Dubai's sustained transaction volume growth and robust performance indicators in Q1 2024 reaffirm its status as a global economic hub and investment hotspot.
- No immediate oversupply concerns. Over 8,351 residential units were handed over in Q1 2024, in line with market demand.
- Apartment project launches surged by 22% in Q1 2024, while villa launch volumes declined by 30%.
- Off-plan transaction activity continues to dominate the market while the secondary market stabilises.
- Record 402 residential properties sold above AED 20 million in Q1 2024, marking a 40% year-on-year increase.
- City-wide sales prices rose for the 15th consecutive quarter while rents rose for the 13th consecutive quarter, further impacting affordability.
- With office occupancy levels at 93%, Dubai could potentially be out of Grade A office space by 2025, with pressure easing off from 2027.
- As office demand intensifies and outstrips supply, citywide office rents spiked by 25% year-on-year.
