Dubai's residential realty sales surge 31% in second half of '24
Khaleej Times|January 09, 2025
Residential real estate sales in Dubai rose 31 per cent year on year in the second half of 2024 to Dh232 billion, a report showed on Wednesday.
Somshankar Bandyopadhyay
Dubai's residential realty sales surge 31% in second half of '24

A report published by Espace Real Estate cements a phenomenal year of sector growth. The offplan market significantly outpaced the secondary market in both value and volume. A total of 61,435 offplan sales (up 74 per cent year on year) drove value to Dh127 billion (up 51 per cent year on year), complemented by a robust secondary market amassing a volume of 32,487 transactions (up 15 per cent year on year).

Investor appetite is fueled by Dubai’s ongoing population growth resulting in exceptionally high activity in the off-plan market with the off-plan market now making up more of the overall transactions in the second half of the year - 65 per cent compared to 61 per cent in H1.

Average prices increased in 19 of the 20 villa communities tracked, as well as 10 of the 11 apartment communities. High demand and reduced availability in the wake of so many renters converting to homeowners sees properties in Springs (+26 per cent), Jumeirah Park (+23 per cent), Town Square (+21 per cent) and many others secure notable price increases.

Widespread developer refurbishment and new luxury villa offerings in Jumeirah Islands (+26 per cent), Jumeirah Golf Estates (+35 per cent) and Dubai Hills (+27 per cent) have further influenced average sales prices in established communities, while newer communities like Al Furjan (+26 per cent) get a boost from buyers looking for value after being priced out of neighbouring communities. According to Espace Real Estate’s own data, mortgage leads generated are up 111 per cent year on year, facilitating transactions as residents lay down long-term roots in Dubai.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM KHALEEJ TIMESView all
George Clooney, Brad Pitt to return for Ocean's 14?
Khaleej Times

George Clooney, Brad Pitt to return for Ocean's 14?

Director David Leitch, known for his work on John Wick and The Fall Guy, is reportedly in negotiations to direct Ocean's 14, a sequel to the 2007 hit Ocean's 13.

time-read
1 min  |
January 24, 2025
Tears of joy for Keys after USA star unlocks final door in Melbourne
Khaleej Times

Tears of joy for Keys after USA star unlocks final door in Melbourne

Madison Keys said the personal work she had put in to develop a bolder approach to her game paid dividends on Thursday, after the American 19th seed saved a match point to stun Iga Swiatek and set up an Australian Open final against Aryna Sabalenka.

time-read
3 mins  |
January 24, 2025
'Love for humanity': Low-crime Japan's unpaid parole officers
Khaleej Times

'Love for humanity': Low-crime Japan's unpaid parole officers

Teruko Nakazawa once intervened in a knife fight between an ex-offender and their mother -- all in a day's unpaid work for Japan's army of volunteer probation officers.

time-read
3 mins  |
January 24, 2025
India's Test captain Rohit falls for 3 on domestic return
Khaleej Times

India's Test captain Rohit falls for 3 on domestic return

Some of India's top stars including Rohit Sharma on Thursday faltered on their return to domestic cricket after being told by the sport's national board to play in home competitions.

time-read
1 min  |
January 24, 2025
RAKBank profit tops Dh2b for the first time
Khaleej Times

RAKBank profit tops Dh2b for the first time

RAKBank on Thursday announced that 2024 profit after tax hit Dh2.1 billion, up 16 per cent year on year.

time-read
2 mins  |
January 24, 2025
Khaleej Times

US deploys Typhon missile launchers to new location

The US military has moved its Typhon launchers — which can fire multipurpose missiles up to thousands of kilometres — from Laoag airfield in the Philippines to another location on the island of Luzon, a senior Philippine government source said.

time-read
1 min  |
January 24, 2025
Khaleej Times

Women help children's authors beat loneliness

What started off as a passion project, has now turned into a career for these two UAE-based authors.

time-read
2 mins  |
January 24, 2025
Mass evacuations after explosive new fire erupts near Los Angeles
Khaleej Times

Mass evacuations after explosive new fire erupts near Los Angeles

An explosive new wildfire erupted north of Los Angeles on Wednesday, forcing tens of thousands of people to evacuate their homes and setting nerves jangling in an area still reeling from two deadly blazes.

time-read
2 mins  |
January 24, 2025
More than 71k Emiratis in pvt sector under Nafis
Khaleej Times

More than 71k Emiratis in pvt sector under Nafis

A total of 71,510 Emiratis have registered with the General Pension and Social Security Authority (GPSSA) and are now active members enjoying the benefits Nafis has to offer, the authority announced on Thursday.

time-read
1 min  |
January 24, 2025
Pakistan drought dents winter harvest
Khaleej Times

Pakistan drought dents winter harvest

A winter drought is ravaging crops in Pakistan's breadbasket, farmers said Thursday, with the region parched by a 40 percent drop in rainfall.

time-read
2 mins  |
January 24, 2025