Dubai property sales closest to 2009 peak
*Q2 2024 sales increased 37% to AED124.4bn, Tariq Al Shehhi.
Dubai real estate unprecedented sales in Q2 indicate that the market is close to repeating the recorded peak of 2009, according to real estate consultant, Tariq Al Shehhi.
Al Shehhi stated that real estate sales in Dubai reached record numbers in terms of volume and value, as the total number of transactions exceeded 43,000 deals in the second quarter of this year, an increase of 45% compared to the second quarter of 2023.
The Q2 value of transactions increased by 37% topping AED124.4bn. Sales reached a new peak, exceeding the previous one recorded in the first quarter of 2024 by 17%, while the value of sales exceeded the previous peak recorded in the fourth quarter of 2023 by 2%.
“During the second quarter of 2024, the off-plan real estate sales in Dubai approached the 2009 peak, with 26,300 deals, compared to 26,600 transactions in 2009, a margin of 1%,” Al Shehhi said.
He stressed that the real estate sector in Dubai will continue to be attractive for investment, tempting wealthy individuals and capital owners, boosted by the UAE political, economic and financial stability.
Al Shehhi confirmed that the sector offers high returns on investment compared to global and regional major real estate markets, thanks to continued high demand.
The real estate consultant said that the sector maintains attractive growth rates, thanks to new real estate projects and infrastructure projects being developed by both the government and the private sector, all over the UAE due to the increase in population.
The UAE now is a destination of choice for foreigners looking for a chance of investment or work, while the government is facilitating golden residency permits and policies to attract talents and skilful people.
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