The land department registered a staggering 32,109 transactions in the April-June 2024 period, marking a 32% increase.
DUBAI, Aug 6 (The CONNECT) – Dubai’s residential market is on an upward trajectory, fuelled by the global surge in demand for luxury real estate post-pandemic. The Dubai Land Department registered a staggering 32,109 transactions in the April-June 2024 period, marking a 32% increase compared to the same period last year. The total sales value reached AED 63 billion, reflecting a robust 23% growth year-on-year.
According to the latest data from Square Yards, the growth is not just annual; the market has shown impressive sequential gains from January-March 2024, with the number of transactions and sales value rising by 17% each. This double-digit growth indicates a sustained upward momentum in the market.
Dubai Residential Real Estate Summary – Q2 2024 (April–June) | |||||
Q2 2023 | Q1 2024 | Q2 2024 | YoY | QoQ | |
Registered Residential Transactions
(No. of units) |
24,285 | 27,484 | 32,109 | 32% | 17% |
Registered Home Sales Value (GTV)
(AED billion) |
52 | 54 | 63 | 23% | 17% |
Average Registered Home Sales Value
(AED million) |
2.14 | 1.96 | 1.96 | -8% | 0% |
*Includes both primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
A notable trend in Dubai’s real estate market is the surge in transactions for properties priced between AED 1–2 million, now comprising 33% of total transactions, up from 27% last year. This shift highlights the growing demand for mid-range properties. Additionally, properties within the 500–1,000 sq.ft. range continue to dominate, representing 41% of all transactions. This indicates a strong preference for compact yet premium living spaces among buyers.
Dubai – Area-wise Transactions
Q2 2024 vs Q2 2023 (April–June) |
Dubai – Budget-wise Transactions
Q2 2024 vs Q2 2023 (April–June) |
|||||
Area (in sq.ft.) | Q2 2023 | Q2 2024 | Budget | Q2 2023 | Q2 2024 | |
Below 500 sq.ft. | 15% | 18% | Below AED 1 million | 38% | 34% | |
500–1000 sq.ft. | 40% | 41% | AED 1–2 million | 27% | 33% | |
1000–1500 sq.ft. | 21% | 22% | AED 2–3 million | 16% | 17% | |
1500–3000 sq.ft. | 20% | 15% | AED 3–5 million | 13% | 12% | |
Above 3000 sq.ft. | 4% | 4% | Above AED 5 million | 6% | 4% |
*Includes both primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
Rabiah Shaikh, Chief Business Officer & Principal Partner – Global Markets, Square Yards said, “Dubai’s property markets continue to thrive despite global uncertainties and the unfortunate floods in April. The swift government intervention and developers’ efforts to provide free repairs for affected properties have reinforced market resilience and stability. Our data shows that both registered transactions and sales values are growing steadily in healthy double digits as Dubai maintains a stronghold as a premier global luxury destination. Ultra-High-Net-Worth Individuals (UHNIs) and High-Net-Worth Individuals (HNWIs) continue to invest in luxury projects for both investment and personal use in popular central areas. The surge in demand combined with limited availability in these prime locations has significantly pushed up property prices.”
“Beyond the ultra-wealthy, initiatives like the extension Golden Visa are drawing many professionals to Dubai. The steady increase in relatively affordable projects across peripheral micro-markets provides a variety of options for these individuals, offering a more cost-effective alternative to the significantly more expensive central areas,” Shaikh said.
Micro Market Performance
Jumeirah and Dubailand led the way in residential activity, together accounting for 43% of total registered home transactions in the June quarter. In terms of sales value, Dubailand and The Palm Jumeirah dominated with a combined 32% share, followed by Jumeirah and Sheikh Zayed Road, each holding a 13% share. In case of average registered home sales values, Dubai Islands (Deira Island) and The Palm Jumeirah are at the forefront, with AED 4.78 million and AED 4.38 million, respectively.
