Dubai Real Estate Market Review: March 2024
The total value of transactions was AED 45.4 billions for the month of March 2024, down 7% from last month's total and 9% from March 2023.
The Total real estate transactions in Dubai was AED 45,424,739,771. Of this total, Off-Plan properties constituted approximately 36.61%, with a total value of AED 16,628,317,187. Ready properties made up about 27.28%, amounting to AED 12,393,495,964. In addition to these categories, Land sales also represented a significant 36.11% of the market, with transactions totaling AED 16,402,926,620.
Off-Plan Properties
Delving into the Off-Plan category, we find that Flats were the most traded property type, accounting for 78.95% of the Off-Plan transactions. Villas followed with 18.25%, while Hotel Apartments and Rooms and Shops & Offices made up 1.77% and 1.03% respectively.
Ready Properties
In the Ready property sector, Flats again led the market with 64.30% of sales. Villas came in at 17.14%, with Hotel Apartments and Rooms at 9.75%. Buildings and Shops & Offices contributed the least, with 0.92% and 7.89% respectively.
Top Areas by Transactions and Value
Off-Plan
Jumeirah Village Circle leads the pack with 22.57% of transactions, highlighting the area’s burgeoning appeal among investors and buyers.
Meydan One and Zaabeel First are also areas of significant interest, with 11.86% and 11.82% of transactions, respectively, pointing to their rising popularity.
In terms of transaction value:
Zaabeel First stands out, commanding 10.1% of the total off-plan value traded, which may indicate a mix of premium offerings and strategic development.
Madinat Al Mataar and Business Bay are next, with substantial shares of 7.8% and 7.2%, respectively, underscoring their status as high-value investment destinations.
Ready Properties
Business Bay emerges as a hotspot, leading with nearly one-fifth of all transactions (19.74%), indicating robust activity in this area.
Following close behind is Jumeirah Village Circle, capturing 19.17% of transactions, signaling a strong market preference for this neighborhood.
The luxurious Dubai Marina isn’t far off, accounting for 12.23% of the transactions, underscoring its enduring appeal.
In terms of transaction value:
Burj Khalifa stands unmatched, contributing an impressive 10.5% to the total value, reflecting the premium status of its real estate.
Business Bay remains in the limelight not just by transaction volume but also by value, contributing 8.7% to the total.
Dubai Marina continues its strong showing with a notable 7.3% share of the total value, confirming its position as a high-value district.
Top Projects by Value
Diving deeper into the details of Dubai’s real estate activity, we can shed light on the specific projects that commanded the highest value in trades for both Off-Plan and Ready property categories.
Off-Plan
The standout project was Address Residences Zabeel, which alone accounted for an impressive AED 1,667,820,717.00. This indicates significant investor confidence in this high-profile development. Expo City Valley followed as a distant second, with transactions amounting to AED 553,886,729.10, suggesting a strong market interest likely spurred by its strategic positioning and future prospects post-Expo 2020. The projects Mudon Al Ranim 7 and South Bay 4 Premium were also notable contributors, with values of AED 394,474,000.00 and AED 387,900,000.00 respectively, highlighting the attractiveness of these residential communities. Collectively, the top 10 Off-Plan projects represented a considerable sum of AED 4,995,461,134.10 in value traded, a testament to the dynamic nature of Dubai's development landscape.
Ready
The Bay Villas - Dubai Islands was the most significant, with a staggering value of AED 1,181,607,520.00, reflecting the premium attached to ready-to-move-in luxury accommodations in exclusive locales. The Valley - Farm Gardens 2 and FIVE LUXE held the next spots with AED 779,557,250.00 and AED 720,754,657.67 respectively, underscoring their appeal in the ready property segment. The inclusion of projects like Sobha Reserve and DAMAC Hills (2) - Park Greens 3 indicates a diversified interest across various developments, with values ranging in the hundreds of millions. The top 10 Ready projects cumulatively saw trades worth AED 4,524,285,313.63.
In essence, these figures reveal the focal points of real estate transactions in Dubai, with high-end projects like Address Residences Zabeel and Bay Villas - Dubai Islands leading their respective categories. The diversity in the types of projects—from luxury villas to urban apartments—showcases the breadth of Dubai’s real estate offerings and the wide spectrum of investor appetite.
Conclusion
Our comprehensive analysis of Dubai's real estate transactions during the specified period paints a picture of a diverse and dynamic market. Despite witnessing a 7% month-on-month decrease and a 9% year-over-year decline in the overall transaction value, the market's complexity and resilience are evident in several key findings:
Category-wise Distribution: The market displayed a notable distribution between Off-Plan (36.61%) and Ready (27.28%) properties, with Flats dominating both segments, suggesting a sustained preference for residential units over other types of properties.
Leading Districts and Projects: In the Ready property segment, Business Bay led in transaction volume, while Burj Khalifa commanded the highest transaction value, indicating the premium on luxury and iconic locales. For Off-Plan properties, Jumeirah Village Circle saw the highest number of transactions, with Zaabeel First leading in value, highlighting investor confidence in new developments and the market's potential for growth.
Top Areas by Transactions and Value: Both Ready and Off-Plan properties saw a concentration of activity in areas like Business Bay, Dubai Marina, and Jumeirah Village Circle, with significant values being traded, reflecting the city’s development focus and the strategic interest of investors and homebuyers in these neighborhoods.
Premium Projects: Address Residences Zabeel and Bay Villas - Dubai Islands emerged as the top projects by value in the Off-Plan and Ready categories, respectively. These high-value transactions underscore Dubai's appeal as a hub for luxury and high-end living.
Dubai's real estate market continues to buzz with energy, underlined by a tapestry of luxurious and up-and-coming developments that have kept investors keen despite some ebbs and flows in the broader market trends. What stands out from recent transaction patterns is a clear vote of confidence from buyers in both the Ready and Off-Plan markets, especially when it comes to homes. There's an unmistakable draw towards residential spaces, a sign that the heartbeat of Dubai's property sector is strong.
As we cast our eyes across the varied landscape of Dubai's neighborhoods, it's apparent that there's a vibrant demand that spans from the more modestly priced to the ultra-premium segments of the market. This isn't just a one-note tune; it's a full symphony of investor appetites and preferences, harmonizing to create a robust and multifaceted property scene.
High-profile transactions, particularly in developments that have become landmarks even before their completion, tell us that Dubai isn't just holding steady—it's thriving. These bustling trade activities in projects that capture the imagination and wallets of investors and homebuyers alike don't just hint at the city's enduring allure; they're a loud and clear forecast of a market that’s poised for growth and ripe with opportunity. It's clear—Dubai's real estate is not just on the rise; it's in full flight.
Data Source: Dubai Land Department
I think you meant to say AED 45.4 billions. keep up the good work.