Dubai’s real estate market has shattered records, achieving its highest quarterly sales with transactions worth AED 124.5 bn in Q2 2024, Invest-Gate reports.

The report highlights three significant milestones: the highest half-yearly sales at AED 233 billion, the best quarterly sales at AED 124.5 bn in Q2, and record-breaking June sales, the second-highest monthly sales on record, at AED 45 bn.

Based on data from Dubai Land Department, first-half sales in 2024 saw a 30% year-on-year increase, reaching AED 233.16 bn, up from AED 179.5 bn in the same period in 2023. There were 80,230 transactions from January to June 2024, a 33% rise compared to 60,420 deals in the first half of the previous year.

These impressive figures represent 58% of the total sales for 2023, which amounted to AED 401 billion. Overall market transactions in H1 2024 reached AED 344.4 bn, the highest ever for a six-month period, resulting from 101,920 actions.

Q2 2024 sales of AED 124.5 bn marked a 38% increase from AED 90.3 bn in Q2 2023, surpassing the previous record of AED 112.7 bn set in Q4 2023. June 2024 saw sales of AED 44.90 bn, a 47.2% rise from June 2023’s AED 30.5 bn.

W Capital’s Chairman, Walid Al Zarooni, described the first half of 2024 as astonishing, forecasting that 2024 could see annual sales between AED 450-500 bn, driven by Dubai’s appeal to new residents, investors, and those seeking luxury properties with high rental returns.