Dubai Real Estate Weekly Market Analysis 02-Dec-2024

The total real estate transactions in Dubai for Week 48 reached AED 7.6 billion, up 7.4% . Off-plan contributed 51.2% or AED 3.89 billion and Ready properties contributed 48.8% or AED 3.71 billion.

In Week 48, Dubai’s real estate market recorded a total transaction value of AED 7.6 billion, marking an increase from the previous week’s AED 7.1 billion. This represents an approximate growth of 7.4%, showcasing continued confidence and a strong appetite for both off-plan and ready properties. Below, we delve into the contributions from different categories and the most active areas by value traded.

Off-Plan vs. Ready Properties

• Off-Plan Properties contributed AED 3.89 billion, which is 51.2% of the total weekly transaction value.
• Ready Properties accounted for AED 3.71 billion, representing 48.8% of the total.

The nearly equal split between off-plan and ready properties indicates a well-balanced interest across new developments and completed properties, reflecting diverse buyer preferences and investment opportunities in Dubai’s real estate landscape.

Breakdown of Off-Plan Transactions

The off-plan category witnessed AED 3.89 billion in transactions, with flats contributing 84.0% of the total, amounting to AED 3.26 billion. The breakdown of off-plan property types is as follows:

• Flats: AED 3.26 billion (84.0% of off-plan)
• Villas: AED 377.7 million (9.7% of off-plan)
• Hotel Apartments & Rooms: AED 22.7 million (0.6% of off-plan)
• Commercial Units: AED 222 million (5.7% of off-plan)

Key Areas for Off-Plan Sales:

Breakdown of Ready Property Transactions

The ready property category generated AED 3.71 billion, with flats again dominating the transactions with a 72.5% share, totaling AED 2.69 billion. The detailed contribution of each ready property type is as follows:

• Flats: AED 2.69 billion (72.5% of ready)
• Villas: AED 698.4 million (18.8% of ready)
• Hotel Apartments & Rooms: AED 102.1 million (2.8% of ready)
• Commercial Units: AED 218.3 million (5.9% of ready)

Key Areas for Ready Sales:

Summary and Insights

The real estate transactions in Week 48 show a 7.0% increase in total transaction value from Week 47, reflecting a continued uptrend as the year draws to a close. The balance between off-plan and ready properties is indicative of a versatile market, appealing to a variety of investors, from those seeking immediate occupancy to those looking at future developments.

Top Highlights:

• Flats continue to be the top performer, contributing the most across both off-plan and ready property categories.
• Business Bay and Palm Jumeirah are leading the off-plan market, while Palm Jumeirah and Burj Khalifa dominate the ready market, demonstrating strong demand for luxury and centrally located properties.

As we look forward, the rising interest in both premium areas and emerging neighborhoods illustrates Dubai’s diverse real estate appeal, catering to both high-end buyers and those seeking new community living experiences.