A recent economic report forecasts a record-breaking summer for Dubai’s real estate market in 2024, driven by ongoing demand-boosting incentives, Invest-Gate reports.

The report predicts that summer sales could surge by 15-20%, reaching over AED120 bn compared to AED102 bn in the summer of 2023 and nearly double the AED68 bn in the summer of 2022.

Moreover, the report underscores the market’s stability, suggesting that it will continue its robust performance, benefiting from Dubai’s global prominence. After achieving historical sales of over AED400 bn in 2023, projections indicate that 2024’s total sales could range between AED450 bn and AED500 bn.

Furthermore, the market has already set a record in the first five months of 2024, with sales jumping 25.4% to AED186.87 bn from AED148.96 bn during the same period in 2023.

According to data from the Dubai Land Department, 65,890 transactions were completed from January to May 2024, a 30.2% increase from 50,592 in 2023.

Additionally, May 2024 witnessed the highest monthly sales ever recorded in Dubai, totalling AED 45.79 bn, a 35.3% increase from May 2023’s AED 33.84 bn, surpassing the previous one-month record of AED 42 bn set in November 2023.