Dubai’s total transaction volumes reached 35,310, an annual increase of 20.5%, marking a new record-high in Q1 of 2024. Price growth across the Dubai real estate market has continued to accelerate during Q1 2024, with average prices increasing by 20.7%.
Q1 2024 also saw over 35,300 sales transactions worth around AED 88.8 billion, marking a year-on-year increase of 20.5% in volume and 24.1% in value. Off-plan sales were particularly strong, accounting for 63% of total transaction volumes. Approximately 29,300 apartment units and 6,000 villa units were sold during the quarter, with two-bedroom apartments being the most popular among buyers.
In Q1 2024, Dubai witnessed the delivery of approximately 6,500 residential units. Apartments dominated the recent developments, accounting for 75% of the completions, while villas comprised 25%. The areas with the highest number of handovers were Meydan One in Mohammed Bin Rashid (MBR) City, Jumeirah Village Circle (JVC), and Al Furjan.
In Dubai the average apartment and villa prices increased by 20.4% and 22.1%, respectively.
