Dubai's real estate market is poised for a record-breaking summer with investors expected to spend nearly $33 billion on properties. This surge represents a 15 to 20 percent increase in sales surpassing AED 120 billion ($32.7 billion) compared to AED 102 billion ($27.8 billion) in the same period last year. If current growth estimates hold sales could almost double those of the summer of 2022 which totaled about AED 68 billion ($18.5 billion).

The continued strong performance in Dubai’s real estate sector is buoyed by the emirate’s global prominence. Following a record-breaking year in 2023 with sales exceeding AED 400 billion ($109 billion), projections for 2024 range between AED 450 billion ($122.5 billion) and AED 500 billion ($136.2 billion). The market has already seen substantial growth in the first five months of 2024 with sales reaching AED 186.87 billion ($50.9 billion) up 25.4 percent from AED 148.96 billion ($40.6 billion) during the same period in 2023.

The Dubai Land Department reported a 30.2 percent increase in sales transactions compared to 50,592 in the previous year. May 2024 marked a milestone with the highest monthly sales ever recorded at AED 45.79 billion ($12.5 billion), a 35.3 percent increase from AED 33.84 billion ($9.2 billion) in May 2023 surpassing the previous record set in November 2023 at AED 42 billion ($11.4 billion).

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai emphasized the country's commitment to providing a favorable investment environment. In a recent tweet, he stated, "Many around the world are betting on the UAE with their investments, talents and wealth. We tell them; whoever bets on us, we will bet on them. God willing, we will continue to create the best investment environment in the world."

The UAE saw a remarkable 35% increase in foreign direct investment reaching around AED 112 billion. This surge positioned the UAE as the second-largest destination for new FDI projects globally, just behind the US and the leading country in the Arab world, West Asia, and the Middle East for both inbound and outbound investment.

In May, Dubai’s mortgage market hit a 14-month high making it the second busiest month on record according to data from the Dubai Land Department. This boom is fueled by low interest rates and a significant increase in the city’s population with over 30,000 new expatriates arriving this year alone.

As Dubai gears up for a historic summer, the robust real estate market continues to attract global investors, positioning the emirate as a premier destination for property investment. The combination of a thriving market, strategic governmental policies and an influx of new residents underscores Dubai’s status as a global real estate powerhouse.

This summer, explore Dubai’s vibrant property market with Union Square House Real Estate. We’re here to help you make informed investments in luxury apartments, sustainable developments and more securing your place in Dubai’s prosperous future.