Dubai’s real estate market is showing new records like never before. Conclusive sales in the secondary market touched an impressive total of $20.8 bn in H1 2024. If you want to play in this market, here is everything you must know about trends, top-performing areas, and remarkable growth.
The Secondary Property Market exceeded AED 76.34 billion ($20.8 billion) in sales within the first half of the year. This accounts as proof that Dubai continues to stand out as an extremely desirable destination for real estate at the global level.
Key Highlights of H1 2024
Let’s break down some of the crucial statistics and trends from the first half of the year:
| Category | H1 2024 | Comparison with H1 2023 |
|---|---|---|
| Total transaction value | AED 76.34bn ($20.8bn) | 23.1% increase |
| Total number of transactions | 27,949 | 17.8% increase |
| Average price per sq. ft. (resale) | AED1,545 ($421) | 7% increase |
| Apartment sales | 21,578 units, AED 39.99bn ($10.9bn) | 20% increase in volume, 5.5% rise in price |
| Villa/townhouse sales | AED24.6bn ($6.7bn), 2,378 villa transactions | 22.6% increase in value |
| Townhouse resale growth | AED11.74bn ($3.2bn), 3,993 transactions | 37.4% increase in value |
Apartments: The Go-To Choice for Investors and Homebuyers
Apartments dominated the secondary market at a whopping 77% of all transactions. The reason is simple: they are low-maintenance and high-quality lifestyle appealing to every type of buyer, from expats and young professionals to investors.
The average resale price for apartments increased by 5.5% to reach a square foot price of AED1,592 ($433). In-demand areas for apartment buyers include:
- Palm Jumeirah : It’s still the most aspirational region in the city.
- Dubai South : The renaissance of this area continues to rise in popularity as one enjoys proximity to the Expo 2020 site.
- Dubai Studio City: One favorite for clients wanting a more budget-friendly opportunity while enjoying the heart of a lively city.
Villas and Townhouses: Strong Growth for Families and Investors
Other than apartment sales, villas and townhouses also registered good volumes, with resale values of the villas up by 22.6 percent to AED 24.6 billion in equivalent U.S. dollars (approximately $6.7 billion). The winner in all this was the townhouse, with resales up a whopping 37.4 percent.
Demand is being driven by families and long-term residents, who view Dubai as an attractive location to settle with children, especially with growing schools and community facilities. In fact, since 2008, the number of students in Dubai schools has doubled and reflects the growth of families choosing Dubai to reside permanently.
Where to watch: Emerging and popular areas in H1 2024
If you’re considering investing in or buying property, certain areas are definitely worth keeping an eye on. Some of the top-selling and most-searched areas include:
- Jumeirah Islands
- Mohammed bin Rashid City
- Dubai South
Here’s a quick look at the most-searched areas for different property types in H1 2024:
| Property Type | Top Searched Areas |
|---|---|
| Apartments | Jumeirah Village Circle (JVC), Dubai Marina, Business Bay, Downtown |
| Villas/Townhouses | Arabian Ranches 3, DAMAC Hills 2, Dubai Hills Estate |
Luxury Real Estate: Record-breaking Sales
Dubai’s luxury real estate market continues to thrive, especially in high-rise projects across Business Bay, Downtown Dubai , and Palm Jumeirah . Let’s talk about some of the highest-value transactions in H1 2024:
| Top Sales (H1 2024) | Property | Area | Price |
|---|---|---|---|
| Top Apartment | 4-bed, Kempinski Boulevard | Downtown Dubai | AED80m ($21.8m) |
| Top Villa | 6-bed, Jumeirah Bay Island | Jumeirah Bay Island | AED 240.5m ($65.5m) |
| Top Townhouse | Umm Suqeim 2 townhouse | Umm Suqeim | AED34m ($9.3m) |
A Market Positioned for Growth: What’s Next?
Looking forward, Dubai’s real estate market has no signs of retreating. Metropolitan Homes, one of the leading market analysts, is upbeat and has much more optimism in the residential resale market taking off well through the rest of the year.
So, what’s driving this optimism?
- Stable investment environment: Despite global uncertainties, Dubai remains a safe bet for investors.
- Increasing demand: With an expanding population and businesses setting up shop in the city, demand for residential spaces continues to rise.
- Mid-market shift: Sales and rental prices indicate that buyers are gravitating towards mid-market properties, in line with the goals of Dubai Master Plan 2040.
Areas to Watch for Future Growth
Some of the key areas are going to shine with more developments coming onstream, especially in the last quarter of 2024 and beyond. Dubai South which comprises Emaar South and Expo City and Dubailand , with its flagship projects such as Emaar The Valley and The Oasis, among others, are seeing increased investments and attention.
As the city expands, these places are expected to gain much popularity since it would give new avenues for investors and the people in the locality. Such places, with high-tech facilities, strategic location, and easy access to major infrastructure, will keep appreciating in terms of their property values and sales volumes.
Final Thoughts
Whether you’re an investor looking to capitalise on the momentum or a homebuyer seeking a place to settle in this vibrant city, now is the perfect time to explore Dubai’s secondary market. The first half of 2024 has proven that the city’s real estate market is not only resilient but, indeed thriving; with record sales and new benchmarks set every month.
That’s to what end, if you have been considering a move into the Dubai real estate market: the numbers are right behind you and the trends are in the right direction. Whether apartments, villas, townhouses, or luxury homes, the opportunities are limitless with strong demand across all segments.
