Dubai real estate continues to be hot property as investors snap up more than 36,000 homes in first three months of the year

Dubai real estate market
Dubai real estate sector has witnessed sustained interest in both existing and off-plan properties in the first three months of the year, according to Property Finder’s Market Watch digest report for Q1 2024.

Property Finder analysts identified more than 36,000 sales transactions in the first quarter of the year, making it the second highest three-month period on record.

Q1 2024 has opened up to a strong demand for existing projects in Dubai.

Dubai real estate sales booming
The existing/ready market registered almost 19,600 transactions in Q1 2024, increasing its market share to 54 per cent of the total transactions compared to around 15,000 transactions, which contributed 48 per cent of the total transactions in Q1 2023.

By reaching AED78.2bn ($21.3bn), transaction values in Q1 2024 contributed to 68 per cent of the existing sales transaction value, compared to 60 per cent in Q1 2023.

Consequently, the existing/ready transaction value witnessed a significant increase of 46 per cent compared to AED 53.6bn ($14.6bn) in Q1 2023.

Meanwhile, there were around 16,600 off-plan sales transactions compared to 16,000 transactions in Q1 2023, representing 46 per cent of the total transaction volume compared to 52 per cent of the total transactions in Q1 2023.

Consequently, the off-plan transactions recorded a slight increase year-on-year surge of 4 per cent in terms of volume.

Dubai real estate
The off-plan sales transaction value in Q1 2024 reached AED37.4bn ($10.2bn), contributing 32 per cent of the total sales transaction value, recording a 5 per cent increase compared to Q1 2023, when the total sales transaction value was AED35.5bn ($9.7bn), contributing 40 per cent of the total value.

The current market in Dubai offers a fertile ground of opportunities for developers and brokers to leverage their existing expertise and redefine success in 2024.

Data from the Dubai Land Department (DLD) showed a significant surge in total sales transactions in Q1 2024.

The number of transactions recorded was the second highest transaction for the quarter ever recorded, with more than 36,000 transactions compared to 31,000 transactions in Q1 2023, reflecting a substantial increase of 17 per cent.

Dubai real estate sector
Cherif Sleiman, Chief Revenue Officer at Property Finder, said: “2024 has opened up to an interesting and promising phase of growth within our sector.

“As proptech leaders, we can see a more diversified demand and we are positive of the impact this will have in the months to come.

“We look forward to supporting the market by empowering property seekers with all the information they need to make more informed decisions”.

Source: arabianbusiness.com