The Allsopp & Allsopp Dubai Property Market Report for Q1 2024!

Q1 2024 - Dubai real estate’s success story continues!

The first quarter of 2024 has definitely ignited a surge of continued activity and optimism. Building on the momentum of the previous year, Q1 witnessed a remarkable uptick in transactions, setting a promising tone for the remainder of the year.

This report offers a comprehensive analysis of the Dubai property market, utilising data from the Dubai Land Department (DLD) and Allsopp & Allsopp first-party sources, and is an ideal resource for individuals interested in buying, selling, renting or leasing properties in Dubai in 2024.

Sales transactions jumped by 19.3%, from a total of 33,346 transactions valued at AED 85 billion. Apartments remained the top choice, while off-plan sales dominated the market making up 57% of all transactions.

Allsopp & Allsopp witnessed a 24% surge in sales activity, with Arabian Ranches and Dubai Marina as the leaders for transactions. Finance buyers surpassed cash buyers, with purchases soaring in the AED1-3 million range, signifying a rise of first-time buyers in the market.

The lettings market also saw a 126% increase in viewings compared to this period last year! Our team recorded significant transactions with British, Indian, Russian, and French nationals in the top tenant demographics.

As lettings prices rise, the question remains: will we see an increase in sales transaction volumes follow suit?

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