Dubai Property Market Grows in Q2 2024: Property Finder

Dubai's property market saw a 45% year-on-year (YoY) leap in transactions in the second quarter (Q2) of 2024, reaching over 43,000 transactions, according to Property Finder’s Market Digest. These transactions generated AED 124.4 billion ($33.87 million), a 37% increase from the previous year.^[1]  

This performance surpassed the transaction volumes of the first quarter (Q1) of 2024, which had a 17% YoY increase in volume and a 2% surge in value.

The off-plan market in Dubai saw an 80% YoY climb in transactions, reaching 26,200. This segment accounted for 60.4% of all transactions, compared to 51% in Q2 2023, generating AED 53 billion ($14.43 billion), a rise of 54% YoY.

Transactions of existing properties rose 12% YoY to about 17,000, with their total value jumping by 27% to AED 71 billion ($19.33 billion). However, ready properties made up only 39% of total sales, indicating a stronger shift towards off-plan properties.

On the other hand, Abu Dhabi's property market saw a 19% YoY decline in property sales in Q2 2024, totaling AED 6.7 billion ($1.82 billion), with total transactions decreasing by 17.8% to 2,500.

Ready properties in Abu Dhabi saw a 41% YoY surge in transactions, reaching 1,100 and valued at AED 3.8 billion ($1.03 billion), making up 53% of the total transactions. Off-plan sales fell 49% YoY to AED 2.87 billion ($780 million).

Founded in 2007 by Michael Lahyani and Renan Bourdeau, Property Finder’s platform enables users to filter and search for properties available for purchase and rent.

The UAE advanced three spots to rank 7th globally in the 2024 World Competitiveness Report by the International Institute for Management Development (IMD) in Switzerland.

In another recent report, the 2024 Cost of Living City Ranking, by US-based consulting firm Mercer, Dubai has been named the most expensive city in the Middle East for international employees, driven by soaring rents and insurance premiums.