Page 273 - SOBHA REALTY PR REPORT - AUGUST 2024

8/7/24, 10:21 AM Dubai Property Transactions Up 32%; Sales Value Rises By 23%
Jumeirah and Dubailand led the way in residential activity, together accounting for 43% of total registered home

transactions in the June quarter. In terms of sales value, Dubailand and The Palm Jumeirah dominated with a

combined 32% share, followed by Jumeirah and Sheikh Zayed Road, each holding a 13% share. In case of
average registered home sales values, Dubai Islands (Deira Island) and The Palm Jumeirah are at the forefront,

with AED 4.78 million and AED 4.38 million, respectively.

Locality-level insights reveal that Jumeirah Village Circle (JVC) leads the market with 3,637 registered
transactions, followed by Al Merkadh with 2,432 transactions. In terms of sales value, Business Bay takes the top

spot with AED 4,475 million worth of homes sold during the quarter. Za’abeel and Dubai Marina also made

substantial contributions to the overall sales value.

Emaar Properties and Sobha Realty continued their market dominance in both transaction numbers and sales

value for the April-June 2024 quarter. Sobha One in Ras Al Khor Industrial Area emerged as the top project in

terms of transactions and sales value, closely followed by Emaar's Address Residences on Sheikh Zayed Road.

The Bulgari Lighthouse by Meeras in Jumeirah Bay stands out as Dubai's most expensive project, with property

prices reaching AED 11,500 per sq.ft. The highest transaction of the quarter was recorded here, at a staggering

AED 149 million. Another significant transaction above AED 100 million was recorded at Eome Residential in
The Palm Jumeirah, amounting to AED 105 million.

The June 2024 quarter highlights the resilience of Dubai’s property market, which has adeptly navigated recent
floods and broader global economic uncertainties. The luxury sector remains a stronghold of robust demand,

showing no signs of slowing down. Amidst a backdrop of limited supply, the market for high-end properties is

poised for sustained demand and price growth. Additionally, the increase in new projects in mid-segment price

points across peripheral micro-markets presents attractive options for end-users and working professionals
relocating to Dubai.

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