A Look into Dubai's Property Market: H1 2024 Insights
Dubai Dunes Properties
A trusted Emirati-led real estate brokerage with deep financial expertise & market growth knowledge.
The first half of 2024 has been exceptional for Dubai's real estate market, highlighting significant growth and investor confidence.
Sales and Transactions
Dubai's real estate market recorded a total transaction value of AED 180 billion, a 15% increase from H1 2023. This rise is attributed to robust demand for both residential and commercial properties.
Apartment Market
Apartment prices saw a 6.48% increase, with Dubai Marina leading at AED 1,277 per square foot. Other popular areas included Business Bay and Downtown Dubai.
Villas and Townhouses
Villa sales surged by 20%, with areas like Arabian Ranches and Dubai Hills Estate being particularly sought after. The average price per square foot for villas rose by 7%.
Luxury Segment
Luxury properties, especially in Palm Jumeirah and Emirates Hills, continued to attract high-net-worth individuals, showing significant price appreciation.
Off-Plan Market
The off-plan market also experienced a resurgence, contributing substantially to the total sales. New projects focused on innovative designs, sustainability, and premium amenities.
Market Outlook
Dubai's real estate market outlook remains positive, driven by economic diversification, infrastructure development, and favorable government policies. The upcoming mega projects and other international events are expected to boost investor confidence further.
In conclusion, H1 2024 has shown Dubai's real estate market to be resilient and dynamic, with rising transaction values, increasing property prices, and strong demand across various segments. This positions the market for continued growth in the coming months.
Get in touch with our expert consultants at Dubai Dunes Properties for more insights on the Real Estate space.
Source: Dubizzle
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