Welcome to the esteemed quarterly report from Morgan’s International Realty, your indispensable resource for navigating Dubai's property market. As you explore the pages of this report, you will discover an abundance of carefully curated data, insights, and expert analysis gathered from a comprehensive network of reliable sources. This report provides a wide-ranging view of market performance, pricing trends, in-demand communities, and numerous other essential factors influencing the property landscape. We invite you to immerse yourself in this wealth of information, equipping you with the knowledge to make well- informed decisions in the ever-evolving Dubai property market. Our team of world-renowned consultants stands ready to serve you, offering unparalleled expertise and guidance to ensure your success in this vibrant sector.

Key Takeaways

  • Record Transaction Volume::Best quarter ever with 41,685 residential units sold.
  • Total Transaction Value::Residential transactions totaled 120 billion AED.
  • Price Increase::Average price per square foot increased by 7% QoQ and 36% YoY.
  • Mortgage Registrations::19% increase in mortgage registrations YoY, despite anticipated interest rate drops.
  • Primary Market Dominance::Properties under construction accounted for 61% of sales, representing 44% of total transaction value.
  • Off-Plan Sector Surge::Off-plan property transactions increased by 26% QoQ and 74% YoY.
  • New Project Launches:42 new projects launched, adding 9,462 units to the inventory.
  • Resale of Off-Plan Properties::Represented 11% of primary market transactions, showing healthy and consistent numbers.
  • Resale of Off-Plan Properties::Represented 11% of primary market transactions, showing healthy and consistent numbers.
  • Secondary Market Stability::Ready properties saw a 3% increase QoQ and 5% increase YoY.
  • Prime Property Trends::Properties above 10 million AED saw a 14% increase in QoQ and 50% YoY, while those above 36.75 million AED declined by 28% QoQ and 30% YoY.
  • Most Expensive Transactions::A custom-made mansion on Jumeirah Bay Island sold for 240 million AED and a full-floor apartment in Bulgari Lighthouse sold for 148 million AED.
  • High-Net-Worth Individual Influx::An estimated 6,700 new millionaires expected to move to the UAE in 2024.
  • Top Construction Areas::Jumeirah Village Circle with 22,500 units and Business Bay with 15,000 units under construction.

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