Dubai Real Estate:  Off-plan Vs. Ready Property sales figures revealed, 36,000 sales transactions in Q1🇦🇪

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Dubai real estate continues to be hot property as investors snap up more than 36,000 homes in first three months of the year.

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According to Property Finder’s Market Watch digest report for Q1 2024, the Dubai real estate sector has experienced continued interest in both existing and off-plan properties during the initial three months of the year.

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Analysts from Property Finder observed over 36,000 sales transactions in the first quarter, marking it as the second highest period on record.

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Q1 2024 saw robust demand for existing projects in Dubai, with nearly 19,600 transactions. This represents a 54 percent market share, compared to around 15,000 transactions in Q1 2023, which accounted for 48 percent of total transactions.

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The performance exhibited a significant volume growth of 30 percent compared to Q1 2023.

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Transaction values in Q1 2024 amounted to AED78.2 billion ($21.3 billion), contributing to 68 percent of existing sales transaction value, an increase from 60 percent in Q1 2023. Consequently, existing/ready transaction value witnessed a substantial rise of 46 percent compared to Q1 2023.

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In contrast, there were approximately 16,600 off-plan sales transactions in Q1 2024, a slight increase from 16,000 transactions in Q1 2023. This represented 46 percent of the total transaction volume, down from 52 percent in Q1 2023. Off-plan transactions recorded a modest year-on-year surge of 4 percent in volume.

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The off-plan sales transaction value in Q1 2024 reached AED37.4 billion ($10.2 billion), contributing 32 percent of the total sales transaction value, a 5 percent increase compared to Q1 2023.

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The current Dubai market presents ample opportunities for developers and brokers to capitalize on their expertise and redefine success in 2024.

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Data from the Dubai Land Department (DLD) indicated a significant increase in total sales transactions in Q1 2024. With over 36,000 transactions, it was the second-highest recorded for the quarter, showing a substantial increase of 17 percent compared to 31,000 transactions in Q1 2023.

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Cherif Sleiman, Chief Revenue Officer at Property Finder, remarked, “2024 has commenced with an intriguing and promising phase of growth within our sector. As leaders in proptech, we anticipate a more diversified demand and are optimistic about its future impact. We are committed to supporting the market by providing property seekers with comprehensive information to make more informed decisions.”

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