The Allsopp & Allsopp Dubai Property Market Report for January 2024!

The Allsopp & Allsopp Dubai Property Market Report for January 2024!

Monday 19 February 2024Wed 16 Feb
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The Allsopp & Allsopp Dubai Property Market Report for January 2024!

Welcome to the Allsopp & Allsopp Dubai Property Market Report for January 2024!

As we enter 2024, the Dubai real estate market continues where it left off, with positive momentum from the previous year already reflected in strong sales activity in the first month.

Sales transaction volume for January 2024 increased 9.7% vs. December 2023, up 21% compared to the same period last year, with the division of sales remaining essentially unchanged between off-plan (58%) and secondary sales (42%).

Apartment sales remained the most popular choice for investors and end-users, accounting for 84% of all sales transactions in January and split between off-plan (65%) and secondary (35%) unit sales.

In January, the top three areas with the highest sales transaction volume in Dubai were Jumeirah Village Circle (1,399), Business Bay (931), and Dubai Hills Estate (577).

Dubai saw 79% of all monthly sales transactions priced between AED 0-3M, with studio (1,697) and one-bedroom (4,081) units accounting for 54% of total sales volume in January.

Early indicators from transactional sales data and buyer/seller behaviour suggest a continuation of the Q4 2023 market activity and sales growth, paving the way for an exceptional start to 2024.

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