Results of Q1 2024 in the UAE real estate market

Contrary to predictions, demand for UAE real estate continues to grow

According to Kalinka Ecosystem experts, a total of 36.5 thousand transactions was concluded on the Dubai real estate market in Q1 2024, exceeding similar statistics from the previous year by 18%. The Abu Dhabi market also demonstrated positive dynamics.

Analysts at Kalinka Ecosystem summed up the results of Q1 2024 in the UAE real estate market. In total, 36.5 thousand units were concluded in the Dubai market, which is 18% more than Q1 2023 and 3% higher than the previous quarter's figures. In monetary terms, housing sales amounted to 108.4 billion AED, which is 22% higher than the same period last year.

When comparing the demand for primary and secondary real estate, the secondary market outpaced the segment of new buildings for the first time in a long while in the first quarter. Amidst this, the demand for under-construction apartments increased by 29% year on year, whilst demand for villas plummeted by 63%. Yet the secondary market paints an opposite picture, with the villa segment rapidly gaining popularity in recent months. Villas are being actively purchased for own living purposes or for renovation and subsequent resale or rental.

"Dynamics of the number of transactions in the Dubai real estate market, thousands of lots"

The Abu Dhabi real estate market also demonstrated positive dynamics. According to the results of the first quarter of this year, 2,827 transactions (+7% compared to Q1 2023) with a total value of 8.7 billion AED were concluded in the emirate. Of these, 1,838 transactions were carried out in the primary market, indicating a decrease of 4% compared to last year and also a growing demand for secondary housing.

"Contrary to pessimistic forecasts, the number of transactions in the UAE real estate market is growing, and we clearly see it," said Andrey Revenko, CEO of Kalinka Middle East. "At the moment, the main buyer is the United Kingdom, followed by India, with Germany in third place. As far as Russians are concerned, the situation with demand among our compatriots has completely normalized. And although Russians are no longer key buyers – many have shifted their focus to the Russian market, they maintain a steady 7th-8th position, just like in 2021."