The Allsopp & Allsopp Dubai Property Market Report for H1 2024!

As we close off the first half of 2024, Dubai’s property market has shown impressive growth across all residential sectors with no signs of slowing down.

The total sales value soared to AED 190 billion, marking a 38% increase from H1 2023, with total sales transactions (74,467) up 36% compared to the same period.

Apartment living continued to be favoured, reaching 60,836 sales, a 41% compared to H1 2023 and accounted for 82% of all Dubai sales transactions in 2024. Villa and townhouse sales comprised the remaining 18% of sales transaction volume but accounted for 40% of the total market sales value in the first half of 2024, with demand across well-established residential communities remaining strong.

In the first six months of 2024, off-plan sales transactions, reached an all-time high (45,271), up 55% vs. H1 2023 with a total sales value of AED 96 billion. Looking into new property supply entering the Dubai residential market, 20,652 new homes were completed in 2024, up 93% compared to H1 2023.

Looking at the top of the Dubai residential sales market, we have seen the number of millionaires residing in Dubai surpassing 72,500 in 2024, further solidifying Dubai’s position as the world's leading ultra-luxury real estate market. This significant increase in high-net-worth individuals saw a record 196 homes over $10m sold in Dubai in H1 2024!

At Allsopp & Allsopp, H1 concluded with records and exciting launches! Total sales volumes across the business rose 25% in the first six months of the year compared to H2 2023.

Following the successful launch of Allsopp & Allsopp's 'Private Office,' sales of ultra-luxury properties >$10m increased 69% for the same period.

Off-plan sales transaction volume was up 77% compared to H2 2023, generating 267% more sales value for the same period as demand from end users and investors alike for units in premium off-plan projects across the city soared.

On the lettings side, our team noted an 81% increase in rental viewings and a 36% increase in new rental listings coming to market with Allsop & Allsopp vs. the same period last year.

Apartment rental prices have shown steady growth, particularly in Downtown Dubai, Dubai Marina, and Business Bay.

Demand for Villas and townhouses soared in the first half of 2024, with average rental prices increasing 27% compared to H1 2023.

At the top of the market, our teams saw an increase in rental transactions of>AED1m per year across exclusive residential communities such as Jumeirah Golf Estates and Dubai Hills Estate, with the team’s highest single rental transaction reaching AED 2.6M.

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