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Dubai Real Estate Market Report for June 2024
Source: | Author:STAR AND MOON | Published time: 2024-08-08 | 20 Views | Share:
In June 2024, there were 309 land transactions in the Dubai land market, of which 156 were plots with plot ratio, which was twice as high as in May.

In June, the area of land transactions decreased by 24.51% month-on-month and 22.79% year-on-year; The total transaction price of land increased by 32.41% month-on-month and 53.43% year-on-year; The total number of land transactions increased by 43.72% month-on-month and 34.93% year-on-year.

The number of land transactions in June rose prominently, reaching the largest monthly land transaction volume since 2024, and the land transaction was hot.

https://mp.weixin.qq.com/s/vyVNPyFmiDgWQtvkLAjWmA

In June 2024, the average monthly transaction price of apartments in off-plan was 2,116 d/sq ft, up 2.10% month-on-month and down 13.73% year-on-year; The number of units traded was 5,841 units, down 32.59% month-on-month and up 30.38% year-on-year. The average monthly transaction price of existing houses was 1,591 d/sq ft, up 0.07% month-on-month and 10.72% year-on-year; The number of units traded was 3,152 units, down 19.82% month-on-month and 1.25% year-on-year.

In June 2024, the average monthly transaction price of villas in off-plan was 1,517 d/sq ft, up 7.86% month-on-month and 14.90% year-on-year; The number of units traded was 1,446 units, down 19.53% month-on-month and up 61.74% year-on-year. The average monthly transaction price of existing houses was 1,792 d/sq ft, up 3.82% month-on-month and 14.29% year-on-year; The number of units traded was 774 units, down 17.92% month-on-month and 4.09% year-on-year.

 In June 2024, the number of apartments in the off-plan apartment type: the largest number of units transacted was 1 bedroom, accounting for 42%, compared with May, with an average area of 766 square feet, followed by 0 bedrooms [studio] accounting for 27%, with an average area of 417 square feet; Existing house types: The largest proportion of 1-bedroom units in the transaction was 39%, a slight decrease compared with May, with an average area of 826 square feet, followed by 2-bedroom units, with an average area of 1,371 square feet.

Villa off-plan units in June 2024: 4 bedrooms accounted for 45% of the number of units sold, with an average area of 3,218 square feet, followed by 3 bedrooms accounting for 23%, with an average area of 2,560 square feet; Existing house type: 3 bedrooms accounted for 48% of the total number of units, with an average area of 2,393 square feet, followed by 4 bedrooms accounted for 30%, with an average area of 3,474 square feet.

In June 2024, the apartment type of off-plan: the total price range of 50-1 million yuan accounted for 33%, compared with May, the average total price of the unit was 740,000 yuan, followed by 100-1.5 million yuan accounted for 25%, and the average total price of the unit was 1.24 million yuan, which was the same as the previous month; Existing house type: the total price range of 50-1 million yuan accounts for 30%, the average total price of the set is 740,000 yuan, followed by 100-1.5 million yuan accounting for 19%, and the average total price of the set is 1.25 million yuan.

Villa off-plan units in June 2024: the total price range is 200-3 million, accounting for 28%, with an average total price of 2.55 million units, followed by 300-4 million yuan, accounting for 17%, and the average total price of 3.49 million units; Existing house type: the total price range of 2 million to 3 million accounted for 25%, the average total price of the set was 22.95 million yuan, followed by 5 million to 10 million yuan, and the average total price of the set was 7.16 million yuan.

In June 2024, the new apartments were newly signed and renewed, with a total annual rent of 1.082 billion yuan, 14,005 rental units, and an average price of 77,270 yuan/year, with an average price decrease of 0.03% month-on-month and a year-on-year increase of 18.02%, and a total renewal rent of 1.577 billion yuan, 25,109 rental units, and an average price of 62,818 yuan/year, with an average price increase of 2.41% month-on-month and a year-on-year increase of 10.04%; The price of new signings fell steadily, and the number of renewals fell and the price increased.

In June 2024, villas were newly signed and renewed, with a total annual rent of 506.59 million yuan, 2,009 rental units, and an average price of 252,160 yuan/year, with an average price increase of 5.35% month-on-month and a year-on-year increase of 10.05%, and a total renewed rent of 581.15 million yuan, 3,187 rental units, and an average price of 182349 yuan/year, with an average price decrease of 1.11% month-on-month and a year-on-year increase of 15.82%; New visas are on the rise, while renewals are declining.


The transaction of apartments showed a trend of "falling volume and stable price", and the transaction of villas showed a trend of "falling volume and slightly increasing price". The number of new apartment signatures fell steadily, and the number of renewals fell and the price increased, with the number of new apartment signatures increasing by 18.02% year-on-year and the renewal volume increasing by 10.04% year-on-year; The new villa signing increased by 10.05% year-on-year and the renewal increased by 15.82% year-on-year, which was lower than the year-on-year increase in May. The market transaction volume and leasing transaction volume have declined in different ranges, but the overall trend is improving.

[Note: Land Bureau record data-Reading Insight Network, some transactions that do not mark the house type are not included in the statistics, the above data is for reference only]

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