21/05/2024
According to the latest UAE Residential Market Review Q1 2024 by CBRE Group ,Dubai transaction volumes surge to record-high
Highlighting the thriving UAE property sector, Dubai’s total transaction volumes reached a record high of 35,310 in Q1 of 2024. Off-plan transactions recorded an increase of 23.9 percent, while secondary market transactions saw a 15.2 percent increase.
In March alone, Dubai set a new record high with transaction volumes reaching the highest monthly figure on record, rising 13.2 percent. During this period, off-plan sales and secondary market sales saw a 20.2 percent increase, while secondary market sales increased by 2.2 percent.
Price growth across the Dubai real estate market has continued to accelerate during Q1 2024, with average prices increasing by 20.7 percent. Moreover, average apartment and villa prices increased by 20.4 percent and 22.1 percent, respectively.
In Q1 2024, the total number of sales transactions within Dubai’s prime market segment registered an annual decline of 2.1 percent. Meanwhile, super-prime transactions recorded a drop of 16.5 percent year-on-year to 227. CBRE attributes this decline to a significant drop in off-plan sales due to high demand and limited supply. In Dubai, average prime prices saw a year-on-year increase of 16 percent, while average super-prime prices grew by 14.8 percent.
Looking ahead, CBRE expects Dubai’s residential sales market to maintain growth. It states that prices in both the apartment and villa segments of the market will continue to grow, however, not at the same pace. In the rental segment, the report expects residential rents to continue their upward trajectory. However, this rate of growth will likely moderate.