Dubai’s Off-Plan Property Market Reaches to $14.1 Billion in Q2 2024
Friday, 26 July 2024
The off-plan housing market in Dubai has reached unprecedented levels in the second quarter of 2024, according to a recent Betterhomes research. The market saw an incredible 25,466 transactions, totaling over AED 52 billion—a remarkable 81% increase compared to the same period last year.
Villa Sales and Off-Plan Apartments: A Market on the Rise
- Villa Sales:
- Transactions increased by 44% year over year.
- The value of these transactions soared by 76%.
- Off-Plan Apartments:
- Purchases surged by an astonishing 86% year over year.
This tremendous growth underscores Dubai’s increasing allure as a prime real estate destination, with each quarter consistently surpassing previous transaction records.
Shift Towards Off-Plan Transactions
As developers launch new projects to meet rising market demand, there is a noticeable shift towards off-plan transactions:
- Over 70% of new developments are situated in designated freehold regions, keeping Dubai at the forefront of future housing supply.
- Despite a noticeable lack of ready-to-move-in inventory, the market’s focus remains firmly on off-plan projects.
2024’s Surge in New Developments
Developers have been active in 2024, with over 200 residential projects launched, bringing the total number of off-plan units to approximately 50,000. The luxury market remains robust, especially for properties priced above AED 15 million.
- Top Luxury Locations:
- Palm Jumeirah: 51 transactions.
- Dubai Healthcare City II: 18 transactions.
- Dubai Water Canal: 28 transactions.
Top Locations for Apartment and Villa Transactions
Property Monitor has identified the top five locations for apartment and villa transactions in Q2 2024:
- Jumeirah Village Circle
- Mohammed Bin Rashid City
- Business Bay
- Ras Al Khor
- Dubai Hills Estate
Who’s Buying? A Diverse Buyer Pool
Dubai’s off-plan real estate market continues to attract a diverse range of buyers:
- Villas:
- 75% of sales are for properties valued between AED 2 and 5 million.
- These homes appeal to buyers seeking additional space without entering the high-end market.
- Off-Plan Apartments:
- 71% of transactions are for properties under AED 2 million.
- This price range is particularly attractive to middle-class individuals, expatriates, and investors seeking affordability and accessibility.
Dubai’s off-plan market is thriving, fueled by diverse buyer demand and a steady stream of new developments, ensuring its place as a top global real estate destination.
