The Dubai real estate market in 2024 has shown remarkable growth and resilience reflecting robust activity across various segments. In Q2 2024, Dubai recorded a substantial sales volume of 43,261 transactions marking a significant 18.5% increase quarter-on-quarter and a notable 43.8% rise compared to Q2 2023. This surge underscores strong demand and investor confidence in Dubai's property market.

The total sales value surged to AED 124.1 billion showing a strong 14.3% increase from the previous quarter and an impressive 37.3% increase compared to the same period last year. According to the Dubai Land Department, the median price per square foot in 2024 stands at AED 1,514 reflecting a quarter-on-quarter increase of 1.1%.

The apartment segment led the market with 33,928 units sold demonstrating an 18.1% increase quarter-on-quarter and a substantial 46.5% rise year-on-year compared to Q2 2023. Villas followed with 4,658 units sold showing a 19.1% increase compared to the previous quarter and a 14.4% rise compared to the previous year. Commercial properties and plots also saw significant activity with 1,109 commercial units and 3,566 plots sold marking increases of 14.7% and 23.5% respectively from the previous quarter.

Sales Value Breakdown:

- Apartments sold for AED 62.9 billion highlighting their significant impact on total value.

- Villas added AED 23.6 billion underscoring their large market share.

- Commercial properties brought in AED 2.3 billion emphasizing their importance in Dubai's real estate market.

- Plots contributed AED 35.3 billion driving the market's overall value.

Property Price Trends:

In Q2 2024, property prices in Dubai showed strong growth:

- Apartments averaged AED 1.3 million up 9.4% from last year and 41.4% higher than in 2014.

- Villas averaged AED 3.4 million seeing a significant increase of 43.3% from 2023 and up 15.5% since 2014.

- Plots were higher at AED 4.6 million showing a substantial jump of 67.2% from last year and up 57.4% since 2014.

Price per Square Foot:

- Apartments: Average price per square foot was AED 1,814 with a 12.6% increase compared to 2023 and a significant 39.4% rise since 2014.

- Villas: Average price per square foot was AED 1,435 showing a 21.1% increase compared to 2023 and a notable 76.4% rise since 2014.

- Plots: Average price per square foot was AED 1,298 indicating a substantial 260.7% increase compared to 2023 and an impressive 281.3% rise since 2014.

Off-Plan Sales Transactions Q2 2024:

In Q 2 2024, Dubai's off-plan real estate market came remarkably close to its peak in 2009 recording 26,268 transactions just 1% below the historical high of 26,629. This shows the market's strength and potential to exceed previous highs this year. The off-plan sector saw an 80% increase compared to last year with 14,596 transactions making up more than 60 % of all transactions for the first time up from 51% last year. The total value of off-plan deals reached a record AED 53,214 billion 12% higher than the previous peak making up 57% of all transaction values-a 54% increase from last year.

Existing/Ready Sales Transactions Q2 2024

The existing/ready market saw a notable increase in transaction volume reaching 17,254 transactions in Q2 2024 expanding its market share to 40% of total transactions up from 51% in Q2 2023. This segment showed healthy volume growth of 11.6% compared to the previous year. In terms of value, existing/ready transactions amounted to AED 71.190 billion in Q2 2024 contributing 57% to the total existing sales transaction value, slightly down from 62% in Q2 2023 but still marking a significant 27% increase from Q2 2023's AED 56.096 billion.

Mortgage Activity

Mortgage transactions totaled 8,989 reflecting a 6.8% increase compared to Q2 2023. The total mortgage value amounted to AED 44.3 billion representing a significant 34.8% quarterly increase underscoring the accessibility and financial health of the market.