UAE’s Property Market Sustains Momentum with Significant Shifts in Q1 2024, Reveals Property Finder Report
Abu Dhabi and Dubai experience notable growth in existing property transactions alongside moderated off-plan market dynamics, indicating a diversified and robust market demand
The first quarter of 2024 has marked a significant shift in the UAE’s property transaction dynamics, with both Abu Dhabi and Dubai recording notable growth in existing property transactions, according to the latest Market Watch digest report by Property Finder, the leading property portal in the MENA region. The period saw a pivot towards existing projects across both emirates, contrasting with the previous year’s inclination towards off-plan properties.
Abu Dhabi reported a 30% growth in residential transactions in Q1 2024, with 814 transactions making up 38% of the total, compared to 628 transactions in Q1 2023. The value of existing/ready transactions in the emirate reached AED1.74 billion ($470 million), contributing to 29% of the total sales transactions value. Dubai showcased a remarkable volume growth of 30% in its existing/ready market, with nearly 19,600 transactions in Q1 2024, making up 54% of the total transactions.
Conversely, the off-plan sector across both emirates presented moderated fluctuations. Abu Dhabi’s off-plan market witnessed a 20% decline in sales transactions volume, while Dubai reported a slight year-on-year increase of 4% in off-plan sales transactions volume.
“These variations in quarterly sales transactions unveil new scopes for developers and brokers to leverage their expertise and redefine success in 2024,” said Cherif Sleiman, Chief Revenue Officer at Property Finder. “The current market offers a fertile ground of opportunities, reflecting a diversified demand and a promising growth phase within our sector.”
The report also highlighted a significant surge in total sales transactions in Dubai, with over 36,000 transactions in Q1 2024, marking a 17% increase compared to Q1 2023. This performance underscores Dubai’s position as a dynamic real estate market with a substantial increase in activity.