Dubai real estate sales exceed 233 billion dirhams in 6 months, with a growth of 30%

Total transactions in the Dubai real estate market, from the beginning of 2024 until the end of June, recorded 344.4 billion dirhams, resulting from 101,920 procedures, with a growth of 35%, in terms of value and number, according to data from the emirate’s Land and Property Department.

The data showed that the sector’s sales in the emirate, during 6 months, achieved 233.2 billion dirhams, through 80,230 deals, with a growth of 30% and 32.8% in terms of value and number, respectively.

Business Bay topped the list of areas in terms of sales volume, with a value of AED 14 billion, through 5,727 deals, followed by Jumeirah Village Circle in second place with AED 9.53 billion resulting from 8,309 deals, followed by Palm Jumeirah in third place with AED 9 billion through 855 deals.

Sales of Burj Khalifa reached 9 billion dirhams through 2,131 deals, Dubai Islands 694 deals worth 5.66 billion dirhams, Dubai Hills 1841 deals worth 5.56 billion dirhams, Zabeel First 1691 deals worth 5.5 billion dirhams, and Dubai Marina 2173 deals worth 5.22 billion dirhams. dirhams, Dubai Maritime City 2,309 deals worth 4.63 billion dirhams, and Airport City 1,322 deals worth 4.33 billion dirhams.

• Sales Distribution

The number of residential units sold reached 65,250 properties, of which the map properties accounted for the largest share with 42,493 deals, while the ready properties accounted for 22,250 deals. Buildings/villas recorded 6,295 sales, of which 4,014 deals were on the map, and 2,279 deals were ready properties. As for land, the number of sales reached 8,693 deals.

• Mortgages and gifts

With regard to mortgages, it recorded about 90.4 billion dirhams, resulting from 17,800 procedures, the highest of which came in the “Harrison” area, with a value of 9.2 billion dirhams, resulting from 6 procedures, then “Palm Jumeirah” second, with 5.2 billion dirhams, through 631,571 procedures, followed by Third, “Business Bay”, with about 4.7 billion dirhams, through 819 transactions.

As for donations, they approached 21 billion dirhams, resulting from 3,890 procedures, the highest of which came in “Palm Jumeirah” with 3 billion dirhams through 241 procedures, then “Business Bay” second with 1.87 billion dirhams, through 322 procedures, followed by “Dubai Marina.” A third amounting to approximately 1.6 million dirhams resulted from 485 procedures.

Total transactions in June amounted to AED 60.8 billion, resulting from 17,760 procedures. Sales accounted for AED 44.9 billion through 13,810 transactions, followed by mortgages with AED 12 billion resulting from 3,310 transactions, and then donations with AED 3.91 billion resulting from 640 procedures.

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The real estate market in Dubai is witnessing a noticeable boom in terms of the number and values ​​of sales, as it achieved about 828.5 billion dirhams ($225.8 billion), resulting from 291,438 deals during the 3 years (2021-2023) that followed the “Corona” pandemic, according to data from the Land Department. In the emirate, published by “Digital Dubai”.

Dubai Land Department data showed that real estate sales have seen a strong jump over the past three years, with 2023 achieving approximately AED 411.7 billion (133,124 transactions), a growth of 55% and 36% in terms of value and number, respectively, compared to 2022, which recorded AED 266.25 billion (97,392 transactions), and an increase of 173.5% and 118.5%, compared to 2021, in which sales amounted to AED 150.5 billion (60,922 transactions).

The total value of real estate transactions in the Dubai market, over 3 years, amounted to approximately 1.46 trillion dirhams, resulting from 373,648 transactions, including 550 billion for mortgages (66,368 procedures), and 82.8 billion dirhams for grants (15,842 transactions).