Dubai Off-Plan Property Market Shatters Records in Q2 2024
Record Transactions: Q2 2024 saw a record 25,466 off-plan property transactions in Dubai.
Surging Values: The transactions amounted to over AED 52 billion, an 81% YoY increase.
Villa Demand Soars: Transactions for villas increased by 44% YoY, with a 76% rise in their value.
Apartment Dominance: Off-plan apartment transactions increased by 86% YoY.
Freehold Focus: Over 70% of new developments are in designated freehold areas.
Luxury Market Strength: The luxury segment remains robust with significant transactions.
New Projects: Over 200 new residential projects were launched in 2024, adding nearly 50,000 units.
Market Preferences: The most popular villa price range is AED 2 - 5 million, while apartments under AED 2 million lead in transactions.
Investor Attraction: Dubai's property ownership policy for non-Emiratis enhances its appeal as a global real estate hub.
Strategic Locations: Top areas for transactions include emerging hotspots across Dubai.
Dubai's off-plan property market achieved a spectacular milestone in the second quarter of 2024, with an unprecedented 25,466 transactions worth over AED 52 billion. This marks an astonishing 81% increase in transactions compared to last year, emphasizing the city's expanding appeal and robust demand from end-users and investors.
The data reveals that villas continue to be in high demand, experiencing a 44% increase in transactions and a 76% rise in value year-over-year. Meanwhile, off-plan apartments lead the market with an 86% increase in transactions, appealing significantly to those preferring newer developments over pricier-ready properties.
With over 200 residential projects launched this year alone, introducing nearly 50,000 units to the market, developers are keenly responding to the surging demand. The shift towards off-plan transactions underscores a strategic focus on meeting future needs, especially in designated freehold areas where more than 70% of new developments are concentrated. This policy has positioned Dubai as a pioneering real estate hub, attracting substantial foreign investment and redefining urban landscapes with innovative projects.
Luxury off-plan properties, particularly those valued over AED 15 million, continue to see robust activity, with Palm Jumeirah, Dubai Water Canal, and Dubai Healthcare City II leading the transactions. This segment underscores the city's capacity to attract affluent investors seeking premium, well-located real estate.
Moreover, the market preferences are distinctly outlined by sales price mix, with villas in the AED 2 - 5 million range and apartments under AED 2 million dominating their respective segments. These trends highlight the diverse demographic appeal, from affluent local buyers to middle-income expatriates, reflecting Dubai's dynamic and inclusive real estate market.