Dubai’s real estate market continues its upward trajectory, defying global economic challenges and recent natural disruptions with remarkable resilience. According to the latest data from Square Yards, the April-June 2024 quarter saw an impressive 32% increase in transactions, totalling 32,109, with the sales value reaching AED 63 billion—a 23% year-on-year growth. These figures not only underscore Dubai’s unwavering appeal but also reinforce its status as a premier global hub for luxury real estate investment.
Rising Demand for Mid-Range Properties
While luxury real estate continues to dominate, a notable shift towards mid-range properties is emerging, particularly those priced between AED 1–2 million. This segment now represents 33% of total transactions, up from 27% last year, signifying a growing demand for more accessible, yet premium living options. Properties between 500–1,000 sq. ft. range also continue to dominate, accounting for 41% of all transactions, highlighting a preference for compact, premium living spaces.
The growth is not limited to an annual basis; it has also demonstrated remarkable sequential growth gains from January 2024 to March 2024. During this period, the number of transactions and sales value increased by 17%. This double-digit growth indicates an ongoing upward market trend.
Rabiah Shaikh, Chief Business Officer & Principal Partner at Square Yards, emphasised the market’s stability and growth, stating, “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.”
Shaikh added, “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 various options for these individuals, offering a more cost-effective alternative to the significantly more expensive central areas.”
Key Market Players and Future Outlook
Leading developers, including Emaar Properties and Sobha Realty, continue to set the pace in Dubai’s real estate market. Signature projects such as Sobha One in Ras Al Khor Industrial Area and Emaar’s Address Residences on Sheikh Zayed Road have emerged as top performers, both in terms of transactions and sales value. Conversely, prominent areas such as Jumeirah and Dubailand have seen significant activity, accounting for 43% of total home transactions.
The Dubai property market is poised for sustained growth, fueled by strong demand in the luxury segment and an expanding availability of mid-range options in peripheral areas. Backed by robust government support and a dynamic market landscape, Dubai continues to attract local and international investors, solidifying its status as a leading real estate hub.
For a detailed report on this read the articles we were featured in:
The Financial Express – https://bit.ly/3YH4hgW
Realty+ – https://bit.ly/3WXicy1
Bnk Anytime – https://bit.ly/3YYG0TN
MaaGulf – https://bit.ly/4cqKsNU
News Patrol – https://bit.ly/3SM88p3
Published Date: 6 Aug, 2024
