In June 2024, the Dubai real estate market experienced significant growth with a total of 14,370 property sales transactions. This marked a 37.4% increase compared to June of the previous year showcasing the market's robust and consistent upward trend. According to the Dubai Land Department, property prices also saw a notable rise reaching AED 1,460 per square foot which represents a 35.8% increase from June 2023 and a year-on-year (YoY) change of 4.1%.

Various property types demonstrated differing levels of growth throughout the month. Apartments emerged as the most popular category with 10,644 transactions, a 29.7% increase from June 2023. Villas followed with 1,615 transactions reflecting a modest rise of 1.5%. Commercial properties recorded 298 transactions growing by 11.2%. Plot sales exhibited the most remarkable growth with 1,813 transactions marking an impressive 363.7% increase compared to the previous year.

Sales Value

The total sales value for June 2024 reached AED 46.4 billion a substantial 52.3% higher than June 2023. Apartments accounted for AED 20 billions of this total while villas contributed AED 8.5 billion and commercial properties added AED 794.1 million. Plot sales significantly surged contributing AED 17 billion to the overall sales value.

Property Prices

In June 2024, Villas saw a substantial price hike with the average price rising to AED 3.6 million, a 29.1% increase. Commercial properties had an average price of AED 1.4 million up by 20.3% from the previous year. Plots also experienced a price increase with the average price reaching AED 5.5 million representing a 7.7% rise.

Rental Prices

Rental prices in Dubai also showed an upward trend in June 2024. The average rent for an apartment was AED 77,000 per year up by 22.2% compared to June 2023. Villa rentals averaged AED 165,000 per year indicating a 3.1% increase.

Off-Plan vs. Ready Properties

In terms of sales volume, off-plan properties dominated the market accounting for 67% of the transactions while ready properties comprised 33%. In sales value, off-plan properties contributed 68% of the total with ready properties making up the remaining 32%.

Mortgage Transactions

The number of mortgage transactions in June 2024 was 3,345, representing a 23.2% increase from June 2023. The total value of these mortgage transactions was AED 12.1 billion reflecting a 7.8% increase compared to the previous year.