Property Finder revealed important data included in its brief report on “Market Monitoring” for the first quarter of 2024, as the Abu-Dhabi market for ready real estate transactions recorded a noticeable increase, while the Dubai market maintained an increasing interest in both ready and off-plan units.
The first quarter of 2024 witnessed strong demand for ready properties in both Dubai and Abu-Dhabi, in contrast to the trend that prevailed in the first quarter of 2023, which then recorded a significant increase in the volume of off-plan transactions.
In Dubai, the ready real estate market recorded approximately 19,600 transactions in the first quarter of 2024, which led to an increase in its market share to 54% of the total transactions compared to about 15,000 transactions, which contributed 48% of the total transactions of the first quarter of 2023. This performance was accompanied by a remarkable growth in volume, amounting to 30% compared to the first quarter of 2023. The value of transactions recorded 78,200 Billion Dirhams in the first quarter of 2024, and contributed 68% of the value of sales transactions on ready-made units, compared to 60% in the first quarter of 2024. The year 2023. Therefore, the value of transactions on ready properties achieved a significant increase of 46% compared to 53,600 Billion Dirhams in the first quarter of 2023.
Abu-Dhabi Market
In Abu-Dhabi, transactions in the first quarter of this year recorded 814 residential transactions, equivalent to about 38% of the total transactions, compared to 628 transactions, which contributed 27% of the total transactions in the first quarter of 2023, a remarkable growth of 30% compared to the previous quarter. The first of last year. The value of ready real estate transactions reached 1.74 Billion Dirhams, and the value of ready transactions in the first quarter of 2024 contributed 29% of the total value of sales transactions, compared to 27% in the first quarter of 2023.
Fluctuations in the “on the map” sector
The real estate sector on the map continued to contribute to advancing the development of the real estate sector in the emirates of Dubai and Abu Dhabi, with some fluctuations that redrew the market’s path for the year 2024.
In Abu-Dhabi: The off-plan real estate market recorded about 1,331 residential sales transactions in the first quarter of 2024 compared to 1,658 transactions in the first quarter of 2023, equivalent to 62% of the total transactions compared to 73% of the total transactions in the first quarter of the year 2023, achieving a significant annual decrease of 20% in terms of volume. The value of off-plan sales transactions in the first quarter of 2024 reached 4.28 Billion Dirhams, constituting 71% of the total value of sales transactions. The first quarter witnessed a noticeable decrease of 20% compared to the first quarter of 2023, when the value of the total off-plan sales transactions reached 5.34 Billion Dirhams, and contributed 73% of the total value.
In Dubai: The number of sales transactions on the map reached about 16,600 transactions, compared to 16,000 transactions in the first quarter of 2023, which represents 46% of the total volume of transactions, compared to 52% of the total transactions of the first quarter of 2023. Therefore, the transactions were recorded The map showed a slight increase year on year, with an annual increase of 4% in terms of volume. While the value of off-plan sales transactions in the first quarter of 2024 reached 37.4 Billion Dirhams, equivalent to 32% of the total value of sales transactions, an increase of 5% compared to the first quarter of 2023, when the value of total sales transactions reached 35.5 Billion Dirhams. It contributed 40% of the total value of sales transactions on the map.
Variation in sales transactions
The booming real estate market in both Dubai and Abu-Dhabi, despite slight changes in transaction numbers and values, provides fertile and promising ground with opportunities for developers and real estate brokers to invest their expertise and achieve success in 2024.
According to data from the Department of Municipalities and Transport, Abu-Dhabi real estate recorded a decrease in total sales transactions (residential and commercial) in the first quarter of 2024, as the number of residential transactions reached about 2,145 transactions, compared to 2,286 transactions in the first quarter of 2023, a decrease of 6.2%. Residential unit transactions represented 78% of the total volume, and about 64% of the total value. While the value of transactions amounted to 6.02 Billion Dirhams, a decrease of 18%, compared to 7.34 Billion Dirhams recorded in the first quarter of 2023.
Data from the Dubai Land Department revealed a noticeable increase in the total sales transactions in the first quarter of 2024, as the number of recorded transactions constituted the second highest number for this quarter ever, reaching 36 thousand transactions compared to 31 thousand transactions in the first quarter of 2023. A significant increase of 17%.
Sherif Soliman, Chief Revenue Officer, Property Finder, said: “The year 2024 witnessed a promising phase of growth in the sector, and as pioneers in the field of real estate technology, we see increasing diversity in demand, and we are confident of the impact this will have over the coming months.”