A report issued by “Metropolitan Homes,” a subsidiary of the “Metropolitan Group” that provides real estate brokerage services in Dubai secondary property market for end-users, investors, and wealthy individuals, confirmed that Dubai continues to enhance its global appeal as one of the most dynamic and in-demand residential real estate markets. The report highlighted that the value of transactions in the emirate’s residential property resale market increased by 23.1% during the first half of this year compared to the same period last year, reaching 76.34 billion dirhams.

The report, “Review of the Residential Property Resale Market in the First Half of 2024,” illuminates the exceptional performance of Dubai secondary property market, including both off-plan properties and the secondary resale market.

Svetlana Vasileva, Head of Secondary Sales at “Metropolitan Homes,” stated, “Dubai’s real estate market has shown significant strength and growth in the first half of 2024. The record sales volumes and price increases during this period demonstrate Dubai’s thriving economy and continued appeal as a global real estate destination.”

She added, “As the emirate continues to benefit from its global status as an attractive international city, we are confident in the future growth of the real estate market, driven by several factors such as increased foreign investment, infrastructure development, and the city’s ongoing efforts to attract talent and businesses.” According to the report, Dubai secondary property market has seen significant growth, with transaction volumes increasing by 17.8% year-on-year to reach 27,949 transactions, and the value of transactions rising by 23.1% to reach 76.34 billion dirhams.

The report noted that despite the unprecedented weather conditions in April 2024, the market experienced a swift recovery, reaching record levels. May saw a new record with 17,139 residential property resale transactions, the highest monthly total ever recorded.

According to the report, the average resale price of residential units per square foot increased to 1,545 dirhams, representing a rise of about 7% compared to the first half of 2023.

Apartments maintained their position as the most in-demand housing option in Dubai, accounting for 77% of all resale transactions. 21,578 apartments were sold, marking a 20% increase compared to the previous year, with a total value of 39.99 billion dirhams. The average price per square foot for apartments rose by 5.5% to 1,592 dirhams.

The report confirmed that “Palm Jumeirah” remains the most sought-after area, while “Dubai South” and “Dubai Studio City” saw an increase in online searches. The strong demand for apartments reflects Dubai’s appeal to those seeking low-maintenance, high-quality residential units.

Demand for villas and townhouses also increased. The resale value of villas rose by 22.6% to reach 24.60 billion dirhams across 2,378 transactions. Townhouse resales saw a 37.4% increase, reaching 11.74 billion dirhams from 3,993 transactions.

The average price per square foot for residential villas and townhouses increased by 11.3% to 1,444 dirhams.

Additionally, “The Jumeirah Islands,” “Mohammed Bin Rashid City,” and “Dubai South” emerged as highly desirable areas for property sales due to their strategic development and excellent facilities.

The report highlighted the three largest apartment sales: the first being a four-bedroom unit in “Kempinski Boulevard” in Downtown Dubai for 80 million dirhams, the second a four-bedroom unit in the “Four Seasons” project on the Dubai Water Canal for 72 million dirhams, and the third a six-bedroom unit in “The 118” tower in Downtown Dubai for 65 million dirhams.

The three largest villa sales were on “Jumeirah Bay Island,” valued at 240.5 million, 160 million, and 155 million dirhams respectively.

Metropolitan Homes affirmed its optimism regarding the continued growth and resilience of Dubai secondary property market for the remainder of the year. They noted that Dubai provides a stable and attractive environment for investors and end-users, with strong market fundamentals and Dubai’s strategic location making it an appealing choice.