Dubai real estate: sales prices up 44%, rents up 64% as secondary sales market steadies
Dubai real estate firm identifies areas with highest sales and rental growth
The Dubai real estate has seen a 26 per cent increase in residential real estate values this year, according to analysis by Espace Real Estate.
A Q1 market overview report published by Espace Real Estate has analysed sales and rental activity across the villa, townhouse, and apartment market in Dubai during the first three months of 2024.
Tracking 30 communities and concentrating solely on the residential sector, the report shows a strong start to the year for the real estate agency.
Dubai real estate
With a significant increase in total sales transaction value (+26 per cent) and transaction volume (+22 per cent) in both the off plan and secondary markets, compared to this time last year, there is optimism when it comes to the rest of 2024.
However, despite the strong 12-month growth rate, when compared to the previous quarter (Q4 2023), there is evidence to suggest that the secondary market in Dubai is finally levelling out to a more realistic and sustainable level of activity, with an 11 per cent decrease in transaction values compared to the previous quarter (Q4 2023).
This is the result of fewer properties transacting above the AED10m ($2.7m) price point on a Quarter on Quarter (QoQ) basis when compared to what was a hugely buoyant Q4 2023.
