Dubai real estate sales recorded a growth of 22.1% during the first quarter, compared to the first quarter of 2023. These exceptional results express the current state of the real estate market in the emirate, which is witnessing a combination of positive factors that enhance its attractiveness and raise it to greater heights.
Data from the Dubai Land Department showed that first quarter sales are considered the best first quarter in the history of Dubai real estate, as they amounted to 108.7 Billion Dirhams resulting from 36,699 transactions, a growth of 22.1% compared to the first quarter of last year, in which sales reached 89 Billion Dirhams through 30,900 transactions deal.
The volume of real estate transactions in Dubai during the first quarter of this year amounted to 165.6 Billion Dirhams through 54.4 thousand transactions, achieving a growth of 5.5% compared to the same period last year, in which transactions amounted to 157 Billion Dirhams through 38.7 thousand transactions, according to the Emirate newspaper Al-Bayan.
Ready sales accounted for the largest share, with 16,501 deals worth 64.9 Billion Dirhams (59.7% of the total), while the value of planned sales amounted to 43.7 Billion Dirhams (40.2% of the total) through 20,198 deals.
The Business Bay area came in the lead in terms of sales value with 6.4 Billion Dirhams with 2,901 deals, the Palm Jumeirah came second with 418 deals worth 5 Billion Dirhams, third was the Jumeirah Village Circle area with 4,014 deals worth 4.7 Billion Dirhams, and fourth was the Burj Khalifa area with 1,166 deals. With a value of 4.4 Billion Dirhams, and fifth is the Dubai Investment Park II area, through 41 deals worth 4.3 Billion Dirhams.
The second Dubai Investment Park area acquired the two highest sales deals during the first quarter of this year, as two plots of land were sold, the first for a value of 3.5 Billion Dirhams and the second for a value of 691 Million Dirhams, in addition to the sale of a villa in Mohammed bin Rashid City District 1 for a value of 146 Million Dirhams. An off-plan villa in Jumeirah Bay was also sold for 140 Million Dirhams.
Real estate market sales increased during March 2024 by 7.2% on an annual basis, to 36.67 Billion Dirhams, which is the highest value for the month of March ever, compared to 34.2 Billion Dirhams distributed over 12 thousand deals in the same month last year.