The real estate market has experienced significant growth, with secondary market sales reaching AED 76.34bn ($20.8bn) in the first half of 2024. This performance highlights Dubai’s position as one of the most desirable residential markets for investors and homeowners globally.
Strong Performance in Dubai’s Secondary Market
In the first half of 2024, Dubai’s secondary property market saw a notable increase in both transaction volumes and values. The market benefited from Dubai’s global appeal, an influx of foreign investment, and continued infrastructure development.
Transaction volumes grew by 17.8% year-on-year, with 27,949 deals completed, while transaction values increased by 23.1%. Despite challenges such as the floods in April, the market quickly rebounded, reaching a record high of 17,139 transactions in May 2024, the largest monthly total ever recorded.
Key Trends in H1 2024
Average resale prices: The average price per square foot increased by nearly 7%, reaching AED1,545 ($421).
High demand for apartments: Apartments remained the most popular type of property, accounting for 77% of all resale transactions. Sales of 21,578 units marked a 20% increase compared to the previous year, with Palm Jumeirah, Dubai South, and Dubai Studio City standing out as highly sought-after areas.
Growth in villas and townhouses: Villa resale values rose by 22.6%, while townhouse sales saw a 37.4% increase, reflecting rising interest from families and long-term residents. The average price per square foot for these properties rose by 11.3%.
Sought-after areas: Jumeirah Islands, Mohammed bin Rashid City, and Dubai South were among the most desirable locations due to strategic development and attractive amenities. The Marina, Dubai South, Dubai Hills, JVC remain desirable.
High-Value Sales and Popular Areas
The luxury property market remains strong, with high-end sales in prime areas such as Downtown, Business Bay, and Palm Jumeirah. Some of the top transactions in H1 2024 included high-value apartments in Downtown’s Kempinski Boulevard and Dubai Water Canal’s Four Seasons.
Popular areas for apartment searches included Jumeirah Village Circle (JVC), Dubai Marina, and Downtown Dubai. For villas and townhouses, Al Furjan, Arabian Ranches 3, and Dubai Hills Estate attracted the most interest.
Looking Ahead with MILK Real Estate
At MILK Real Estate, we’re confident in the continued growth of Dubai’s property market. Despite global challenges, Dubai remains a secure and attractive destination for investors and homeowners. With strong fundamentals and forward-thinking development plans, the city stands out as a highly compelling choice for those seeking long-term value.
Areas like Dubai South and Dubailand are poised for significant growth, with major projects and investments aligning with Dubai’s ambitious Urban Master Plan 2040. The future is filled with opportunity, and we’re here to guide you through it!
Want to learn more about key trends and areas to watch? Let’s connect! 💬 Marketing@milkrealestate.com
