Real estate transactions in Dubai recorded a record performance during the first 11 months of 2024, after achieving the highest value and number of sales transactions ever, at a time when real estate sales in November of this year recorded the best monthly sales ever in the history of the real estate market in the emirate.
A monitoring conducted by Emirates Today, based on data from the Dubai Land Department, showed that real estate transactions in Dubai during transactions in the first 11 months of 2024 grew by 36.4%, to 684.66 billion dirhams, compared to 502 billion dirhams recorded by the sector in the same period last year. .
According to monitoring, real estate sales in Dubai increased by 30.5% to 475.44 billion dirhams by the end of the first 11-month period of this year, after implementing 164.37 thousand transactions, compared to 364.4 billion dirhams recorded by the sector after implementing 119.65 thousand transactions in the same period of the year. the past.
Real estate mortgages reached a value of 162.32 billion dirhams, after implementing 37.8 thousand transactions, compared to 110.3 billion dirhams in the same period last year, after implementing 23,445 thousand transactions, an increase of 47.2%.
As for donations, they recorded 46.9 billion dirhams through 8.09 thousand procedures, compared to a total of 27.22 billion dirhams in the same period last year, through 6.58 thousand transactions, a growth of 72.3%.
Thus, the real estate sector in Dubai recorded an unprecedented boom, amid increasing demand for various types of residential and commercial properties, which confirms the continued growth of Dubai’s attractiveness as a global investment destination.
During November alone, Dubai real estate sales recorded the best monthly performance, compared to the previous November months ever, in the history of the Dubai real estate market.
According to monitoring, Dubai real estate sales during this November amounted to about 39.76 billion dirhams, resulting from 13.41 thousand transactions, compared to 36.73 billion dirhams in November 2023, resulting from 9,950 thousand transactions, a growth of 8.25% in terms of value.
For his part, Chairman of the Board of Directors of W Capital Real Estate Brokerage Company, Walid Al Zarouni, said: “The real estate sector in Dubai is currently going through a golden and historic period, as it continues to record exceptional numbers and unprecedented rates since the beginning of this year that have never been seen before. This is a vital and important sector for the emirate’s economy.”
Al Zarouni added, “The year 2024 is the best performing year in the history of the real estate market in Dubai in light of the high demand, as it witnessed the breaking of previous records to become a feature that distinguishes the market with an upward trajectory, period after period, and month after month, recording a new level that the market has never witnessed before.” Values and sizes,” pointing out that the market is moving at a steady pace towards ending this year with a sales value exceeding half a trillion dirhams.
He pointed out that the real estate sector in Dubai is generally showing signs of positive and sustainable growth this year, as real estate transactions have reached no less than two billion dirhams daily, a strong indication of the continuation of the momentum and exceptional performance that began since late 2021, and this is also evidence. Strong on the increasing investment attractiveness enjoyed by the sector.
He stressed that “the real estate market in Dubai is still receiving great support from the unlimited facilities and qualitative initiatives launched by the emirate’s government, represented in policies to support residents, new residency laws, and residency for entrepreneurs and investors, in addition to the infrastructure that made Dubai take the lead in the field of real estate.” At the global level, it has strengthened its position at the forefront of global destinations as the best place to live, work and invest.”
Since the beginning of 2022, the real estate sector in the Emirate of Dubai continues to confirm its position as a fundamental pillar of growth for all sectors and economic activities in Dubai, thanks to the results that the sector succeeded in achieving in 2022 and in the first half of 2023, due to many factors, most notably the wise directives of the wise leadership, and the packages of… The economic stimulus provided by the Dubai government, in addition to the flexibility and attractiveness of the sector, and the trust and transparency it guarantees to investors and various categories of customers.
The continued prosperity of the real estate sector in Dubai comes in light of a large demand from investors, businessmen, and wealthy individuals for luxury and ultra-luxury real estate in the emirate, which has strengthened the city’s reputation as a first-class investment point, according to data from the real estate research and data platform “Property Monitor.”
Expectations indicate that the real estate market in Dubai is preparing to reach a new peak in sales and prices by the end of 2024, thus surpassing the results achieved at the end of last year, which was considered the best for the market thanks to 401 billion dirhams in sales, in addition to recording the most expensive real estate deal in the history of the market. The market is 500 million dirhams.
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