The real estate market in Dubai continues to record exceptional performance, with sales hitting new record highs in the first half of 2024, growing by 30% year-on-year to reach AED 233.16 billion. This is the highest ever half-year sales compared to around AED 179.5 billion in the same period of 2023.
According to the report, based on data from the Dubai Land Department, the real estate sector in the emirate recorded 80,230 sales transactions from January to June 2024, compared to 60,420 transactions in the same period last year, a 33% growth.
While Dubai real estate sales in the first six months of this year are the highest historically for the mentioned period, they also represent about 58% of the total sales value recorded in 2023, amounting to AED 401 billion. The real estate sector in Dubai also recorded the highest quarterly sales ever during the second quarter of this year, valued at AED 124.5 billion, an increase of 38% compared to sales in the same period last year, which amounted to AED 90.3 billion, surpassing the previous record set in the last quarter of 2023, valued at AED 112.7 billion.
The real estate sector also recorded its second-highest monthly performance in terms of sales in June, registering AED 44.90 billion, the largest for the same month, growing by 47.2% compared to around AED 30.5 billion recorded in June 2023.
Despite the Eid Al-Adha holiday, June sales followed the historical monthly record set in May, valued at AED 45.8 billion, surpassing the previous record of AED 42 billion set in November last year.
The report showed 13,810 sales transactions in June 2024, a 50% increase compared to June 2023, which recorded 10,530 transactions. The total transactions in the Dubai real estate market from the beginning of 2024 until the end of June amounted to AED 344.4 billion, the highest ever for half a year, resulting from 101,920 actions.
These record numbers are a continuation of the ongoing boom in the Dubai real estate sector over the past years, following exceptional growth in 2023, along with unprecedented performance since the beginning of this year, recording the best performance for each month individually in the history of the real estate market in the emirate.
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With Dubai real estate breaking records in 2024, it's an exciting time to consider investing in this growing market. The first half of the year has already shown remarkable sales growth, making it a hotspot for real estate. For those interested in diving into the market, https://emirates.estate/ is a resource to begin your property search. The real estate opportunities in Dubai are vast, and it’s clear the market is thriving like never before.