Dubai’s real estate market has surged in Q1 of 2024, marking a remarkable 22.1% growth compared to the same period in 2023, Invest-Gate reports.

This exceptional performance reflects the current state of the property market in the UAE, which is buoyed by a mix of positive factors that enhance its appeal.

Furthermore, the Dubai Land Department data reveals that the first quarter saw record-breaking property sales, totalling AED108.7 bn from 36,699 transactions, a 22.1% increase from the previous year’s AED89 bn and 30,900 transactions.

Moreover, property transactions in Dubai reached AED165.6 bn in Q1 of 2024, a 5.5% increase from last year. There were 54,400 transactions compared to AED157 bn and 38,700 transactions.

Also, the prime sales were dominated by ready properties, accounting for 16,501 transactions worth AED64.9 bn (59.7% of the total), while off-plan sales amounted to AED43.7 bn (40.2% of the total) from 20,198 transactions.

Key areas driving the sales include Business Bay, Palm Jumeirah, Jumeirah Village Circle, Burj Khalifa, and Dubai Investment Park. The latter saw significant transactions, including two land plots and high-value villa sales elsewhere.

Notably, March 2024 witnessed a 7.2% year-on-year increase in property sales, reaching an all-time high of AED36.67 bn, showcasing Dubai’s robust real estate market.