Property Finder – MENA’s leading property portal has revealed key data from its Market Watch digest report for Q2 2024, offering property seekers insights to look out for when considering their next move in the Emirates.

According to data from the Dubai Land Department (DLD), Dubai recorded the highest volume and value of transactions ever, with a total number touching 43,522, showing an increase by 45% compared to Q2 2023. The value of transactions increased by 37%, totaling to AED 124.4 billion. Market volume peaked, surpassing the previous high achieved in Q1 2024 by 17%, while transaction values exceeded the previous peak recorded in Q4 2023 by 2%. On the other hand, Abu Dhabi saw over 2,489 transactions with values reaching almost AED 6.7 billion.

In Abu Dhabi, existing properties have shown a YoY increase of approximately 41% in volume with around 1,166 transactions in Q2 2024. The value of these transactions increased by 42% YoY, touching AED 3.8 billion, compared to AED 2.7 billion in Q2 2023. Existing properties contributed to 57% of the total sales transactions value compared to 33% in Q2 2023, revealing growth in returns and preference for ready properties. On the contrary, Abu Dhabi registered around 1,323 off-plan transactions in Q2 2024, representing 53% of the total transactions. Sales transaction values in Q2 2024 reached AED 2.87 billion, contributing to 43% of the total value.

In Q2 2024, the off-plan market in Dubai nearly reached its 2009 peak, with 26,268 transactions compared to 26,629 in 2009, marking a mere 1% difference. The off-plan sector experienced a remarkable YoY growth of 80% in Q2 2024, compared with 14,596 transactions recorded in Q2 2023. This represents 60.4% of the total transaction volume. This was the first time that off-plan transactions contributed to more than 60% of the total transaction volume, up from 51% in Q2 2023. Additionally, off-plan value transactions reached a record high of AED 53,214 billion, exceeding the previous peak of 47,416 billion in Q3 2023 by 12%. Consequently, off-plan transactions accounted for 57% of the total transaction value, reflecting a 54% year-on-year increase compared to Q2 2023.

A YoY increase of approximately 12% in volume, with nearly 17,254 ready property transactions was seen in Dubai. The value of these transactions surged by 27% year-on-year, reaching AED 71 billion compared to AED 56 billion in Q2 2023. Although, the market share of existing properties accounted for only 39.6% of the total sales transactions for the quarter, showing a growing inclination towards off-plan properties in the city.

New projects are abundant for prospective buyers, with Property Finder highlighting a variety of upcoming and early-stage developments. Their Data Guru tool complements this by offering detailed insights into communities and localities, aiding decision-making processes. Key areas of interest recently include Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.

Cherif Sleiman, Chief Revenue Officer at Property Finder, noted, “Our quarterly findings underscore the diverse investment opportunities across the UAE, catering to a wide range of buyers regardless of budget, location preference, market experience, or amenities sought. Abu Dhabi shows strong demand for ready properties, while Dubai sees increased interest in off-plan investments, partly due to regulatory efforts by the DLD to enhance market transparency. These initiatives contribute to the UAE’s rising appeal as a top global investment destination, as highlighted in our recent white paper.”