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

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

Dubai property market ahead of 2024 growth forecasts!

With February numbers in, it is clear that the Dubai property market is in great shape.

International confidence in Dubai’s real estate market reached new highs due to a series of positive news stories entering the market.

Financial Transparency Boost: The removal of Dubai from the Financial Action Task Force (FATF) grey list is a significant milestone. It signifies a marked improvement in Dubai’s anti-money laundering standards, bolstering institutional investor confidence.

Tourism Boom: News that Dubai Mall became the most ‘visited place on earth’, with a record-breaking 105 million visitors in 2023, solidified the city’s position as a global tourist hub and further attracted potential residents and investors.

Global Recognition: Dubai’s ranking as the 10th most powerful country in 2024 paints a picture of stability and growth, making it an even more desirable destination for investment and long-term growth.

February 2024 saw a 35% surge in property sales transactions compared to last year, reaching 12,000 deals. This exceptional growth, which doubled the sales transactions recorded in February 2022, clearly indicates the market’s potential and should instil optimism in potential investors.

Since the start of the year, Dubai’s average property sales price has shown a promising increase of over 1%. This growth rate has already surpassed the initial forecasts for 2024, which predicted a 5-7% growth. As a result, the average price per square foot now sits at AED 1,294, 14% higher than the previous market high set in September 2014. A sure sign the market is still within growth mode, the number of off-plan projects launched in Dubai exceeded one per day in February.

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