With the end of Q1 2024, it’s time to have a look at how the real estate market performed through the Market Watch report.
Its digest version is just out, which includes the top highlights and insights of the market in Abu Dhabi and Dubai to help you have a quick yet data-based vision over the last period; let’s get into more details!
Abu Dhabi
Highlights
- During the first quarter of 2024, the real estate market witnessed a YoY decline of -6.17% in sales transactions; during this period, over 2,145 sales transactions took place, while in Q1 2023, 2,286 transactions were recorded.
- The value of sales transactions also showed a decline in the value, reaching AED 6 billion, which marks a YoY decrease of –18%.
- For the existing property transactions, it had a YoY increase of around 30% in volume, recording more than 814 transactions.
- On the other hand, the demand decreased in the off-plan sector as the YoY volume decreased by -20%, and the value witnessed a YoY decline of around -20%.
Market Performance
Total Sales Transactions
- According to the Department of Municipalities and Transport’s (DMT) data, during Q1 2024, the UAE’s capital witnessed a decrease in the total sales transactions in both residential and commercial types.
- The total number of transactions reached 2,145.
- During this period, the residential transactions reached 78% of the total volume and around 64% of the total value.
- Regarding the transaction value, it amounted to AED 6.02 Billion, while in Q1 2023, it reached AED 7.34 Billion, showing a -18% decrease.
Off-plan Sales Transactions
Volume
- During Q1 2024, the off-plan market registered around 1,331 residential off-plan sales transactions compared to 1,658 transactions in Q1 2023.
This represents 62% of the total transactions compared to 73% in Q1 2023, recording a high YoY decrease of -20% in terms of volume.
Value
- The off-plan sales transactions value in Q1 2024 accounted for AED 4.28 Billion, which is 71% of the total sales transactions value.
During this year, it showed a significant decline of -20% compared to Q1 2023.
Existing/Ready Sales Transactions
- The existing/ready market registered 814 transactions in Q1 2024, which represents about 38% of the total transactions. In Q1 2023, the total transactions reached 628 transactions, contributing to 27% of the total transactions in this period.
- The value of the existing/ready market transaction amounted to AED 1.74 Billion, representing 29% of the total sales transactions value, while in Q1 2023, it reached 27%.
Moreover, it witnessed a decline of -13.4% compared to AED 2 Billion in Q1 2023.
Dubai
Highlights
- Dubai’s real estate market witnessed a YoY surge of 17% in the number of sales transactions during Q1 2024. Its number reached 36,200 transactions compared to 31,000 in Q1 2023.
- The value of the sales transactions showed a notable increase, reaching almost AED 115.6 billion, reflecting a 30% YoY growth.
- For the existing property transactions, it reached a YoY increase of about 30% in terms of volume and 46% in terms of value.
- During Q1 2024, the off-plan market witnessed more demand, with a YoY increase of around 4% in volume and 5% in value.
Market Performance
Total Sales Transactions
- According to DLD’s data, Dubai witnessed a notable increase in total sales transactions during Q1 2024.
- It recorded 36,200 transactions, which is the second-highest transaction for the quarter. Compared to Q1 2023, it witnessed 31,000 transactions, which shows a substantial increase of 17%.
Off-plan Sales Transactions
- In Q1 2024, the off-plan sales transactions reached 16,600 compared to 16,000 transactions in Q1 2023.
This represents 46% of the total transaction volume compared to 52% of the total transactions in Q1 2023. Consequently, the off-plan transactions showed a slight YoY increase of 4% in terms of volume.
- For the off-plan sales transactions value during Q1 2024, it reached AED 37,4 billion, representing 32% of the total sales transactions value.
It recorded a 5% increase compared to Q1 2023 when the total sales transactions value was AED 35.5 billion, contributing 40% of the total value.
Existing/Ready Sales Transactions
- In Q1 2024, the existing/ready market registered around 19,600 transactions.
This reflects an increase in its market share to 54% of the total transactions compared to around 15,000 transactions, which represented 48% of the total transactions in Q1 2023.
- The existing/ready transaction value reached AED 78.200 Billion in Q1 2024, which constitutes 68% of the existing sales transactions value, compared to 60% in Q1 2023
Accordingly, the existing/ready transaction value had a notable increase of 46% compared to AED 53,600 billion for the same period last year.
For more extra insights and data, you can download the full report from the following link.
