Dubai realty market witnessed an unprecedented surge in Q1

Dubai realty market witnessed an unprecedented surge in Q1

Dubai’s real estate sector is one of the world’s pre-eminent real estate investment destinations.

Dubai property market shatters records with over 30,000 transactions in the first quarter (Q1) of 2024. The Dubai real estate market witnessed an unprecedented surge in the first quarter of 2024, shattering previous records with over 34,000 transactions recorded at the
Dubai Land Department (DLD), according to the new report.

Dubai’s real estate sector is one of the key drivers of economic growth and a major factor in maintaining Dubai’s position in the global economy.

His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, said, “As one of the most important pillars of the economy, the sector is a vital contributor to the emirates efforts to achieve the goals of the Dubai Economic Agenda D33. We remain committed to further raising the investment attractiveness of Dubai’s real estate sector and its emergence as one of the world’s pre-eminent real estate investment destinations.”

Meanwhile as the Dubai property market continues to break records in 2024, leading consultancy haus & haus Real Estate says the Palm Jumeirah is performing especially well on the sales front, with luxurious beachfront homes on the Fronds being targeted by wealthy global buyers.

In particular, haus & haus experts say Garden Homes are seeing high demand in 2024, with ten sold and transferred in the first quarter of this year and that amount on track to double in the second quarter.

The Garden Homes are part of a select group of properties known for their distinctive design and generous living spaces, with floor plans ranging from 5,000 to 6,000 square feet. Boasting large living areas, convenient layouts, and super high-quality finishes, they create an inviting atmosphere for families and those seeking a luxurious lifestyle. Each Garden Home also comes with its own private pool and garden.

An example of a particularly impressive Garden Home is Villa Opus – currently on the market for Dh56 million ($15.2 million).

Highlights of this five-bedroom (all en-suite) mansion include Louis Vuitton furnishings, Bugatti cutlery, Baccarat crystal glasses, natural travertine and arabescato stone throughout, a showroom-style car garage, a huge barbecue and pool area, two kitchens with top-of-the-range appliances, a bar, Q Led TVs and a Sonos audio system throughout, an outdoor infinity pool with swim-up bar and private beach area.

“Villa Opus is one of the finest examples on the market to purchase today and shows that the premium nature of Palm Jumeirah properties means there is an unstoppable market demand for luxury homes in this exclusive area,” said Matthew Solomon, Palm Jumeirah Sales Manager at haus & haus.

Indeed, Palm Jumeirah was the most popular location for prime sales in Dubai last year, accounting for 38.5% of all homes that sold for more than $10 million and 39.2 per cent for properties valued at more than $25 million, according to an industry report.

And there are plans in the pipeline to develop the iconic manmade island further.

Starting from 2024, there’s a clear shift towards future planning with substantial upcoming units scheduled for 2025 to 2026, indicating a renewed focus on development after a period of lower completion rates. This suggests a strategic response to potentially increasing demand.

Meanwhile one hundred and five homes priced in excess of $10 million were sold in Dubai during the first three months of the year, up 19 per cent on Q1 of 2023, according to the analysis from global property consultant, Knight Frank.

Knight Frank says that last year, Dubai recorded 431 home sales above $10 million, nearly 80 per cent higher than the next nearest contender—London (240). New York (211) rounded off the world’s top three most active luxury home markets in 2023.

Palm Jumeirah registered deals worth $628 million, and dominated the luxury homes market during Q1, accounting for 36.3 per cent of sales by total value. Jumeirah Bay Island (11.1 per cent) and Dubai Hills Estate (seven per cent) followed in second and third place, respectively.

While Palm Jumeirah (39) also led the pack in terms of the total number of luxury homes sold, Palm Jebel Ali (ten) and Business Bay (seven) registered more high-end home sales than Jumeirah Bay Island or Dubai Hills Estate.

According to Knight Frank, other markets, away from the headline-grabbing Palm Jumeirah, Jumeirah Bay Island, and Emirates Hills, are fast rising in prominence among luxury home buyers, with Dubai Hills Estate, for instance, standing out as a market to watch.

Knight Frank has previously found in its Destination Dubai 2023 report that access to parks and green space ranks as the most important consideration amongst global HNWI when considering an investment in the emirate.