In June, Dubai’s real estate market recorded 13,436 sales transactions, marking a 43.4% increase year on year. We list the five most desirable residential areas in Dubai.
The Dubai real estate market is likely to grow as the IMF expects the country’s GDP to rise by 4% in 2024.
Apartments remained the top choice for investors and buyers, with one-bedroom dwellings accounting for over 30% of transactions.
This data was released by Engel & Völkers Middle East, in its latest market report for June, showcasing the current strength and growth of Dubai’s real estate market.
“Our June report underscores the dynamic and resilient nature of Dubai’s real estate market. The ongoing growth in both residential and commercial sectors reflect 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
The top five residential areas in Dubai by sales transactions in June were:
- Arabian Ranches
- Business Bay
- Damac Hills
- Downtown Dubai
- Dubai Hills Estate
It comes as off-plan deals in Dubai have surged in the first six months of 2024. Overall, the Dubai real estate market has seen sales transactions reach AED 103.8bn in the first six months of 2024.
Transactions of off-plan Oqood (contract) registrations grew by 61.4% YoY and 19.1% QoQ,
equivalent to investments worth AED 59.9bn
The average ticket size of off-plan homes fell 10.5% annually to AED 2.4m. The citywide average transacted price for off-plan properties was AED 19,515 per sqm (AED 1,813 per sq ft).
Top off-plan locations transacted during the quarter included projects located in Jumeirah Village Circle (11.5%), Business Bay (6.9%) and Meydan One (6.5%).
Investor confidence is bolstered by Dubai’s regulatory framework. This ensures transparency and protects the interests of both buyers and developers.
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