New Market Watch Unveils Vital Insights For UAE Property Seekers in Q2 2024
According to Dubai Land Department (DLD) data, Dubai saw record-breaking transaction volumes and values. The total number of transactions reached 43,522, a 45% increase from Q2 2023. The transaction value rose by 37%, totalling Dh124.4 billion. This volume surpassed the previous high in Q1 2024 by 17%, while transaction values exceeded the Q4 2023 peak by 2%. Meanwhile, Abu Dhabi recorded over 2,489 transactions worth nearly Dh6.7 billion.
Property Finder, the leading property portal in MENA, has released its Market Watch digest report for Q2 2024. The report provides valuable insights for property seekers in the Emirates.
Off-plan Properties Drive Demand in Dubai
In Q2 2024, Dubai's off-plan market nearly matched its 2009 peak with 26,268 transactions, just shy of the 26,629 transactions in 2009. This sector saw an impressive year-on-year growth of 80%, up from 14,596 transactions in Q2 2023.
Off-plan transactions made up more than 60% of the total volume for the first time, rising from 51% in Q2 2023. The value of these transactions hit a record Dh53.214 billion, surpassing the previous high of Dh47.416 billion in Q3 2023 by 12%. Consequently, off-plan deals accounted for 57% of the total transaction value, reflecting a year-on-year increase of 54% compared to Q2 2023.
Dubai also saw a year-on-year increase of approximately 12% in ready property transactions, totalling nearly 17,254 deals. The value of these transactions surged by 27%, reaching Dh71 billion compared to Dh56 billion in Q2 2023. However, existing properties only accounted for 39.6% of total sales transactions for the quarter.
The report also indicates popular areas for ownership include Dubai Marina Downtown Dubai Jumeirah Village Circle Business Bay and Palm Jumeirah.
Ready Properties Gain Popularity in Abu Dhabi
Abu Dhabi's existing property market experienced a year-on-year volume increase of about 41%, with around 1,166 transactions in Q2 2024. The value of these deals rose by 42%, reaching Dh3.8 billion compared to Dh2.7 billion in Q2 last year. Existing properties contributed to a significant portion—57%—of the total sales transaction value this quarter, up from just one-third (33%) in Q2 last year.
In contrast, Abu Dhabi registered around 1,323 off-plan transactions during this period, representing about half (53%) of all deals made this quarter. These off-plan sales amounted to AED 2.87 billion or roughly two-fifths (43%) of total transaction values.
New Projects and Investment Opportunities
The Property Finder report highlights new projects that offer potential investment opportunities for buyers interested in upcoming builds or early-stage developments.
Cherif Sleiman, Chief Revenue Officer at Property Finder said: "Our quarterly findings spotlight the diversity of options available to home seekers in the UAE with attractive investment opportunities catering to a breadth of buyers irrespective of affluence locality preference maturity within the market and required facilities."
He added that trends show demand for ready properties in Abu Dhabi and long-term off-plan investments in Dubai can be attributed partly to regulatory efforts ensuring market transparency.
Sleiman also noted that reliable sources and relevant data are crucial for making informed decisions: "While the volume of options is evident reliable sources relevant data and a sound understanding of market trends are needed to ensure buyers are making the right choice."
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