The Dubai real estate market has seen significant growth in transactions in the first half of 2024, with a total of 344.4 billion dirhams recorded through 101,920 procedures. This marks a 35% increase in both value and number of transactions compared to previous periods. Sales in the emirate alone reached 233.2 billion dirhams from 80,230 deals, showing a 30% growth in value and a 32.8% growth in the number of transactions.
The top areas in terms of sales volume were Business Bay, Jumeirah Village Circle, and Palm Jumeirah. Residential units accounted for a significant portion of the transactions, with map properties leading the way at 42,493 deals. Mortgages totaled 90.4 billion dirhams, with the highest value coming from the “Harrison” area. Donations also played a role in the market, amounting to 21 billion dirhams.
The second quarter of 2024 saw transactions worth 179 billion dirhams, with sales increasing by 13.4% compared to the first quarter. Mortgages and grants also contributed to the market, with 42.9 billion dirhams and 11.6 billion dirhams recorded respectively. The digital era has ushered in a new wave of opportunities in the real estate market, transforming the way transactions are conducted and increasing accessibility for buyers and sellers alike.
The Dubai real estate market has experienced a boom in recent years, with a total of 828.5 billion dirhams recorded in transactions from 2021 to 2023. This growth is a testament to the resilience of the market in the face of challenges such as the COVID-19 pandemic. The rise of online casinos and digital transformations in various industries have also influenced the way people engage with real estate transactions, highlighting the importance of technology in driving growth and innovation.