AED 35.4B (USD 9.6B) worth of real estate sold in Dubai in January 2024

At the beginning of 2024, the Dubai real estate market reached record levels in terms of sales amount. According to statistics, in January, transactions worth AED 35.4B (USD 9.6B) were concluded, which is 27% higher than in January 2023. The number of transactions also increased by 17%, which is 11,000 more against 8,712 during the same period compared to the previous year.

Apartments have become the most sought-after real estate type on the market, as they are preferred by 58% of buyers, while villas and townhouses are preferred by 42%. Even in terms of rental properties, the preponderance in favour of apartments is more significant at 80% versus 20%. At the same time, about 62% of tenants are looking for furnished apartments.

The most sought-after area for buying apartments was Dubai Marina, followed byDowntown Dubai, Jumeirah Village Circle, Business Bay and Palm Jumeirah. The most popular areas for buying villas and townhouses are Dubai Hills Estate, Arabian Ranches, Palm Jumeirah, and Al Furjan. In the list of the most sought-after areas for renting property, Dubai Marina also led the way, whilst second and third places were taken by Jumeirah Village Circle and Downtown Dubai.

In the finished real estate segment, sales increased by 8% compared to a year earlier. More than 5,000 transactions worth AED 21B (USD 5.7B) were concluded, which is 31% higher than in January 2023. There is also an increase in off plan real estate, as this segment grew by 21% with a total deal value of AED 15B (USD 4.1B).

Record sales figures at the beginning of the year indicate the stable development of the Dubai real estate market and the increasing interest of investors in property here. The emirate is one of the most popular places to live and invest. The growth is due to the security of transactions, the continuous development of infrastructure, and the implementation of large projects in the segment of elite branded real estate.