in the second quarter alone; which is an increase of over $7%. The second quarter also achieved transactions worth AED $179 billion ($49 million), representing a growth rate of over AED $7% compared to the first quarter of this year; which is an increase of over AED $20%.
Overall, this growth can be attributed to various factors such as evolving regulations in the sector and online transactions boom that has contributed significantly to its growth over the past few years