Dubai continues to set records

According to the Kalinka ecosystem and the Dubai Land Department, demand for real estate in the emirate has surged by a record 40% over the first nine months of 2024 as compared to the same period last year.

A predicted total of 130,000 transactions worth 375 billion AED are anticipated by the end of the third quarter, which is a 35% increase from the same period in 2023.

Meanwhile, the number of transactions with residential real estate on the primary market in Dubai is about 75,000, which is 50% higher than last year, and the total volume is 145 billion AED, which is 13% more than the year before. The share of new builds in demand is at 60%, which is 5% higher than the previous year (55%), and this is related to the increase in demand for the primary market.

The most in-demand districts in the new build market for apartments are Jumeirah Village Circle, Sobha Hartland 2, Dubai Hills Estates, Jabal Ali First, Dubai South.

Transactions on the primary market for villas and townhouses over the first nine months of 2024 were mainly concentrated in the following locations: Dubai Investment Park Second, Al Yurfah 1, Madinat Al Mataar, Madinat Hind 4, Wadi Al Safa 5.

In total, over the first nine months of 2024, more than 100 new projects (including new phases in projects that had previously started) have been launched in the Dubai market, with the largest proportion represented by developer Emaar. The most attractive ones include Dubai Hill Estates, Rashid Yacht & Marina, The Oasis, The Heights Country Club & Wellness, and Palm Jebel Ali. The starting budgets in these projects range from 3.5 million AED.

Overall, the average weighted price per square meter for apartments/flats on the primary market stands at 19,300 AED (-23% over the year), while the price per square meter for villas and townhouses is 15,800 AED per square meter (+30% over the year).