Engel & Völkers Middle East has published its market report for June. The company is one of the world’s leading service companies specialising in the brokerage of premium residential property, commercial real estate, yachts and aircrafts.
The main highlight of their report shows the ongoing resilience and growth of Dubai’s real estate market.Both the commercial and residential markets showed a strong increase in activity.
Despite a pullback from May’s record-breaking performance, June saw a substantial increase in residential transactions, while the commercial market demonstrated strong underlying strength and resilience.
“Our June report underscores the dynamic and resilient nature of Dubai’s real estate market; the ongoing growth in both residential and commercial sectors reflects the city’s strong economic fundamentals and its attractiveness to global investors. We remain optimistic about the market’s potential and look forward to continued success in the coming months.”
Daniel Hadi, CEO, Engel & Völkers Middle East
Residential market overview
June saw Dubai’s real estate market witness 13,436 sales transactions. A significant 43.4% increase year on year.
The top five communities by sales transactions were Arabian Ranches, Business Bay, Damac Hills, Downtown Dubai, and Dubai Hills Estate.
This report’s findings appears to be backed up by Springfield Properties Q2 2024 report which also revealed startling growth and robust performance in Dubai’s residential real estate market.
The most recent quarter has seen unprecedented increases in property values, transaction volumes and investor confidence.
The report details a total transaction value for Q2 2024 of AED 123bn. This figure represents a 35.70% increase compared to Q2 2023. 48,220 transactions were recorded, marking a 60.06% year-on-year growth.
May 2024 was a particularly stellar month. It saw property values soaring to AED 47.3bn – a pulsating 39.12% increase from May 2023.
