Dubai real estate sales reach 401 billion dirhams in less than 10 months

Dubai’s real estate market has continued to perform exceptionally well since the beginning of 2024, with property sales exceeding AED 401 billion in less than 10 months, surpassing the total sales for the entire year of 2023, according to data from the Dubai Land Department.

Real estate sales totaled AED 402 billion, setting a new record in the emirate’s history, reflecting the strong performance and growing demand for real estate from local and foreign investors, reinforcing Dubai’s position as a leading global real estate destination.

Record sales of AED 401 billion were recorded in 2023, an increase of 51% compared to 2022, with 129,000 transactions concluded. Since the beginning of this year until now, sales have exceeded AED 403.4 billion, resulting from 140,000 transactions.

Real estate sales in Dubai reached AED 402 billion, setting a new record in the emirate’s history; Reflecting the strong performance and increasing demand for real estate from local and foreign investors.

The registered transactions were distributed, since the beginning of the year, over 14,474 land transactions, 12,878 building transactions, and 112,748 residential unit transactions. With this trend continuing, sales are expected to reach AED 500 billion by the end of 2024, an increase of 24% compared to the previous year.

The data confirmed that the Business Bay area topped sales with a value of AED 21.6 billion, through 8,835 transactions, followed by the Jumeirah Village Circle area with AED 15.5 billion, and 13,481 transactions, then the Burj Khalifa area with AED 15 billion through 3,513 transactions.

As for the Palm Jumeirah area, it achieved sales of AED 14.3 billion through 1,304 transactions, and the Airport City area recorded AED 12.4 billion, through 3,853 transactions.

Real estate transactions in Dubai recorded more than AED 2.3 billion at the end of trading yesterday, Wednesday, the third transaction this week, which included sales worth more than AED 1.54 billion, after executing 548 transactions, according to recent data issued by the Dubai REST platform indicators affiliated with the Dubai Land Department, and reported by Mubasher.

According to the data, the total value of real estate mortgages during the day amounted to more than AED 590.49 million, after executing 127 procedures. The total value of real estate grants amounted to about AED 179.43 million, after executing 38 transactions.

It is noteworthy that the highest areas in terms of real estate sales at the end of trading today are the Burj Khalifa area with a value of AED 100.41 million, resulting from the implementation of 13 transactions, then the Business Bay area with about AED 65.92 million, resulting from the implementation of 20 transactions, then the Jumeirah Village Circle area with about AED 45.56 million resulting from the implementation of 45 transactions.