Dubai: “The Gulf”
JLL, specialist in real estate and investment management, released its latest report on the evolution of the real estate market in the United Arab Emirates in the second quarter of 2024. in the second quarter, driven by strong sales transaction growth, increasing the number and value of sales transactions across the map.
According to the report, the latest figures from the Dubai Land Department indicate that the emirate saw a noticeable increase of 28% in value and 34% in the number of residential unit sales transactions between the first half of 2023 and the first half of 2023. of 2024
In Dubai, sales prices rose by a significant 20% year-on-year in May, driven by sales of villas and townhouses, while rental growth outpaced sales by 21% thanks to demand for apartments. In the capital, sales prices for villas increased by 8% and apartments by 6% and rental prices showed a positive increase of 5% in the second quarter.
The report noted that Dubai’s residential unit market saw around 6,600 units completed in the last quarter, while around 625 units were delivered in the capital city of Abu Dhabi. Dubai is expected to deliver around 20,000 additional units in the second half, most of which will consist of residential apartments, and another 4,000 units are expected to be added to the Abu Dhabi market by the end of the year.
