Dubai, UAE – Aug 21, 2024 – Land Sterling, a leading real estate consultancy, has
published its Q2 2024 Dubai Property Watch report, showcasing sustained growth
in Dubai’s residential market. The report highlights a significant rise in sales
transactions, underscoring the city’s ongoing attractiveness as a prime real estate
investment destination.
In Q2 2024, Dubai witnessed the delivery of approximately 5,600 residential units.
Apartments dominated the recent developments, accounting for 66% of the
completions, while villas comprised 34%. Mohammed Bin Rashid (MBR) City,
Business Bay, and Jumeirah Village Circle (JVC) had the highest number of
handovers.
Edward Sanders, MRICS FIWFM, Managing Director of Land Sterling, commented,
“Our Q2 2024 Dubai Property Watch report highlights a significant expansion in the
real estate sector, with remarkable growth in residential developments, increased
market activity, and rising rental values, all driven by the robust economic
conditions.”
Looking ahead, approximately 53,400 residential units are projected to be
delivered by the end of 2024. Expected supply figures declined during this quarter
compared to Q1, primarily because of project delays. This trend is anticipated to
persist into the latter half of 2024.
Q2 2024 also saw over 39,000 sales transactions worth around AED 99 billion,
marking a year-on-year increase of 37% in volume and 38% in value. Off-plan
sales were dominant, accounting for 68% of total transaction volumes.
Approximately 32,000 apartment units and 7,000 villa units were sold during this
quarter, with the top three performing locations being JVC, Business Bay, and
Meydan.
“The surge in off-plan sales is primarily due to the flexible payment options
provided by developers,” stated Sanders. “Additionally, many existing renters are
choosing to become homeowners to avoid renewal negotiations and the possibility
of having to move.”
The report also outlines key trends in rental prices, showing substantial increases.
Dubai’s Real Estate Regulatory Authority (RERA) rent calculator adjustment is now
witnessing impact on the market as villa rents increased by 13% year-on-year,
while apartment rents jumped by 22%.
Additional economic indicators further underscore the city’s vibrant market
conditions. Dubai’s GDP growth for the first three months of 2024 was reported at
3.2%, demonstrating strong economic fundamentals. The Consumer Price Index
(CPI) increased 3.9% in June 2024.

Price trends have also been favourable, with apartment and villa values growing
by 21% and 24%, respectively, highlighting the strong demand for residential
properties across Dubai.
About Land Sterling
Land Sterling is a leading real estate consultancy and valuation firm in the Middle
East, offering comprehensive real estate services, including valuation, advisory,
research, and property management. With a team of highly qualified professionals,
Land Sterling provides insightful market analysis and strategic advice to its clients.
This press release summarises key findings from the Land Sterling Q2 2024 Dubai
Property Watch report. Download the Land Sterling Dubai Property Watch Q2 2024
full report: https://landsterling.com/marketing-newsletter/
For enquiries, reach out to marketing@landsterling.com