Dubai Real Estate Market Overview April 2024

During April, Dubai’s real estate sector achieved its highest monthly performance ever, with sales amounting to AED 32.4 billion, marking an approximate 22.4% growth compared to the AED 26.3 billion in sales recorded in April 2023, according to a report by Emirates Today based on data from Dubai’s Land Department.

The data showed that there were 11,703 property sales in April 2024, an increase of 45.4% in the number of sales compared to April 2023, which saw 7,980 sales. Additionally, the data highlighted that 48,200 property sales were recorded from January to the end of April 2024, compared to 38,927 sales during the same period last year, reflecting a growth of 24%. Thus, property sales in Dubai during the first 4 months of 2024 were also the highest ever recorded. The sales during the first quarter of this year accounted for about 35% of the total sales value recorded in 2023.

These record numbers continue the ongoing boom in Dubai’s real estate sector over the past years, following the exceptional growth in 2023, which saw real estate sales reach AED 401 billion, the highest ever in the history of the emirate’s property market.

Dubai’s real estate market saw significant activity in both apartments and villas. A total of 9,449 apartments were sold, generating AED 17.7 billion in sales, which represents a substantial 53% increase compared to April 2023. On the other hand, villa sales comprised 1,487 transactions, amounting to AED 7 billion in sales value, marking a growth of 12.9% over the same month last year. These figures indicate a strong demand in both segments, with apartments showing particularly robust growth.

In contrast to the overall growth in property sales, the mortgage transactions in April showed a mixed performance. The number of transactions totaled 2,180, reflecting a decrease of 10% compared to April 2023. However, the total value of these mortgages displayed a strong increase, reaching AED 14.6 billion, which is a substantial 31.9% rise from the same period last year. This divergence indicates a higher average mortgage value per transaction, suggesting a shift towards more significant property financing deals in the market.