The Dubai real estate market performed exceptionally strong in the second quarter of 2024, according to the Q2 2024 report released by Springfield Properties. The report shows that the total value of real estate transactions in Dubai reached Dh123 billion ($33.5 billion), representing a 35.70% increase in transaction value from the second quarter of 2023. The total number of transactions also rose significantly to 48,220, a 60.06% increase year-on-year. In particular, the total value of real estate transactions soared to Dh47.3 billion in May 2024, an increase of 39.12% from May 2023, showing great activity in the market.

Farooq Syed, Chief Executive Officer of Springfield Properties, applauded this market performance. He noted, “The Dubai real estate market demonstrated exceptional resilience and growth potential in the second quarter of 2024. These figures not only reflect strong investor confidence, but also highlight the attractiveness of Dubai as a global investment destination.The excellent performance in May is further evidence of the strong fundamentals of the market and the strategic urban development initiatives in Dubai.”

In terms of transaction values, Dubai's real estate market has shown a steady upward trend. the second quarter of 2023 saw a total transaction value of Dh90 billion, involving 30,000 transactions. Moving into the first quarter of 2024, the total transaction value rose to Dh110 billion and the number of transactions increased to 40,000. the figures for the second quarter of 2024 continued to grow, with the total transaction value reaching Dh123 billion and the number of transactions boosting to 48,220, highlighting the market's continued strength.

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In terms of market dynamics, the off-plan market was particularly strong. in May 2024, the off-plan market recorded 10,836 transactions, demonstrating that activity in the market remains robust. The readymade real estate market also demonstrated steady growth, with 8,818 units transacted in May, showing continued investor interest and confidence in this market.

Growth in Dubai's real estate market is being driven by a number of factors, including strategic investments, regulatory updates and key infrastructure projects. The Central Bank of the UAE forecasts that the country's GDP will grow by 6.2% by 2025, an economic expectation that supports the resilience of the real estate market and the country's economic contribution. In addition, the expansion of Al Maktoum Airport is expected to further enhance real estate values and attract more residential and commercial investments, further boosting the market's growth.

Farooq Syed singled out the impact of the Al Maktoum Airport expansion, updates to the Golden Visa program, and strong sustainability initiatives. He said, “These developments, coupled with Dubai's strategic focus on the regulatory framework and continued infrastructure development, have greatly enhanced the city's attractiveness. Our market insights suggest that these factors further cement Dubai's position as the destination of choice for investors seeking long-term value and growth opportunities.”

In addition, the migration of millionaires has brought significant economic benefits to Dubai's real estate market. Dubai is expected to welcome 6,700 new millionaires by 2024, an influx that will drive further growth in the real estate sector, further reflecting Dubai's attractiveness as a major investment destination.