The Allsopp & Allsopp Dubai Property Market Report for April 2024!
Following the hot and heavy success of Q1 2024, April witnessed another milestone for Dubai's real estate market, setting a new record for single-quarter sales performance and reaffirming its resilience and growth trajectory for the third consecutive year!
Even with heavy rainfall and the week-long Eid holidays, nothing could stop the market from keeping its momentum. The Dubai Land Department reported AED 25 billion in sales transactions for April, which is a whopping 53.1% increase from the start of the year. Off-plan sales remained in the lead, accounting for 64.3% of the total sales volume, while secondary sales followed with 35.7%.
On the sales front, Allsopp & Allsopp noted the top three notable sales transactions in Jumeirah Golf Estates and Jumeirah Islands. The highest being AED 21 million in Redwood Avenue, followed by a villa sale in the Entertainment Foyer at Jumeirah Islands valued at AED 16.3 million and another Jumeirah Golf Estates sale at Sienna Views, valued at AED 11.6 million.
Prices kept to their upward trajectory with property prices rising in the month, continuing a streak of 38 months of consecutive growth. The current price per sq ft in April reached AED 1,351, the newest peak recorded since September 2014.
AED 0-3 million remains the most popular price band for buyers, accounting for almost 80% of all April sales. This also shows a strong interest from first-time buyers entering the market.
Moreover, the off-plan market continues to thrive, with over 3,000 units handed over in April alone. Building on the positive trends from Q1 2024, we expect a total of 45,597 units to be handed over by the end of the year.
Looking into the Allsopp & Allsopp lettings data, we saw some exciting activity in the lettings market. Viewings and client registrations were up by 64% and 17% respectively when compared to Q1 2023, likely thanks to the growing population in Dubai. Despite the rains and holidays, our lettings department remained buzzing with activity, bouncing back just a few days after the rains.
And with over 25,000 new residents moving to the UAE this year, the big question remains - can the supply of properties keep up with the growing demand?
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