Dubai’s property market is doing very well. In the second quarter of 2024, there were 48% more property sales than last year. This means 40,584 properties were sold, worth AED104 billion.
“As we reflect on the remarkable journey of the Dubai real estate market in Q2 2024, it’s clear that we’re in a period of unprecedented growth and transformation. Record break after record break has become the new norm, and we couldn’t be more excited to share these milestones with you. In the past quarter alone, we recorded over 40,000 transactions with the Dubai Land Department (DLD),” Richard Waind, Chief Executive Officer of Betterhomes said.
More people buying homes
More people are buying existing homes, especially villas. This is because rent prices are going up, so many renters are choosing to buy instead.
New property sales are also doing well. Over 200 new housing projects started in 2024, adding about 50,000 new homes to Dubai.
Property prices going up
The average price for property in Dubai is now AED1,380 per square foot. This is 18% higher than last year.
Some areas saw big price increases. For example, villas on Palm Jumeirah Fronds cost 75% more than last year.
Renting in Dubai
There were fewer new rental contracts in this quarter. This is because more people are buying homes, and there aren’t many new places to rent.
Even so, people who rent out their properties in Dubai can make good money. On average, apartments earn 7.64% of their value in rent each year, and villas earn 5.23%.
Luxury homes
Expensive homes are also selling well. There were 664 sales of homes costing AED15 million or more.
Dubai’s property market is very strong right now. More properties are being sold, prices are going up, and people can make good money from renting out homes. This makes Dubai an attractive place for property investment.
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