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Flats remained the dominant property type, with sales increasing by 41% to 60,836 transactions, representing 82% of the total.
According to a new report by Allsopp & Allsopp, sales in Dubai's residential property market increased significantly in the first half of 2024.
"According to Allsopp & Allsopp's latest report for the first half of the year, Dubai Land Authority data shows that the total value of sales in the first half of the year reached AED 190.4 billion, a significant increase of 38% compared to the same period in 2023," the report said, adding that the number of sales transactions also increased, up 36% to 74,467.
Apartments remained the dominant property type, with sales up 41 per cent to 60,836 transactions, 82 per cent of the total, while villas and townhouses accounted for the remaining 18 per cent of transactions but 40 per cent of the total market value.
The luxury part of the market also performed strongly. There were 196 property transactions over $10 million, reflecting Dubai's status as a magnet for the world's wealthy - more than 72,500 of the emirate's residents are now millionaires.
There was a significant jump in off-plan sales, which reached a record 45,271 transactions valued at AED 96 billion, an increase of 55% year-on-year.
To meet demand, developers delivered 20,652 new homes in the first half of the year - 93 per cent more than in the same period in 2023. A further 47,792 properties were brought to market off plan.
With an additional 50,000 people moving to Dubai in six months, demand continues to outstrip supply by a ratio of 2:1.
This clear indicator means that the upward momentum looks set to continue for the rest of 2024, according to Allsopp & Allsopp.
Source: Arabian Business
