At MILK Real Estate, we are excited to report that Dubai’s real estate market reached unprecedented heights in Q2 2024, achieving a record AED 124.4bn ($33.9bn) in transactions, according to the latest data. This milestone represents a 37% increase in value and a 45% rise in volume compared to the same period last year, marking the highest-ever recorded figures.
The surge was driven by a remarkable 80% year-on-year growth in the off-plan market, nearly matching its 2009 peak with 26,268 transactions. Off-plan sales accounted for 60.4% of the total transaction volume, contributing AED 53.214bn ($14.5bn) and setting a new record for this sector. For example, developments like Emaar Beachfront and Dubai Hills Estate have seen significant interest, attracting investors looking for luxury and high returns.
The ready property segment also saw robust activity, with 17,254 transactions representing a 12% year-on-year increase. The value of these transactions rose by 27% to AED71bn ($19.3bn), highlighting a continued strong demand for existing properties. Notable areas such as The Springs and Arabian Ranches have become hotspots for ready property investments, appealing to families and long-term residents.
The most sought-after areas for ownership included:
- Dubai Marina: Known for its waterfront living.
- Downtown Dubai: Home to iconic landmarks like the Burj Khalifa and Dubai Mall.
- Jumeirah Village Circle: Offering a blend of urban and suburban living.
- Business Bay: A commercial hub with high-end residential options.
- Palm Jumeirah: Famous for its luxurious villas and beachfront properties.
The diverse range of options available to buyers emphasises the UAE’s growing appeal as a top destination for global investors. Regulatory efforts by the Dubai Land Department (DLD) have been crucial in fostering market transparency, attracting investment.
For high-net-worth individuals (HNWIs) seeking lucrative investment opportunities, Dubai’s real estate market offers a dynamic and promising landscape, with both off-plan and ready properties presenting significant potential for growth and returns.
