Dubai recorded the highest volume and value of transactions ever in the second quarter (Q2), with a total of 43,522, a 45% increase over Q2 2023.
The value of transactions increased by 37%, reaching AED124.4 billion ($33.9 billion), according to Property Finder, Mena’s leading property portal. Market volume peaked, surpassing the previous high of 17% in Q1 2024, while transaction values increased by 2% from the previous peak in Q4 2023. On the other hand, Abu Dhabi saw over 2,489 transactions totaling nearly AED6.7 billion.
In Abu Dhabi, existing properties saw a 41% YoY increase in volume, with approximately 1,166 transactions in Q2 2024. The value of these transactions increased by 42% YoY, reaching AED3.8 billion from AED2.7 billion in Q2 2023.
Existing properties accounted for 57% of total sales transaction value, compared to 33% in Q2 2023, indicating an increase in returns and a preference for ready properties. On the contrary, Abu Dhabi recorded approximately 1,323 off-plan transactions in the second quarter of 2024, accounting for 53% of total transactions. Sales transaction values in Q2 2024 totaled AED2.87 billion, accounting for 43% of the total value.
Off-plan properties with attractive benefits
In Q2 2024, the Dubai off-plan market nearly reached its 2009 peak, with 26,268 transactions compared to 26,629 in 2009, representing a 1% difference.
The off-plan sector grew by 80% year on year in Q2 2024, compared to 14,596 transactions in Q2 2023. This accounts for 60.4% of the total transaction volume. This was the first time off-plan transactions accounted for more than 60% of total transaction volume, up from 51% in Q2 2023.
Furthermore, off-plan value transactions reached a record high of AED53,214 billion, outpacing the previous high of 47,416 billion in Q3 2023 by 12%. As a result, off-plan transactions accounted for 57% of total transaction value, representing a 54% year-on-year increase from Q2 2023.
Dubai saw a 12% year-on-year increase in volume, with nearly 17,254 ready property transactions. The value of these transactions increased by 27% year on year, reaching AED71 billion versus AED56 billion in Q2 2023. However, existing properties accounted for only 39.6% of total sales transactions in the quarter, indicating a growing preference for off-plan properties in the city.