In the dynamic world of Dubai real estate, January 2024 presented a mixed bag of performance across different property segments but the trend continues to show an upward trajectory. The total value of transactions for January 2024 was over AED 35 Billion, amounting to over AED 1 Billion in real estate transactions a day and the total transactions stood at a total of 11,029 making an average price per transaction of AED 3.17m.
Let’s take a deeper look at these numbers, as reported by the Dubai Land Department:
Apartments: Total transactions: 8,776 Change vs. Jan 2023: +18.9% Total sales value: US$ 5.0 Bn / AED 18.4 Billion
Villas & Townhouses: Total transactions: 765 Change vs. Jan 2023: -56.6% Total sales value: US$ 0.9 Bn / AED 3.3 Billion
Commercial: Total transactions: 301 Change vs. Jan 2023: +1.3% Total sales value: US$ 170 M / AED 624 Million
Plots – Individual / Building / Development: Total transactions: 1,187 Change vs. Jan 2023: +267% Total sales value: US$ 3.5 Bn / AED 12.8 Billion
The apartment segment demonstrated robust growth with a significant increase in transactions and sales value compared to the January 2023. However, the villa and townhouse segments experienced a significant decline in transactions, suggesting a shift in buyer preferences or market dynamics.
Commercial properties maintained stability with a slight uptick in transactions, indicating continued interest from investors in this sector. Notably, the plot segment witnessed a remarkable surge in transactions, reflecting substantial investment activity in land development projects. It seems people are interested to buy and construct projects as well as buying ready and off-plan units.
While the overall market performance in January 2024 portrays a diverse landscape, it underscores the resilience and adaptability of Dubai’s real estate sector. As the year progresses, it will be intriguing to observe how these trends evolve and shape the trajectory of the market. Stay tuned to Viewit for further insights and updates on Dubai’s ever-evolving real estate scene.