Dubai – Engel & Völkers Middle East, known for its residential and commercial real estate services in the premium segment, is pleased to announce the remarkable performance of Dubai's residential real estate market in the first half of 2024. The market has continued its impressive growth trajectory, shattering previous records and setting new benchmarks.

In the first half of 2024, residential property sales in Dubai soared, with 77,233 transactions marking a 33.5% year-on-year increase and total sales value reaching AED 227 billion, a 31% rise compared to H1 2023. This phenomenal growth underscores the robust demand and investor confidence in Dubai’s real estate market. The off-plan market drove over 60% of all transactions, reflecting strong investor interest in new developments due to their availability, competitive pricing, flexible payment plans, and high return potential. Popular communities included Jumeirah Village Circle, Dubai South, and Damac Hills 2, known for their affordability, modern amenities, and strategic locations.

During this period, apartments were the primary driver of growth, contributing 91% of the increase in transactions. The affordability, availability, and typically higher returns of apartments fueled significant demand, with apartment sales comprising over 80% of all transactions and increasing by 41% year-on-year. The total transacted value rose by 33%. Jumeirah Village Circle (JVC) remained the most popular community for off-plan and secondary transactions, driven by affordable prices, a steady supply of new projects, and attractive potential returns for investors. Business Bay, a key commercial hub, also remained in high demand, underscoring its significance in the market.

Although the villa segment remains relatively small, it saw significant growth in H1 2024, with transactions increasing by 52% year-on-year and total sales value rising by 66%. This surge reflects strong demand from families seeking spacious homes and discerning buyers seeking prime properties. New communities like The Acres, Dubai South, and Haven drove growth in off-plan villa sales due to desirable locations, lifestyle amenities, and investment potential. Meanwhile, secondary market volumes increased due to recently handed-over properties in communities like Damac Hills 2 and Tilal Al Ghaf, which attracted significant buyer interest.

The market's resilience was particularly evident following the April floods, with May surpassing the previous monthly transaction record by a remarkable 20%. Key infrastructure projects, including the recently announced $8 billion drainage system, the $35 billion Al Maktoum Airport expansion, and the $5 billion Dubai Metro Blue Line, demonstrate Dubai's commitment to sustained growth and development.

Dubai's luxury real estate segment continues to flourish, with a 47% year-on-year transaction increase. The UAE is projected to be the largest recipient of millionaires globally in 2024, fueling the demand for opulent villas and branded residences. This segment is poised for another exceptional year.

The iconic Palm Jumeirah remains Dubai's leading luxury community, consistently attracting high-value transactions. Mohammed Bin Rashid City and Dubai Hills Estate closely followed and are known for their family-friendly environments, great amenities, and stunning contemporary villas. Emerging communities like Dubai Islands and Palm Jebel Ali are also popular among affluent buyers, diversifying options in Dubai's high-end real estate market.

Reflecting on these achievements, Daniel Hadi, CEO at Engel & Völkers Middle East stated, "The first half of 2024 has been extraordinary for Dubai’s residential real estate market. The unprecedented growth in sales transactions and value is a testament to Dubai's resilience, strategic infrastructure investments, and its appeal to global investors. As we look ahead, we are optimistic about the sustained growth and transformation of this dynamic market."

With Dubai’s population increasing by over 100,000 annually and an economy projected to expand by 4% in 2024, the outlook for the real estate market remains highly positive. Engel & Völkers is excited to continue playing a pivotal role in this vibrant market, delivering exceptional service and expertise to our clients.

Press contact:
Diana Džaka Bičo
Marketing Director
Office 21 Mezzanine Level, Golden Mile 2,
Palm Jumeirah, Dubai UAE
Dubai, United Arab Emirates
Telephone number: +971 52 881 8057
diana.dzaka@engelvoelkers.com

Flor Pamintuan 
PR Account Director   
Ishraq Communications LLC                              
Mobile: +971 56 654 9450 (WhatsApp)
flor@ishraqcomms.com

About Engel & Völkers:
Engel & Völkers is one of the world’s leading service companies specialized in the brokerage of premium residential property, commercial real estate, yachts and aircrafts. For over 45 years now, the wishes and needs of private and institutional clients have had top priority, giving rise to the ongoing development of a range of services relating to all aspects of real estate. Sales and leaseholds, as well as consultancy for various investment opportunities in the real estate segment are among the core competencies of more than 16,500 people operating under the Engel & Völkers brand. The company is currently operating in over 35 countries on five continents. Intensive training schemes in its in-house real estate Academy and the high level of quality assurance governing its systematically structured service provision are key factors that account for the company’s success. Engel & Völkers develops digital tools and IT products on an ongoing basis, in order to keep its service as efficient as possible. In doing so, the company is setting new standards in digital solutions for property brokerage. www.engelvoelkers.com

About Engel & Völkers Middle East:
Established in 2014, Engel & Völkers Middle East has its offices in Dubai, United Arab Emirates. The team consists of over 200 trusted agents, each focusing on premium residential and commercial properties, serving as experts in their respective areas.The company recently established a separate entity for commercial real estate (Engel & Völkers Commercial Middle East). Engel & Völkers Commercial serves as an entry point to exceptional commercial real estate opportunities in Dubai, from attractive office spaces to industrial complexes.The Private Office provides services for affluent clients and has access to premium real estate globally. Whether you're in the market to rent, buy, or sell a property, Engel & Völkers Middle East is a perfect choice to achieve your real estate goals. www.engelvoelkers.com/ae/en