Dubai Real Estate Weekly Market Analysis 04-Mar-2024
The total value of real estate transactions in Dubai during Week 9 of 2024 was AED 5,392,706,632, down 22.6% from last week.
The total value of real estate transactions in Dubai during Week 9 of 2024 was AED 5,392,706,632, down 22.6% from last week. Off-plan properties accounted for slightly more than half of the transactions (50.56%), with flats being the most popular category. This suggests a strong interest in future real estate projects. The nearly even split between off-plan and ready property transactions demonstrates a market with healthy demand for both immediate occupancy options and speculative investment in future developments.
Off-Plan Transactions
Off-plan transactions made a significant contribution to the total, with a value of AED 2,727,465,874. The breakdown is as follows:
Flats: AED 2,328,451,312
Villas: AED 295,029,071
Hotel Apartments & Rooms: AED 15,010,884
Ready Properties Transactions
Ready properties also constituted a substantial portion of the total, amounting to AED 2,665,240,758.30. The breakdown is as follows:
Flats: AED 1,881,575,983.96
Villas: AED 537,156,060.66
Hotel Apartments & Rooms: AED 101,629,715.34
Off-Plan Top Areas by Value of Transactions
Total Value Transacted: AED 1,632,113,666
Top 3 Areas:
Al Jadaf: AED 328,981,981
Business Bay: AED 292,498,295
Palm Jumeirah: AED 208,144,002
Observations:
Al Jadaf leads with the highest value in off-plan property transactions, indicating a significant investor interest in upcoming developments in this area.
Business Bay and Palm Jumeirah also show robust off-plan sales, suggesting these areas are perceived as attractive locations for future residential and commercial prospects.
The presence of high-end areas like Burj Khalifa and Palm Jumeirah indicates a healthy appetite for luxury property investment, even at the off-plan stage.
Ready Top Areas by Value of Transactions
Total Value Transacted: AED 1,532,564,558
Top 3 Areas:
Burj Khalifa: AED 313,131,480
Dubai Marina: AED 207,863,835
Business Bay: AED 204,409,773
Observations:
The Burj Khalifa district tops the list for ready property transactions, showcasing its status as a prime location for immediate occupancy, likely due to its iconic status and central location.
Dubai Marina and Business Bay are also key players, emphasizing their continued popularity for ready-to-move-in residential and commercial spaces.
The spread across different neighborhoods shows a diversified market demand for ready properties, catering to various preferences and budgets.
Business Bay and Palm Jumeirah are common hotspots for both off-plan and ready property transactions, reflecting their overall real estate market appeal.
The Burj Khalifa area, while not as prominent in off-plan transactions, is the most valuable area for ready properties, likely due to the premium nature of completed properties in this iconic location.
The real estate activity in Dubai for the 9th week of 2024 shows a dynamic market with a healthy mix of investments in both off-plan and ready properties. While Al Jadaf leads the off-plan segment, the Burj Khalifa area dominates ready property transactions. The data indicates a well-distributed real estate interest across various Dubai areas, with particular strength in established and developing neighborhoods. This distribution demonstrates confidence in both immediate and future real estate growth potential in Dubai.
Data Source: Dubai Land Department