Analytical review of the residential real estate market in the UAE

Жилая недвижимость в Дубае

• In the 1st half of 2024, 66.7 thousand new lots were announced (+63% compared to the same period in 2023)
• In the 1st half of 2024, 14.5 thousand lats were introduced, which is 12% less than in the same period of 2023
• The average lot budget in the housing market as a whole (primary and secondary) at the end of the 1st half of 2024 decreased by -1% compared to the 1st half of 2023 and amounted to 2.9 million AED, while the average transaction budget in the primary market decreased by 13% and amounted to 2.1 million AED per lot
• The price of the 1st sq. m. The number of apartments in the primary housing market in Dubai amounted to 19.9 thousand. AED (-2% per year), the price of villas and townhouses reached 14.2 thousand. AED per 1 sq. m (+11% per year).
• According to the results of the 1st half of 2024, another record was recorded in Dubai: in total, about 80.0 thousand transactions were concluded for a total of 232.6 billion AED (+31% and +29% by the 1st half of 2023)
• According to the results of the 1st half of 2024, the share of new buildings in demand remains at the level of 56%, which is 2 percentage points higher than the same indicator for the 1st half of 2023 (54%).

Residential real estate in Abu Dhabi

• According to Kalinka Ecosystem analysts, about 35 new projects have entered the Abu Dhabi market since the beginning of 2024
• According to the results of June 2024, Abu Dhabi saw an annual increase in prices for villas, townhouses, but prices for apartments and apartments were restrained:
  • The average budget in the primary housing market was 3.5 million AED
    (+42% per year);
  • The average budget of apartments in the primary market amounted to 1.7 million AED (+20% per year);
  • The average budget of villas, townhouses and duplexes in the primary market amounted to 7.5 million AED (+111% per year).
• In the 1st half of 2024, the total number of transactions in the primary market (3,653 units) decreased by 9% compared to the 1st half of 2023 (4,031 units).
• According to the results of the 1st half of 2024, the share of new buildings in demand remains at 73%
• In the 1st half of 2024, 1.2 thousand transactions were concluded in the segment of villas and townhouses, which is 59% less than in the 1st half of 2023, the total volume of transactions amounted to 10.6 billion AED (-10% by the 1st half of 2023).
• 3.7 thousand transactions were concluded in the segment of apartments and apartments, which is 42% higher than in the 1st half of 2023. The total volume of transactions amounted to 8.7 billion AED (+131% by the 1st half of 2023).

Residential real estate in Ras Al Khaimah

• In the 1st half of 2024, sales of at least 7 new projects started, including: The Asteria, Rosso Bay, Park Beach Residence, Quattro Del Mar, Granada Villas 2, Al Hamra Waterfront, Cala Del Mar
• The average budget of the apartment was 703 thousand. AED (+15% for the quarter and +56% for the year)
• The average budget of the villa was 1.8 million AED (-6% for the quarter and +14% for the year)
• In general, according to Kalinka Ecosystem analysts based on the Government of Ras Al Khaimah database, 1,464 real estate transactions were concluded in the 1st half of 2024 (-9% by the 1st half of 2023).
• In total, real estate worth 1.8 billion AED was sold during this period (+38% by the 1st half of 2023).

Residential real estate in Sharjah

• The Emirate of Sharjah is gaining great popularity among investors from all over the world
• The main projects in the Sharjah residential real estate market include: Shurooq Ajwan Residences, Arada Anantara, Arada Saro. The starting prices of the projects start from 1.8 million AED.
• In the 1st half of 2024, the number of residential real estate transactions in Sharjah, based on data from the Sharjah Real Estate Registration Department, reached 5.4 thousand units.
• The volume of transactions in the residential real estate market in Sharjah amounted to 4.2 billion AED, while in the 2nd quarter of 2024 it was sold by -25% less than in the 1st quarter of 2024