The “H1 2024 Residential Resale Market Review” highlighted a strong performance in Dubai’s real estate market, with transaction volumes rising by 17.8% year-on-year to 27,949 and transaction values surging by 23.1% to AED 76.34 billion.
Despite the challenges posed by severe flooding in April, the market bounced back quickly, with May 2024 seeing a record-breaking 17,139 residential resale transactions—the highest monthly total ever recorded.
The first half of 2024 has been a testament to the strength of Dubai’s real estate sector. Record-setting transaction volumes and price growth highlight the city’s resilient economy and its sustained appeal as a premier global property destination.
She added that Dubai’s position as a leading international city, coupled with increased foreign investment, infrastructure improvements, and efforts to attract businesses and talent, provides a positive outlook for continued growth in the real estate market.
The average resale price per square foot increased by nearly 7% compared to the first half of 2023, reaching AED 1,545.
Apartments remain the top choice in Dubai’s residential resale market, making up 77% of all transactions. A total of 21,578 apartment units were sold, a 20% increase from last year, amounting to AED 39.99 billion in value.
Villa and Townhouse Markets Also Surge The villa and townhouse segments also saw substantial growth. Villa resale values climbed by 22.6%, totaling AED 24.60 billion across 2,378 transactions. Townhouse resales recorded even greater growth, with a 37.4% increase in value to AED 11.74 billion, driven by 3,993 transactions.
High-Value Transactions in Key Areas The report highlighted some standout sales, including the top apartment transaction—a 4-bedroom unit in Downtown Dubai’s Kempinski Boulevard that sold for AED 80 million.
The highest-priced villa sale was on Jumeirah Bay Island, sold for AED 240.5 million.
Popular neighborhoods for apartment sales included Jumeirah Village Circle (JVC), Dubai Marina, and Business Bay, while Al Furjan, Arabian Ranches 3, and DAMAC Hills 2 led villa and townhouse sales.
Top 3 Apartment Sales
- A 4-bedroom apartment in Kempinski Boulevard, Downtown Dubai: AED 80 million
- A 4-bedroom apartment in The Four Seasons, Dubai Water Canal: AED 72 million
- A 6-bedroom apartment in The 118, Downtown Dubai: AED 65 million
Top Searched Areas for Apartments
- Jumeirah Village Circle (JVC)
- Dubai Marina
- Business Bay
- Downtown Dubai
Top 3 Villa Sales
- Jumeirah Bay Island: AED 240.5 million
- Jumeirah Bay Island: AED 160 million
- Jumeirah Bay Island: AED 155 million
Top 3 Townhouse Sales
- Umm Suqeim 2, Umm Suqeim: AED 34 million
- Villa Almalfi, Jumeirah Bay Island: AED 31 million
- District 16, JVC: AED 25 million
Top Searched Areas for Villas and Townhouses
- Al Furjan
- Arabian Ranches 3
- DAMAC Hills 2
- Dubai Hills Estate
Looking ahead, with additional developments and investments planned, Metropolitan Homes identified Dubai South (EMAAR South, Expo City) and Dubailand (The Valley by EMAAR, The Oasis by EMAAR) as key regions to watch for future growth.
