As per a leading brokerage company, the number of residential property transactions in Dubai during the first half of 2024 increased by 33.5 percent annually, totaling 77,233.
According to a news release from Engel & Volkers Middle East, the Gulf city also reported total sales value of 227 billion dinars ($61.8 billion), which is 31% more than in the first half of 2023.
According to the company, the market has kept up its remarkable development trajectory, shattering records and creating new benchmarks.
The brokerage house clarified that major infrastructure projects, such as the $5 billion Dubai Metro Blue Line, the $35 billion Al-Maktoum International Airport expansion, and the $8 billion drainage system, highlight Dubai’s dedication to expansion and growth.
The population of Dubai is expected to increase by over 100,000 people per year, and the economy is expected to rise by 4% in 2024. As a result, the real estate market prognosis is still favorable.
CEO of Engel & Volkers Middle East Daniel Hadi noted that the first half of 2024 had been remarkable for Dubai’s residential real estate market in light of these accomplishments.
“Dubai’s resiliency, strategic infrastructure improvements, and allure to global investors are all contributing factors to the city’s extraordinary growth in sales transactions and value. We are hopeful about this dynamic market’s continued growth and evolution going forward,” Hadi continued.
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