UAE Q2 2024, Market Watch Digest Residential Real Estate Insights
• Abu Dhabi’s real estate market witnessed a 17.8% year-on-year decrease in recorded sales transactions, with 2,489 transactions in Q2 2024 compared to 3,028 in Q2 2023.
• The value of sales transactions declined to approximately AED 6.7 billion, marking a year-on-year decrease of 19.3%.
• The existing property transactions showed a year-on-year increase of approximately 41% in volume, totaling around 1,166 transactions.
• The value of these transactions increased by 42% year-on-year, reaching AED 3.8 billion compared to AED 2.7 billion in Q2 2023.
Off-plan transactions saw less demand, with a year-on-year decrease of approximately 40% in volume, resulting in 1,323 recorded transactions. The value of these transactions decreased by around 48.8% year-on-year, dropping to roughly AED 2.86 billion compared to AED 5.60 billion in Q2 2023.
• The value of sales transactions declined to approximately AED 6.7 billion, marking a year-on-year decrease of 19.3%.
• The existing property transactions showed a year-on-year increase of approximately 41% in volume, totaling around 1,166 transactions.
• The value of these transactions increased by 42% year-on-year, reaching AED 3.8 billion compared to AED 2.7 billion in Q2 2023.
Off-plan transactions saw less demand, with a year-on-year decrease of approximately 40% in volume, resulting in 1,323 recorded transactions. The value of these transactions decreased by around 48.8% year-on-year, dropping to roughly AED 2.86 billion compared to AED 5.60 billion in Q2 2023.
Dubai Highlights
• In Q2 2024, the market crossed unprecedented heights, recording the highest volume and value of transactions ever.
• The total number of transactions increased by 45%, reaching 43,522 transactions compared to Q2 2023.
• The value of these transactions increased by 37%, totaling AED 124.4 billion. The market volume peaked, surpassing the previous high achieved in Q1 2024 by 17%, while the transaction value exceeded the previous peak recorded in Q4 2023 by 2%.
• The existing property transactions showed a year-on-year increase of approximately 12% in volume, with nearly 17,254 transactions. The value of these transactions surged by 27% year-on-year, reaching AED 71 billion compared to AED 54 billion in Q2 2023. Despite this strong performance, the market share of existing properties recorded its lowest share ever, accounting for only 39.6% of the total sales transactions for the quarter.
• The off-plan transactions demonstrated increased demand, with a year-on-year volume increase of approximately 80%, reaching around 26,268 transactions. This marks the highest volume of transactions for a quarter ever recorded. In terms of value, there was a year-on-year surge of approximately 54%, reaching roughly AED 53.2 billion compared to AED 35.5 billion in Q2 2023.
• The total number of transactions increased by 45%, reaching 43,522 transactions compared to Q2 2023.
• The value of these transactions increased by 37%, totaling AED 124.4 billion. The market volume peaked, surpassing the previous high achieved in Q1 2024 by 17%, while the transaction value exceeded the previous peak recorded in Q4 2023 by 2%.
• The existing property transactions showed a year-on-year increase of approximately 12% in volume, with nearly 17,254 transactions. The value of these transactions surged by 27% year-on-year, reaching AED 71 billion compared to AED 54 billion in Q2 2023. Despite this strong performance, the market share of existing properties recorded its lowest share ever, accounting for only 39.6% of the total sales transactions for the quarter.
• The off-plan transactions demonstrated increased demand, with a year-on-year volume increase of approximately 80%, reaching around 26,268 transactions. This marks the highest volume of transactions for a quarter ever recorded. In terms of value, there was a year-on-year surge of approximately 54%, reaching roughly AED 53.2 billion compared to AED 35.5 billion in Q2 2023.
