– July 2024 property sales peaked at $13.5 billion (AED49.6 billion), with 15,994 transactions marking a 31.63% increase in value and a 43.2% increase in volume year-on-year.
– Over the past five years, July sales increased from $1.2 billion (AED4.4 billion) and 2,300 transactions in 2020 to $13.7 billion (AED50 billion) and 16,000 transactions in 2024.
– Dubai’s ultra-luxury market saw 196 sales exceeding $10 million in H1 2024.
Dubai, UAE, 6 August 2024: Springfield Properties, a premier real estate brokerage in Dubai, reports substantial growth in the off-plan property market during the first half of 2024 (H1). This surge is indicative of the robust demand and investor confidence in Dubai’s real estate sector, fuelled by strategic developments and favourable economic conditions.
July 2024 set a new peak in property sales, reaching $13.5 billion (AED49.6 billion), a 31.63% increase over the same month last year. The month saw 15,994 transactions, a 43.2% rise compared to July 2023.
Farooq Syed, CEO of Springfield Properties, said: “The exceptional performance of Dubai’s real estate market in H1 2024 underscores the city’s dynamic growth and resilience. This surge in off-plan property sales highlights Dubai’s strategic importance as a global investment hub. The combination of innovative developments, supportive government policies, and a robust economic environment has made Dubai an attractive destination for investors worldwide. We remain optimistic about the continued growth and opportunities in the second half of the year”.
Over the past five years, July property sales in Dubai have risen significantly from $1.2 billion (AED4.4 billion) and 2,300 transactions in 2020 to nearly $13.7 billion (AED50 billion) and 16,000 transactions in 2024.The Dubai off-plan property market has experienced remarkable growth, with sales transactions reaching AED 103.8 billion in the first half of 2024. This surge is supported by a thriving rental market, offering investors higher rental yields. Key areas for affordable off-plan properties include Dubai Investments Park (DIP), Dubailand, Dubai Residence Complex, and Dubai South. Notably, Verdana 2 in DIP and Reportage Village in Dubailand are popular choices for budget-conscious buyers. In the mid-tier segment, Jumeirah Village Circle (JVC), Arjan, and Jumeirah Lake Towers (JLT) attract signisficant interest, while Al Furjan and Arabian Ranches 3 are favoured for villas. The luxury market is dominated by high-rise projects in Business Bay, Downtown Dubai, and Palm Jumeirah.
Overall, off-plan sales outpaced ready properties, accounting for 67% of the total sales value. The strong demand has heightened competition, drawing investors to prime locations for their potential returns and strategic benefits.
Dubai’s real estate market continues to attract high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs), driving demand for opulent villas and branded residences. In H1 2024, the city recorded 196 sales exceeding $10 million, reinforcing its status as a premier destination for luxury real estate.
The off-plan market has been thriving like never before, showing promising signs of growth. With approximately 48,000 new units being launched during H1, demand remains high with the influx of new residents continuing to rise, according to Bayut.
“Looking ahead, Springfield Properties projects sustained growth in off-plan sales in the second half of 2024, driven by new project launches and ongoing market momentum. The positive market trajectory and investor confidence indicate a thriving real estate environment, offering unparalleled opportunities for both local and international investors,” added Farooq.
The Dubai real estate market is on a trajectory of continued growth.As a leading global investment hub, Dubai offers immense value to investors and end-users alike, reinforcing its position as a premier destination for real estate investment.
ENDS
About Springfield Properties
Springfield Properties, headquartered in Dubai, is a beacon of innovation and excellence in the real estate industry. With a team of over 140 dedicated realtors, we are committed to reshaping the financial landscape with a forward-thinking, human-centric approach.
Our mission revolves around assisting value-driven investors, individuals, and businesses in achieving financial success while upholding the highest standards of integrity and market expertise. We understand that every client is unique, and our goal is to provide tailored solutions that meet their specific needs.
As a dynamic force in the financial industry, we seamlessly blend innovation and expertise to deliver exceptional results. We harness the power of real-time, data-driven insights while maintaining a deep understanding of the ever-evolving financial landscape in the UAE.
At Springfield Properties, we have earned the trust of our clients through unmatched market insight and a commitment to excellence. Since our establishment in 2008, we have consistently demonstrated our ability to meet and exceed our clients’ expectations.
Welcome to Springfield Properties, where forward thinking converges with a human-centric approach, paving the way for financial success and a brighter future for all our valued clients.
– Facebook:Springfield Properties | Dubai | Facebook
– Twitter: Springfield Properties | Dubai | Facebook
– LinkedIn:Springfield Properties | LinkedIn
– YouTube:Springfield Properties – YouTube
uaenews4u.com 