Planned Sales in Dubai Real Estate Records a Growth of 24% in Q1-2024

Planned sales in Dubai real estate witnessed a growth of 24% reaching $12.12 billion during the first quarter of 2024 compared with $9.78 billion during the corresponding last year, according to a report from Dubai-based real estate brokerage firm W Capital.

The report, based on the data from the Dubai Land Department, said that that the number of off-plan sales transactions increased by 27.48% on an annual basis, in the first quarter of this year, to about 20,54,000 transactions, compared with 16,112,000 during Q1 of 2023.

The Dubai Maritime City area topped off-plan sales in the first quarter of 2024, with about $1.15 billion, by way of 2,159 transactions, followed by Business Bay ($1.05 billion) through 1,448 transactions, and Jumeirah Village Circle ($720 million) through 2,785 transactions.

Palm Jumeirah was in fourth place with $630 million through 101 deals, Zabeel I ($460 million) through 512 deals, Burj Khalifa ($440 million) through 427 deals, Dubai Marina ($360 million) through 214 deals.

In eighth and ninth places were Al Wasl Region and Dubai Harbour ($350 million each through 216 and 215 deals and tenth place was Dubai Water Canal ($330 million) through 80 deals.

Real Estate Boom

According to a report in Arabic daily Al Bayan, Walid Al Zarouni, Chairman of W Capital Real Estate Brokerage, said that the boom in the real estate market and the strong support from all local and global economic factors contributed to recording historic real estate sales in terms of completed sales, or off-plan properties. The sales in 2025 are likely to range between $122.53 billion to $136.15 billion, he said.

Al-Zarouni also said that the UAE was experiencing a new urban shift due to strengthening infrastructure and urban expansion, to accommodate the future demand for housing in the next two decades.

“The UAE has been providing unprecedented facilities in terms of granting long-term residency, and facilitating foreigners’ ownership of projects, which were completely new, with ambitious plans to become the number one preferred destination for living and working in the world,” he said.

Al Zarouni further said that the off-plan real estate market in Dubai registered an impressive growth, indicating the highest annual performance ever for the year 2023, as well as the first quarter of the current year.

Off-plan sales in Dubai increased in 2023 to 68,783,000 transactions, from 43,151,000 deals in 2022, representing an increase of 59.4%, and recording the highest annual performance ever.

The activity in off-plan sales comes in light of the preference of a group of buyers for this type of real estate investments, which provides many advantages, including options for payment plans for the required financial payments and instalments, and long-term payment periods,” he added.