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Dubai Property Market Booms as Off-Plan Sales Surge 73% in Q1 2024

The Dubai residential real estate sector had a massive rise­ in Dubai in the first three months of 2024. A re­port said that off-plan home sales grew by 73% from the­ last three months of 2023. Off-plan deals we­re 63% of all home sales in Dubai during this time­. This shows many people wanted to buy home­s still being built.

The spike in off-plan buying was driven by strong demand for high-quality projects launched by reputable developers. Attractive incentives offered during initial project launches also fueled sales. Overall transaction volumes recorded the highest ever levels for Dubai, climbing 35% from Q4 2023 to reach 35,100 units in Q1. Apartments dominated the market, comprising 83% of all deals sealed.

Popular submarkets like JVC, Arjan, Dubai Hills Estate and Meydan One saw high activity. Areas such as Business Bay , Downtown Dubai, Dubai Marina and JLT also remained hotspots. Approximately 5,000 new units entered the for-sale market during Q1 through notable launches from brands like Mercedes-Benz, Ellington and Emaar. Apartments made up the bulk (84%) of these new supply additions.

Wealthy investors and HNWIs were active in the luxury segment where over 1,000 transactions exceeded 10 million AED during the quarter. Apartment deals above this price point swelled 51% quarterly. Rental rates rose across Dubai by an average 7% while apartment and villa rents increased 8% and 6% respectively.

With continuing population growth, economic resilience and confidence in Dubai’s realty sector, the market looks set for further stellar performance according to Savills.

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