Dubai’s Residential Real Estate Market Witnesses Record-Breaking Growth In Q1 2024 – Construction Business News

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Rental rates in Dubai saw an average increase of 7% across the city

Dubai’s real estate market has seen exponential growth over the first quarter of 2024, driven by the increase in expatriate population, real estate investor policy changes to the Golden Visa, and a strong performance in non-oil sectors. Global real estate services provider Savills released the Dubai Residential Market – Q1 2024 report, which revealed a record-breaking first quarter in 2024.

Andrew Cummings, Head of Residential Agency at Savills Middle East, said, “Dubai’s residential real estate market has continued an upward trajectory fuelled by factors such as population growth, economic resilience, business confidence, and a thriving tourism and hospitality sector.”

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Dubai's Residential Real Estate Market Witnesses Record-Breaking Growth In Q1 2024

Off-plan sales witness a surge

Off-plan sales experienced a remarkable 73% jump compared to the previous quarter and accounted to 63% of the total transaction in Q1 2024. This surge in interest can be attributed to strong demand for high-quality assets from reputable developers, coupled with attractive incentives offered to buyers during project launches.

Market activity shifts towards the city’s Southeast submarkets

Market activity is concentrated largely in the city’s Southeast submarkets, particularly in micro-markets such as Jumeirah Village Circle (JVC), Arjan, Dubai Hills Estate, Meydan One, and Damac Hills 2. Across other areas, demand remained robust in locations such as Business Bay, Downtown, Marina, and Jumeirah Lake Towers (JLT).

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