TOTAL SALES TRANSACTIONS

Dubai's real estate market recorded a total of 11,608 property sales transactions in April 2024 marking a 45% increase compared to April 2023. This significant growth indicates a strong demand for real estate in Dubai and a healthy market environment. According to the Dubai Land Department property prices have hit AED 1,531 per square foot a 19.8% increase compared to April 2023.

PROPERTY TYPE AND SALES VALUE

Among the property types, apartments saw a notable surge in sales with 9,686 transactions up 57.4% from April 2023 contributing AED 18 billion in sales value. Villas experienced a slight decline with 939 transactions down 3.4% yet still contributing AED 5.1 billion in sales value. Commercial property sales rose by 8.2% with 277 transactions totaling AED 470.4 million while plot sales reached 706 transactions representing a 13.1% increase adding AED 8.4 billion in sales value.

PROPERTY PRICE

The average property prices rose across all segments. Apartments had an average price of AED 1.3 million a 13.7 % increase from April 2023. Villas averaged AED 3.4 million up 25.8% while commercial properties averaged AED 1.2 million marking a 39.9 % increase. Plot prices reached AED 4.1 million on average a 27.6% rise from the previous year.

SALES VALUE

Total sales value in April 2024 was AED 32 billion a significant 21.5 % increase compared to April 2023. Apartments contributed AED 18 billion to the sales value, villas AED 5.1 billion, commercial AED 470.4 million and plots AED 8.4 billion.

RENTAL PRICES

Rental prices also saw considerable growth in April 2024. The average rental price for apartments was AED 74,000 a 23.3% increase from April 2023. Villa rentals averaged AED 170,000 up 21.4% while commercial property rentals reached AED 112,600 showing a massive 81.6% increase from the previous year.

DUBAI PROPERTY SALES VALUE BY CATEGORY

The sales value for apartments led with 56 %, plots accounted for 26 %, villas for 16 % and commercial properties for just 1%. This distribution reflects the dominance of residential real estate in Dubai’s market.

MONTHLY PROPERTY SALES VOLUME

The monthly property sales volume in April 2024 was 11.7k transactions indicating a month-on-month (MoM) increase of 12.63%. In March, the volume was 13.4k transactions with a MoM of 11.38%, while February had 12k transactions with a MoM of 9.3%. January saw a total of 11k transactions.

OFF PLAN VS READY PROPERTIES

Off plan properties dominated sales volume making up 68% of transactions while ready properties accounted for 32%. in terms of sales value off plan properties contributed 65% and ready properties made up 35%.

Disclaimer: The information in this report comes from DXB Interact and the Dubai Land Department. Please verify any discrepancies or inaccuracies independently