Throughout each Emirates, there was a strong 30% year-on-year rise in prepared transactions, showcasing a constant provide of properties for as we speak and the foreseeable future.
Property Finder – MENA’s main property portal has revealed key knowledge from its Market Watch digest report for Q1 2024. Whereas Abu Dhabi recorded spikes in prepared property transactions, Dubai sustained a rising curiosity for each – present and off-plan properties.
Important developments embody:
Rising deal with prepared properties: In contrast to Q1 2023 the place off-plan transactions soared excessive, Q1 2024 has opened as much as a powerful demand for present initiatives throughout each Dubai and Abu Dhabi.
Abu Dhabi: Q1 2024 recorded 814 residential transactions representing round 38% of the full transactions in comparison with 628 transactions that contributed to 27% of the full transactions in Q1 2023. This was a notable progress of 30% from Q1 2023. By reaching AED 1.74 Billion, the prevailing/prepared transaction worth in Q1 2024 contributed to 29% of the full gross sales transactions worth in comparison with 27% in Q1 2023.
Dubai: The prevailing/prepared market registered nearly 19,600 transactions in Q1 2024, rising its market share to 54% of the full transactions in comparison with round 15,000 transactions, which contributed 48% of the full transactions in Q1 2023. This efficiency witnessed a notable quantity progress of 30% in comparison with Q1 2023. By reaching AED 78.200 billion, Dubai property transaction values in Q1 2024 contributed to 68% of the prevailing gross sales transaction worth, in comparison with 60% in Q1 2023. Consequently, The prevailing/prepared transaction worth witnessed a major enhance of 46% in comparison with AED 53,600 billion in Q1 2023.
Average fluctuations within the off-plan sector: Off-plan properties continued to help evolution inside the sector throughout each Emirates, albeit with a number of noteworthy fluctuations reshaping the market trajectory for 2024.
Abu Dhabi: The off-plan market in Q1 2024 the market registered round 1,331 residential off-plan gross sales transactions in comparison with 1,658 transactions in Q1 2023 representing 62% of the full transactions in comparison with 73% of the full transactions in Q1 2023, recording a major year-on-year decline of -20% by way of quantity. The off-plan gross sales transaction worth in Q1 2024 reached AED 4.28 billion contributing to 71% of the full gross sales transactions worth. There was a major lower of -20% in comparison with Q1 2023 when the full off-plan gross sales transactions worth was AED 5.34 billion contributing to 73% of the full worth.
Dubai: There have been round 16,600 off-plan gross sales transactions in comparison with 16,000 transactions in Q1 2023, representing 46% of the full transaction quantity in comparison with 52% of the full transactions in Q1 2023. Consequently, the off-plan transactions recorded a slight enhance year-on-year surge of 4% by way of quantity. The off-plan gross sales transaction worth in Q1 2024 reached AED 37.4 billion, contributing 32% of the full gross sales transaction worth, recording a 5% enhance in comparison with Q1 2023, when the full gross sales transaction worth was AED 35.5 billion, contributing 40% of the full worth.
Variations in quarterly gross sales transactions reveal new scope for builders: With minor adjustments in transaction numbers and values, the present market in Dubai and Abu Dhabi affords a fertile floor of alternatives for builders and brokers to leverage their present experience and redefine success in 2024.
Abu Dhabi: In response to knowledge from the Division of Municipalities and Transport (DMT), Abu Dhabi skilled a lower in complete gross sales transactions (each residential and industrial) in Q1 2024. The variety of residential transactions reached for 1 / 4 round 2,145 transactions in comparison with 2,286 transactions in Q1 2023, reflecting a lower of -6.2%. Residential transactions accounted for 78% of the full quantity and roughly 64% of the general worth. The residential transaction worth amounted to AED 6.02 Billion, marking a -18% lower in comparison with AED 7.34 Billion recorded in Q1 2023.
Dubai: Information from the Dubai Land Division (DLD) confirmed a major surge in complete gross sales transactions in Q1 2024. The variety of transactions recorded was the second highest transaction for the quarter ever recorded, with greater than 36,000 transactions in comparison with 31,000 transactions in Q1 2023, reflecting a considerable enhance of 17%.
“2024 has opened as much as an fascinating and promising part of progress inside our sector. As proptech leaders, we are able to see a extra diversified demand and we’re constructive of the influence this may have within the months to return. We sit up for supporting the market by empowering property seekers with all the knowledge they should make extra knowledgeable choices,” mentioned Cherif Sleiman, Chief Income Officer, Property Finder.
