Dubai property prices hiked by 21% with whopping 35,310 transactions in Q2

A Significant increase in Dubai Real Estate Transaction Values in Q2 Dubai Property price saw record activity in Q2 (April to June) exceeding transactions more than 35,300, according to Primo Capital Experts. The Real Estate Company of UAE has published a thorough study for Q2 2024 that depicts significant market trends and sturdy growth in the UAE’s real estate market. The average value of residential real estate market in the UAE increased by 20.7 per cent. Dubai Real Estate Growth Primo Capital has highlighted key indicators and noteworthy developments that are affecting the industry as the region navigates shifting economic conditions across all unit categories based on its findings. Q2 2024 saw a faster increase in several categories than Q2 2023: • Residential transaction volumes increased by 20.5% year over year • Dubai’s average residential prices increased by 20.7% year over year; • Dubai’s commercial rents increased by 17.1% quarter over quarter; • Dubai’s industrial rents increased by 14.3% year over year; • Abu Dhabi’s average retail rents increased by 14.7% year over year Residential Real Estate in Dubai In the second quarter of 2024, the Dubai residential market saw unprecedented levels of activity, with total transaction volumes reaching an all-time high of 35,310 transactions—a notable 20.5 percent increase year over year. The primary causes of this spike were a notable 15.2 percent increase in secondary market transactions and a significant 23.9 percent increase in off-plan property transactions. The average cost of an apartment in Abu Dhabi climbed by 4.3% annually, while the average cost of a villa increased by 2.3% annually, suggesting ongoing growth in the emirate’s residential sector. In Comparison to previous quarters Primo Capital’s real estate brokers have projected that the UAE real estate market would continue to expand due to a number of favorable variables, such as a robust economy, significant return on investment, increased capital gains, and advantageous policies implemented by the UAE government. Leading developers in the UAE, according to Mohammad Zeaiter, Senior Property Advisor at Primo Capital, have moved their emphasis from one set design to customer-centric development, allowing the purchasers the flexibility to select, alter, and personalize in accordance with their likes and preferences. Source: Arabianbusiness