Dubai's secondary real estate market surged in the first half of 2024 with sales reaching AED76.34bn ($20.8bn). This growth reflects a 23.1% increase in transaction values and a 17.8% rise in transaction volumes totalling to 27,949 deals.

Despite April's severe floods, Dubai's real estate market showed promising growth. May 2024 set a new record with 17,139 residential resale transactions highlighting the market's progress.

Key Market Insights

• The average resale price per square foot rose by 7% to AED1,545 ($421).

• Apartments dominated with 21,578 units sold and a 20% increase from the previous year, worth AED39.99bn ($10.9bn). Average apartment prices increased by 5.5% to AED1,592 ($433) per square foot. Palm Jumeirah remains the top area with rising interest in Dubai South and Dubai Studio City.

• Villa resales grew by 22.6% to AED24.6bn ($6.7bn) with 2,378 transactions. Townhouse resales surged 37.4% to AED11.74bn ($3.2bn) from 3,993 transactions. Average prices for villas and townhouses rose 11.3% to AED1,444 ($393) per square foot driven by increased demand from families and long-term residents.

Top Sales

• A four-bedroom in Kempinski Boulevard sold for AED80m ($21.8m), a four-bedroom in The Four Seasons for AED72m ($19.6m) and a six-bedroom in The 118 for AED65m ($17.7m).

• Top villa sales included Jumeirah Bay Island properties for AED240.5m ($65.5m), AED160m ($43.6m), and AED155m ($42.2m).

• Sales featured Umm Suqeim for AED34m ($9.3m), Villa Almalfi at Jumeirah Bay Island for AED31m ($8.4m) and JVC District 16 for AED25m ($6.8m).

Emerging Areas

• Most searched areas include Jumeirah Village Circle (JVC), Dubai Marina, Business Bay and Downtown Dubai.

• Al Furjan, Arabian Ranches 3, DAMAC Hills 2, and Dubai Hills Estate are gaining popularity.

Continued growth in Dubai’s residential market is anticipated driven by increasing foreign investment and infrastructure development. Key areas to watch include Dubai South (EMAAR South, Expo City) and Dubailand (The Valley by EMAAR, The Oasis by EMAAR) as investments and developments continue to expand.

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