Dubai Real Estate Register Record Deals in H1 2024

In a historic performance, Dubai’s real estate sector recorded the highest half-year sales ever in the first 6 months of 2024, with 80,231 sales transactions worth more than $63.44 billion.

according to data from the Dubai Land Department (DLD) this represented a growth of 30.1% compared with $48.72 billion during the corresponding period in 2023, reflecting the Emirate’s attractiveness as a global destination for real estate investment.

The data confirmed that the first half of 2024 recorded a new record in the value of real estate sales, while the first half of 2023 ranked second with sales of $48.73 billion, while the third highest deals were in H1 of 2022 which stood at $31.04 billion.

The fourth highest sales deals of $24.23 billion were recorded in the first half of 2009, followed by the fifth highest was over $17.7 billion in the first half of 2015, the data showed.

In all, the total real estate transactions in Dubai during the first half of this year amounted to close to $93.66 billion, from around 100,000 transactions, a growth of 34.9% compared to the value recorded in the same period last year at $69.43 billion through 75,284 transactions.

The break-up of the real estate transactions in the first six months of 2024 has been $63.44 billion in sales from 80,231 transactions, $24.58 billion in real estate mortgages through 15,812 transactions, and $5.66 billion in grants with 3,887 transactions, the DLD data revealed.

Business Bay Tops

Business Bay topped the list of areas in terms of sales value, with $3.78 billion from 5,727 transactions followed by Jumeirah Village Circle with 8,309 transactions worth $2.59 billion, Palm Jumeirah with 855 transactions worth $2.47 billion, Burj Khalifa with 2,131 transactions worth $2.45 billion, followed by Palm Deira with 694 transactions worth $1.52 billion respectively.

The data also said that real estate market sales increased by 47.6% y-o-y in June 2024, reaching $12.22 billion through 13,810 transactions, compared with $8.28 billion by way of 10,495 deals in the same month of 2023.

Sales recorded during the current June are the highest sales value for the same month ever and the second highest monthly sales value in the history of the market after sales in May, which recorded the highest monthly value in the history of the market at $12.46 billion, the data said.