Dubai, United Arab Emirates: Property Finder - MENA’s leading property portal has revealed key data from its Market Watch digest report for Q2 2024, offering property seekers insights to look out for when considering their next move in the Emirates.

According to data from the Dubai Land Department (DLD), Dubai recorded the highest volume and value of transactions ever, with a total number touching 43,522, showing an increase by 45% compared to Q2 2023. The value of transactions increased by 37%, totaling to AED 124.4 billion. Market volume peaked, surpassing the previous high achieved in Q1 2024 by 17%, while transaction values exceeded the previous peak recorded in Q4 2023 by 2%. On the other hand, Abu Dhabi saw over 2,489 transactions with values reaching almost AED 6.7 billion.

In Abu Dhabi, existing properties have shown a YoY increase of approximately 41% in volume with around 1,166 transactions in Q2 2024. The value of these transactions increased by 42% YoY, touching AED 3.8 billion, compared to AED 2.7 billion in Q2 2023. Existing properties contributed to 57% of the total sales transactions value compared to 33% in Q2 2023, revealing growth in returns and preference for ready properties. On the contrary, Abu Dhabi registered around 1,323 off-plan transactions in Q2 2024, representing 53% of the total transactions. Sales transaction values in Q2 2024 reached AED 2.87 billion, contributing to 43% of the total value.

In Q2 2024, the off-plan market in Dubai nearly reached its 2009 peak, with 26,268 transactions compared to 26,629 in 2009, marking a mere 1% difference. The off-plan sector experienced a remarkable YoY growth of 80% in Q2 2024, compared with 14,596 transactions recorded in Q2 2023. This represents 60.4% of the total transaction volume. This was the first time that off-plan transactions contributed to more than 60% of the total transaction volume, up from 51% in Q2 2023. Additionally, off-plan value transactions reached a record high of AED 53,214 billion, exceeding the previous peak of 47,416 billion in Q3 2023 by 12%. Consequently, off-plan transactions accounted for 57% of the total transaction value, reflecting a 54% year-on-year increase compared to Q2 2023.

A YoY increase of approximately 12% in volume, with nearly 17,254 ready property transactions was seen in Dubai. The value of these transactions surged by 27% year-on-year, reaching AED 71 billion compared to AED 56 billion in Q2 2023. Although, the market share of existing properties accounted for only 39.6% of the total sales transactions for the quarter, showing a growing inclination towards off-plan properties in the city.

New projects to look out for

According to Property Finder’s new projects overview, buyers looking to invest in upcoming builds, or those in early stages - have a wealth of options available to them. In tandem, the Data Guru research tool offers insights on communities and localities, providing a contextual deep dive, and supporting the decision making process. Popular areas for ownership cited in part months include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay and Palm Jumeirah. 

“Our quarterly findings spotlight the diversity of options available to home seekers in the UAE, with attractive investment opportunities catering to a breadth of buyers, irrespective of affluence, locality preference, maturity within the market and required facilities. We see this across the demand for more ready properties in Abu Dhabi, as well as longer term off-plan investments in Dubai. These trends can be attributed in part to the efforts of regulators such as the DLD, who remain committed to working with private players to ensure market transparency. This further contributes to the UAE fast becoming one of the top destinations for investors globally, cited by our recently launched white paper. While the volume of options is evident, reliable sources, relevant data and a sound understanding of market trends are needed to ensure buyers are making the right choice. In this vein and being the region’s leading proptech enabler, we continue to provide a host of comprehensive data tools and features to further grow industry trust and transparency", said Cherif Sleiman, Chief Revenue Officer, Property Finder.

The detailed Property Finder Market Watch Report for Q2 2024 is available for download here.

Disclaimer

Market Watch Digest (MWD) serves as a streamlined version of the comprehensive Market Watch report, available in the coming weeks, designed to provide a rapid snapshot of market performance over a specific period. The data presented in MWD are preliminary and subject to change when compared to the detailed report. The definitive data will be available in the final version of Market Watch. Therefore, any discrepancies between MWL and the comprehensive report should be noted

About Property Finder

A pioneering property portal in the Middle East and North Africa (MENA) region, Property Finder is on a mission to motivate and inspire consumers to get living the life they deserve. Connecting millions of property seekers with thousands of real estate professionals every day, Property Finder is a go-to place for a seamless and enriching house-hunting and finance-finding journey for both buyers and renters.

Since its inception in 2007, Property Finder has evolved into a trusted platform for developers, real estate brokers and property seekers to make informed decisions on all things real estate.

For more information, please contact:
Weber Shandwick
propertyfinder@webershandwick.com