Dubai continues to strengthen its global appeal as one of the most dynamic and in-demand residential real estate markets, according to a report by Metropolitan Homes, a subsidiary of Metropolitan Group, a real estate brokerage company.
Titled “Residential Resale Market Review in H1 2024”, the report confirms that Dubai’s residential resale market continues to outperform global trends. Svetlana Vasilieva, Head of Secondary Sales at Metropolitan Homes, said: “Dubai’s real estate market has shown remarkable strength and growth in H1 2024. The record sales volume and price increases during this period demonstrate the thriving economy of Dubai and its continued appeal as a global real estate destination.
As the emirate continues to benefit from its global status as an attractive international city, we are confident in the future growth of the real estate market, driven by several factors, such as increased foreign investment, infrastructure development and the city’s ongoing efforts to attract talent and businesses.”
Dubai’s residential resale market witnessed significant growth, with transaction volumes rising 17.8% year-on-year to 27,949 transactions, while the value of transactions increased by 23.1% to AED 76.34 billion. May set a new record with 17,139 residential resale transactions, the highest monthly total ever recorded.
Metropolitan Homes also confirmed that it is optimistic about the continued growth and resilience of the Dubai residential resale market during the remainder of this year. Despite global uncertainty, Dubai offers a stable and attractive environment for investors and end-users, and the strong market fundamentals and strategic location of Dubai make it an attractive option. Key areas to keep an eye on include Dubai South (Emaar South, Expo City, etc.) and Dubailand (The Valley by Emaar, The Oasis by Emaar, etc.), as these areas witness increased investment and development. In terms of average resale prices, the average resale price per square foot for residential units increased to AED 1,545, up 7% compared to H1 2023.