The real estate market in Dubai continued to show remarkable momentum in March 2024, defying even the usual expectations associated with the Ramadan month, which is typically a quieter period. Once again, property sales in Dubai recorded double-digit growth, setting new records. In this article, we will look at the key indicators of Dubai’s real estate market for March 2024, along with our analysis. We express our gratitude to the Dubai Land Department and DXBInteract for their essential contribution to the availability of this data.
Number of sales surged :
March 2024 stands out as the busiest ever recorded for this month in Dubai. With a total of 13,394 transactions across all property categories, Dubai’s real estate market set new records. The number of sales increased by 10.2% compared to March 2023. Specifically, 10,449 apartments were sold in March, showing a 13% increase from the previous year. Despite limited availability, land sales skyrocketed, recording an impressive 234% increase compared to the previous year. However, the number of villa sales decreased by 43%, mainly due to a shortage of availability.
Average prices saw significant growth :
The average price of an apartment sold in Dubai in March 2024 stands at 1.2 million Emirati dirhams, approximately 300,000 euros. This represents a 3% increase compared to March 2023. In contrast, although the number of villa sales decreased, the average price surged, increasing by 25.5% between March 2023 and March 2024, a remarkable rise. For commercial properties, the price increase reached 17.6%.
Rental prices in Dubai :
Average rental prices also saw a significant increase. Over a 12-month period, apartment prices rose by 20%, while villa prices increased by 14.4%, and commercial property prices by 43.5%. Unfortunately, these increases have forced some residents to seek neighborhoods with more affordable rents, or even to move to other emirates such as Sharjah, Ajman, or Ras Al Khaimah.
The most expensive properties in March 2024 :
Among the most expensive apartments in March 2024, we find the Casa Canal project at Dubai Water Canal with a price of 140 million Emirati dirhams, followed by Bulgari Lighthouse Dubai on Island 2 with 70 million Emirati dirhams, and Como Residences at Palm Jumeirah with 54 million Emirati dirhams.
The most expensive villas in March 2024 :
The Lakeview Villas by Ellington at Wadi Al Safa 3 stand out with a price of 21 million Emirati dirhams, followed by Mohammed Bin Rashid Al Maktoum City- District One, Phase 1, MBR District 1 with 20 million Emirati dirhams, and Nad Al Sheba Gardens with 16 million Emirati dirhams.
