Dubai Real Estate Market: An Impressive Growth Story Driven by Technology

The Dubai real estate market has experienced significant growth in transactions in the first half of 2024, with a total of 344.4 billion dirhams recorded through 101,920 procedures. This marks a 35% increase in both value and number of transactions compared to previous periods.

The digital era has ushered in a new wave of opportunities in the real estate market, transforming the way transactions are conducted and increasing accessibility for buyers and sellers alike. The second quarter of 2024 saw transactions worth 179 billion dirhams, with sales increasing by 13.4% compared to the first quarter. Mortgages and grants also contributed to the market, with 42.9 billion dirhams and 11.6 billion dirhams recorded respectively.

Residential units accounted for a significant portion of the transactions, with map properties leading the way at 42,493 deals. Donations also played a role in the market, amounting to 21 billion dirhams. Sales in the emirate alone reached 233.2 billion dirhams from 80,230 deals, showing a 30% growth in value and a 32.8% growth in the number of transactions.

The top areas in terms of sales volume were Business Bay, Jumeirah Village Circle, and Palm Jumeirah. The rise of online casinos and digital transformations in various industries have also influenced the way people engage with real estate transactions, highlighting the importance of technology in driving growth and innovation. Overall, these developments underscore Dubai’s commitment to remaining at the forefront of innovation within its real estate industry.

The total value of property transfers from January to June was AED686bn ($187bn) from over half-a-million deals (555 thousand). This represents an increase of almost one third (31%) when compared with similar figures for Q1 last year.

Business Bay led the way as usual as it witnessed around one fifth (AED67bn) or $18bn worth of property transfers which is more than double that recorded during Q1 last year.

Jumeirah Village Circle was another hotspot for property transfers as it saw over AED57bn ($AED57bn) worth of deals which is an increase of more than three quarters (AED6x) from Q1 last year.

Palm Jumeirah witnessed AED48bn ($AED48bn) worth of property transfers which is around three quarters (AEDx) less than QJVC but still significantly higher than QJVC’s QI figure.

Residential properties accounted for nearly two thirds (AED67bn/$AED67bn)