Record-Breaking Sales Propel Dubai’s Real Estate Market to New Heights in January 2024
In January 2024, Dubai’s real estate sector experienced an extraordinary surge, boasting an unprecedented total sales figure of Dh35.4 billion. This monumental achievement not only signifies a robust start to the year but also bodes exceptionally well for the future of the industry in 2024. Fueled by continued momentum from the previous year and an escalating demand for off-plan properties, the outlook is undeniably positive.
The figures for January 2024 shattered records, with a remarkable 27 percent increase compared to the same period in 2023, where sales stood at Dh27.9 billion. This upward trajectory reflects a consistent trend of growth over recent years, cementing Dubai’s status as a dynamic real estate market.
According to data from Zawya News, “there has been a noteworthy 17 percent year-on-year rise in sales transactions, surpassing 11,000 transactions compared to 8,712 in January 2023. Cherif Sleiman, chief revenue officer at Property Finder, expressed optimism about the continuation of this momentum, emphasizing the promising prospects for sustained success throughout 2024. He highlighted the growing traction of off-plan properties, indicating a robust demand for new projects. As a leading proptech portal, Property Finder remains dedicated to understanding evolving consumer preferences, aiming to empower both partners and property seekers to make well-informed decisions within this thriving real estate landscape.”
The surge in off-plan demand is particularly striking, with a remarkable 25 percent increase in volume and over 6,000 recorded transactions compared to the previous year. Values also experienced a substantial surge of approximately 21 percent year-on-year, reaching Dh15 billion compared to Dh12.2 billion in January 2023.
In terms of property preferences, Dubai Marina, Downtown Dubai, and Jumeirah Village Circle emerged as top choices for apartment ownership, while Dubai Hills Estate and Arabian Ranches captured significant interest in villas and townhouses. For rentals, Dubai Marina and Jumeirah Village Circle were highly sought-after areas, reflecting the diverse and vibrant rental market in Dubai. With areas like Dubai Hills Estate and Al Barsha also gaining popularity, the real estate landscape in Dubai continues to evolve, offering a plethora of opportunities for investors and renters alike.