The real estate sector in Dubai continued its historic performance, recording the highest half-year sales ever in the first 6 months of the current year 2024, by recording 80,231 sales transactions with a value exceeding 233 billion dirhams, according to data from the Dubai Land Department, a growth of 30.1% compared to 179 billion dirhams in the same period from 2023, which reflects the emirate’s attractiveness as a global destination for real estate investment.
The data confirmed that the first half of 2024 set a new record in the value of real estate sales, while the first half of 2023 ranked second with sales worth 179 billion dirhams, third was the first half of 2022 with 114 billion, and fourth was the first half of 2009 with sales worth 89 billion dirhams. Fifthly, the first half of 2015 with sales exceeding 65 billion dirhams.
Total real estate transactions in Dubai during the first half recorded about 344 billion dirhams, resulting from about 100,000 transactions, a growth of 34.9% compared to the value recorded in the same period last year at 255 billion dirhams through 75,284 transactions.
Since the beginning of the year, transactions have been distributed to 233 billion dirhams in sales resulting from 80,231 deals, 90.3 billion dirhams in real estate mortgages through 15,812 deals, and 20.8 billion dirhams in donations through 3,887 deals.
Business Bay came at the top of the regions in sales value with 13.9 billion dirhams resulting from 5727 deals, followed by the Jumeirah Village Circle area with 8309 deals worth 9.5 billion dirhams, then Palm Jumeirah with 855 deals worth 9.09 billion dirhams, and fourthly the Burj Khalifa area with 2131 deals with a value of 9 billion dirhams, followed by Palm Deira through 694 deals worth 5.6 billion dirhams.
Real estate market sales during June 2024 increased by about 47.6% on an annual basis, reaching 44.9 billion dirhams through 13,810 deals, compared to 30.4 billion dirhams distributed over 10,495 deals in the same month of 2023, and the sales recorded during this June are considered the highest sales value for the same month ever. The second highest value of monthly sales in the history of the market after sales last May, which recorded the highest monthly value in the history of the market at 45.79 billion dirhams.