76.3 billion dirhams is the value of real estate resale market transactions in Dubai

Dubai continues to strengthen its global appeal as one of the most dynamic and in-demand residential real estate markets, according to a report issued by Metropolitan Homes, a subsidiary of Metropolitan Group, which provides real estate brokerage services in Dubai’s secondary real estate market to end-users, investors and wealthy individuals. The report noted that the value of residential resale market transactions in the emirate increased by 23.1% during the first half of this year compared to the same period last year, reaching AED 76.34 billion.

The report, titled “Residential Resale Market Review in H1 2024,” highlighted the exceptional performance of the secondary sales market in Dubai, whether off-plan properties or the secondary resale market.

“Dubai’s real estate market has shown remarkable strength and growth in the first half of 2024. The record sales volume and price increases during this period demonstrate the buoyancy of Dubai’s economy and its continued attractiveness as a global real estate destination,” said Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Homes.

“As the emirate continues to leverage its global position as an attractive international city, we are confident in the future growth of the real estate market, driven by factors such as increased foreign investment, infrastructure development, and the city’s ongoing efforts to attract talent and businesses,” she added. According to the report, Dubai’s residential resale market witnessed significant growth, with transaction volumes increasing by 17.8% year-on-year to 27,949 transactions, while the value of transactions increased by 23.1% to AED 76.34 billion.

The report noted that despite the unprecedented weather conditions in April 2024, the market witnessed a rapid recovery to reach record levels, as May recorded a new record with 17,139 residential resale transactions, the highest monthly total ever recorded.

According to the report, the average resale price of residential units per square foot rose to AED 1,545, an increase of about 7% compared to the first half of 2023.

Apartments also maintained their position as the most sought-after residential option in Dubai, accounting for 77% of total resale transactions. Total apartment sales reached 21,578 units, up 20% year-on-year, with a total value of AED 39.99 billion, while the average apartment price increased by 5.5% to AED 1,592 per square foot. The report confirmed that Palm Jumeirah remains the most sought-after area, but Dubai South and Dubai Studio City witnessed an increase in online searches, noting that the strong demand for apartments reflects Dubai’s appeal to those looking for low-maintenance, high-quality housing units.

Demand for villas and townhouses also increased, with villa resales rising 22.6% to AED 24.60 billion across 2,378 transactions. Townhouse resales also saw a 37.4% increase to AED 11.74 billion from 3,993 transactions.

The average price of residential villas and townhouses per square foot increased by 11.3% to reach AED 1,444.

In turn, Jumeirah Islands, Mohammed Bin Rashid City and Dubai South have emerged as highly sought-after areas for real estate sales, due to the strategic development and distinctive facilities they provide.

The report pointed out the three largest apartment sales deals: the first, consisting of four bedrooms in Kempinski Boulevard Downtown Dubai, for AED 80 million; the second, consisting of four bedrooms in the Four Seasons project on the Dubai Water Canal, for AED 72 million; and the third, consisting of six bedrooms in The 118 Tower in Downtown Dubai, for AED 65 million.

The three largest villa sales deals were all on Jumeirah Bay Island, valued at AED 240.5, AED 160 and AED 155 million respectively.

Metropolitan Homes affirmed that it remains optimistic about the continued growth and resilience of the Dubai residential resale market during the remainder of the current year, noting that Dubai provides a stable and attractive environment for investors and end-users. The strong market fundamentals and strategic location of Dubai also make it an attractive option.