Dubai Micro market Summary – Q2 2024 (April–June) | |||
Micro market | Registered Home Value (AED Million) | Registered Residential Transactions (No. of units) | Average Registered Home Sales Value (AED Million) |
Overall Dubai | 62,856 | 32,109 | 1.96 |
Dubailand | 10,568 | 6,679 | 1.58 |
The Palm Jumeirah | 9,571 | 2,186 | 4.38 |
Jumeirah | 8,483 | 7,088 | 1.20 |
Sheik Zayed Road | 8,344 | 2,110 | 3.95 |
DSO & International City | 5,480 | 3,201 | 1.71 |
Mohammed Bin Rashid City | 5,208 | 3,943 | 1.32 |
Business Bay | 4,728 | 2,010 | 2.35 |
Dubai City | 3,680 | 1,378 | 2.67 |
Downtown Dubai | 3,045 | 785 | 3.88 |
Dubai World Central | 1,854 | 916 | 2.02 |
Jebel Ali | 1,177 | 1,055 | 1.12 |
Dubai Islands (Deira Island) | 277 | 58 | 4.78 |
Mushrif Park | 213 | 106 | 2.01 |
Bur Dubai | 213 | 585 | 0.36 |
Deira | 15 | 9 | 1.67 |
*Includes both primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
Locality-level insights reveal that Jumeirah Village Circle (JVC) leads the market with 3,637 registered transactions, followed by Al Merkadh with 2,432 transactions. In terms of sales value, Business Bay takes the top spot with AED 4,475 million worth of homes sold during the quarter. Za’abeel and Dubai Marina also made substantial contributions to the overall sales value.
Market Leaders and Key Projects
Emaar Properties and Sobha Realty continued their market dominance in both transaction numbers and sales value for the April-June 2024 quarter. Sobha One in Ras Al Khor Industrial Area emerged as the top project in terms of transactions and sales value, closely followed by Emaar’s Address Residences on Sheikh Zayed Road.
Top Developers by Registered Home Sales Value
Dubai Q2 2024 (April–June) |
||
Rank | Developers | Registered Home Sales Value (AED million) |
1 | Emaar Properties | 7,858 |
2 | Sobha Realty | 4,549 |
3 | Damac Properties | 2,421 |
4 | Azizi Development | 1671 |
5 | Meraas | 1530 |
6 | Binghatti Developers | 1425 |
7 | Ellington Group | 1272 |
8 | Danube Properties | 1052 |
9 | London Gate Real Estate Development | 940 |
10 | Select Group | 913 |
*Includes primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
Top Developers by No. of Registered Residential Transactions
Dubai Q2 2024 (April–June) |
||
Rank | Developers | Registered Residential Transactions (No. of units) |
1 | Emaar Properties | 2,538 |
2 | Sobha Realty | 2,114 |
3 | Azizi Development | 2,069 |
4 | Binghatti Developers | 1,406 |
5 | Damac Properties | 1,188 |
6 | Danube Properties | 744 |
7 | Samana Developers | 543 |
8 | London Gate Real Estate Development | 481 |
9 | Ellington Group | 387 |
10 | Reportage Properties | 373 |
*Includes primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
The Bulgari Lighthouse by Meeras in Jumeirah Bay stands out as Dubai’s most expensive project, with property prices reaching AED 11,500 per sq.ft. The highest transaction of the quarter was recorded here, at a staggering AED 149 million. Another significant transaction above AED 100 million was recorded at Eome Residential in The Palm Jumeirah, amounting to AED 105 million.
Top Projects by Registered Home Sales Value
Dubai Q2 2024 (April–June) |
||
Rank | Project | Registered Home Sales Value (AED million) |
1 | Sobha One | 3,875 |
2 | Emaar Address Residences | 3,698 |
3 | Meraas Nad Al Sheba Gardens | 1,671 |
4 | Aldar Haven | 1367 |
5 | Damac Lagoon Views | 914 |
6 | The Ritz Carlton Residences | 875 |
7 | Emaar Lillia | 871 |
8 | Emaar The Valley Farm Gardens | 656 |
9 | Emaar Vida Residences | 634 |
10 | Danube Oceanz 2 | 523 |
*Includes primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
Top Projects by No. of Registered Residential Transactions
Dubai Q2 2024 (April–June) |
||
Rank | Projects | Registered Residential Transactions (No. of units) |
1 | Sobha One | 1,781 |
2 | Emaar Address Residences | 1,188 |
3 | Damac Lagoon Views | 656 |
4 | Aldar Haven | 438 |
5 | Samana Barari Views | 438 |
6 | Danube Sportz | 405 |
7 | Emaar Lillia | 370 |
8 | MAG 330 Apartments | 295 |
9 | Aqua The Central Downtown | 266 |
10 | Danube Oceanz 2 | 256 |
*Includes primary and secondary residential registered transactions.
Source: Dubai Land Department, SquareYards.com
The June 2024 quarter highlights the resilience of Dubai’s property market, which has adeptly navigated recent floods and broader global economic uncertainties. The luxury sector remains a stronghold of robust demand, showing no signs of slowing down. Amidst a backdrop of limited supply, the market for high-end properties is poised for sustained demand and price growth. Additionally, the increase in new projects in mid-segment price points across peripheral micro-markets presents attractive options for end-users and working professionals relocating to Dubai.