The Dubai property market saw a significant surge in March 2024. The total number of property sales in March 2024 reached 13,434 an 11.7% increase compared to March 2023. This figure also represents a 14.7% increase from the previous month setting a new record for March. This surge in activity marks the second-highest transaction volume in Dubai's history. According to the Dubai Land Department property prices hit AED 1,463 per square foot a 15% increase.
Breakdown by Property Type
• Apartments: With 10,445 transactions apartment sales grew by 14.8% compared to March 2023 contributing to a total sales value of AED 19.3 billion.
• Commercial Properties: Commercial property sales saw a modest increase with 340 transactions, up 2.4% from March 2023 contributing AED 668.1 million in sales value.
• Plots: Plot transactions increased by 11.7% to 1,000 sales with a total sales value of AED 9 billion.
Property Prices on the Rise
Property prices across all categories have increased compared to March 2023. The average apartment price rose to AED 1.2 million an increase of 2.3%. Villa prices jumped by 38.9% reaching AED 3.3 million. Commercial property prices climbed by 16.3% to AED 1.3 million while plot prices soared by 37% to AED 3.9 million. The total sales value for March 2024 was AED 36.9 billion 8.1% higher than in March 2023.
Off plan Vs Ready Property sales, March 2024
In March 2024 most property sales in Dubai were off plan making up 63% of the total sales volume while ready properties accounted for 37%.In terms of sales value off-plan properties also led the way contributing 65% of the total sales value. Ready properties made up the remaining 35%. This shows that off-plan sales are more popular and contribute more to the total value of property sales compared to ready-to-move-in properties.
Rising Rental Prices
Rental prices saw considerable growth in March 2024. The average rental price for apartments rose to AED 72 k a 20% increase compared to March 2023. Villa rental prices reached AED 167k up 14.4% while commercial rental prices saw a significant 43.5% increase to AED 55.1 k.