Strong Growth in UAE Property Market Recorded in Q1 2024: CBRE Report Reveals Record Transaction Volumes in Dubai and Abu Dhabi

The UAE property market is off to a strong start in 2024, with both Dubai and Abu Dhabi seeing strong growth across all sectors in the first quarter of the year. According to the latest UAE Residential Market Review Q1 2024 by CBRE Group, Dubai’s total transaction volumes reached a new record high of 35,310, marking a 20.5 percent annual increase.

Taimur Khan, head of research at CBRE, stated that the high levels of activity and absorption in the market will continue to support price growth in both Abu Dhabi and Dubai throughout the year.

In Abu Dhabi, property transaction volumes saw a 22.6 percent increase to 2,795, with off-plan sales and secondary market sales both experiencing significant growth. Average apartment and villa prices in Abu Dhabi also saw increases in Q1, along with rental rates. Despite a decline in rental contract renewals, rental rates are expected to continue to rise in prime areas.

Dubai also saw a surge in transaction volumes, reaching a record high in Q1 of 2024. Off-plan transactions increased by 23.9 percent, while secondary market transactions saw a 15.2 percent increase. Price growth in the Dubai real estate market accelerated, with average prices increasing by 20.7 percent. Prime and super-prime market segments also experienced growth, although super-prime transactions saw a decline due to high demand and limited supply.

Looking ahead, CBRE expects both Dubai and Abu Dhabi’s property markets to continue growing, with prices in the sales market expected to rise. Rental rates are also projected to increase, although at a slower pace. For more real estate news, visit the CBRE website.