Dubai's real estate market has demonstrated remarkable growth in the first quarter of 2024

highlighted by the latest report from Allsopp & Allsopp Real Estate. The report indicates that the market has experienced a 19.3% increase in sales transactions from the same period last year, totaling 33,346 transactions. The overall sales value has also surged by 23.9%, reaching an impressive AED85 billion.

 

Apartments have emerged as the most popular property type among buyers, accounting for 61% of all transactions with 27,357 sales. Villas and townhouses also showed strong performance, contributing to 18% of the market's sales value with 5,989 transactions. Property prices in Dubai have soared to a new high of AED1,325 per square foot, marking a 7.4% increase from the previous peak in September 2014.

 

Off-plan properties dominated the sales landscape, accounting for 57% of the total sales volume and AED42.3 billion in value. The secondary market was also robust, making up 43% of sales volume with transactions worth AED43.4 billion. The sales team at Allsopp & Allsopp noted a 24% increase in transaction activity compared to the fourth quarter of 2023.

 

British nationals were the leading buyers this quarter, comprising 23% of all sales. The preference for modern villas and townhouses was particularly noted. Interestingly, financing options were more popular than cash purchases, with 53% of buyers opting for loans.

 

The more affordable properties, priced below AED3 million, accounted for 80% of all transactions, indicating strong demand from first-time buyers for reasonably priced and off-plan properties. Property prices showed stable growth, with low single-digit increases expected to continue into the first half of the year.

 

The lettings market has also seen significant growth, with a 26% month-over-month increase in viewings and a remarkable 126% year-on-year increase. Landlords responded to this demand by increasing property listings by 25% compared to the previous quarter. Letting prices have seen an average increase of 11% from the fourth quarter of 2023, suggesting a healthy market and promising potential for higher returns for property investors.

Dubai's real estate market has demonstrated remarkable growth in the first quarter of 2024, as highlighted by the latest report from Allsopp & Allsopp Real Estate. The report indicates that the market has experienced a 19.3% increase in sales transactions from the same period last year, totaling 33,346 transactions. The overall sales value has also surged by 23.9%, reaching an impressive AED85 billion.

 

Apartments have emerged as the most popular property type among buyers, accounting for 61% of all transactions with 27,357 sales. Villas and townhouses also showed strong performance, contributing to 18% of the market's sales value with 5,989 transactions. Property prices in Dubai have soared to a new high of AED1,325 per square foot, marking a 7.4% increase from the previous peak in September 2014.

 

Off-plan properties dominated the sales landscape, accounting for 57% of the total sales volume and AED42.3 billion in value. The secondary market was also robust, making up 43% of sales volume with transactions worth AED43.4 billion. The sales team at Allsopp & Allsopp noted a 24% increase in transaction activity compared to the fourth quarter of 2023.

 

British nationals were the leading buyers this quarter, comprising 23% of all sales. The preference for modern villas and townhouses was particularly noted. Interestingly, financing options were more popular than cash purchases, with 53% of buyers opting for loans.

 

The more affordable properties, priced below AED3 million, accounted for 80% of all transactions, indicating strong demand from first-time buyers for reasonably priced and off-plan properties. Property prices showed stable growth, with low single-digit increases expected to continue into the first half of the year.

 

The lettings market has also seen significant growth, with a 26% month-over-month increase in viewings and a remarkable 126% year-on-year increase. Landlords responded to this demand by increasing property listings by 25% compared to the previous quarter. Letting prices have seen an average increase of 11% from the fourth quarter of 2023, suggesting a healthy market and promising potential for higher returns for property investors.

 

Adding to the vibrancy of Dubai's real estate sector is the Shaikhani Group, which has been making substantial contributions to the market's expansion. The Group is known for its innovative projects and has recently launched several new developments aimed at bolstering the residential and commercial sectors. These initiatives are designed to meet the growing demand for high-quality living and business spaces, further stimulating the city's economic growth. The Shaikhani Group's commitment to excellence and customer satisfaction continues to make it a key player in shaping Dubai's real estate landscape.