02/05/2024
According to a new report, Dubai's real estate market experienced an unprecedented surge in the first quarter of 2024, with over 34,000 transactions recorded by the Dubai Land Department (DLD), breaking previous records.
This remarkable figure represents a 20% increase compared to the same period in 2023, solidifying the first quarter of 2024 as the most vibrant quarter in the history of the emirate's real estate sector.
Secondary transactions surged by 46%, while off-plan transactions saw a modest 4% increase. In the resale market, Palm Jumeirah led with 82 transactions, followed by Palm Jumeirah with 48, and Sobha Hartland II (MBR) with 33 transactions.
In the off-plan market, Palm Jumeirah recorded 51 transactions, followed by Dubai Water Canal and Dubai Healthcare City II with 28 and 18 transactions, respectively.
📈 Rental price trends in Dubai show consistent increases across all communities compared to the first quarter of 2023.
🥇 Dubai Creek Harbour Apartments - +28% (YoY)
🥇 Jumeirah Park Villas - +24% (YoY)
Average rental prices in luxury residential areas:
💎 Palm Jumeirah
🏢 Apartments: 261,500 AED
🏠 Villas: 855,878 AED
💎 Dubai Hills Estate
💰 190,649 AED
💎 Jumeirah Beach Residence
💰 158,928 AED
💎 Jumeirah Golf Estates
💰 617,486 AED
💎 Emirates Living
💰 373,722 AED
The surge in rental prices is attributed to the increasing presence of high-net-worth individuals (HNWIs) in the city and UAE's removal from the Financial Action Task Force (FATF) gray list, enhancing Dubai's allure as a destination.
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