A Journey Through The Emirates: H1 2024 Real Estate Market Performance

Did you know Dubai’s prime residential market outperformed major global cities like Singapore and New York in H1 2024, with a 2.9% growth in capital value?¹ But what about the other Emirates and their H1 2024 real estate market performance? 

Don’t worry… We’ve got you covered with our comprehensive review that taps into the rest of the Emirates. 

No need to jump back and forth between different reports; all you need to know is right here…

Starting with Dubai H1 2024 Real Estate Market Performance²

In the first half of 2024, Dubai’s residential real estate market hit a record AED 191 billion ($52.5 billion) in sales, marking a 38% increase from H1 2023. 

In-depth Market Highlights

• Apartment Sales: Dominated the market with 60,836 transactions, making up 82% of all sales. 
• Villa and Townhouse Sales: Though only 18% of total transactions, they contributed to 40% of the market’s value, reflecting the high value of these properties
• Off-Plan Sales: Saw a 55% rise, reaching AED 96 billion, which  indicates a growing interest in properties that are yet to be completed

More Insights & Data Analysis

Communities like Town Square, Jumeirah Village Circle, and Jumeirah Beach Residences experienced significant price hikes, with some areas seeing up to 59% increases. 

This surge in prices, particularly in prime locations, highlights Dubai’s status as a global real estate hub. 

Additionally, the luxury market thrived, with 196 homes over $10 million sold, showcasing the city’s appeal to high-net-worth individuals.

Abu Dhabi H1 2024 Real Estate Market Performance

Abu Dhabi’s property market demonstrated strong performance in H1 2024, making it an attractive option for local and international investors. 

According to Bayut’s report, both affordable and luxury segments saw notable increases in asking prices.

Key Trends in Property Sales

• Affordable Apartments: Al Reef and Al Ghadeer emerged as leading areas, reflecting the demand for budget-friendly options.
• Luxury Apartments: Al Reem Island and Al Raha Beach attracted significant interest, indicating a preference for high-end living.
• Luxury Villas: Yas Island saw a 10.3% price increase, while Saadiyat Island recorded a 6% rise. This points to a steady demand for premium properties.

Property Rentals

• Affordable Rentals: Khalifa City and Al Khalidiyah were top choices, showing that these areas are popular among budget-conscious renters.
• Luxury Rentals: Al Reem Island and Yas Island led the market, underlining their status as prime residential locations.

Analysis

The steady growth in both sales and rentals in Abu Dhabi suggests a stable and attractive market. 

The Emirate’s strategic initiatives and the availability of diverse off-plan projects have significantly contributed to this heightened interest from investors, particularly in the luxury segment.

Dubai and Abu Dhabi: Leading Livable Cities in the MENA Region

With such impressive H1 2024 numbers and figures, it’s no wonder why Dubai and Abu Dhabi are considered prime destinations for residents and investors alike.

Nonetheless, Abu Dhabi and Dubai have been ranked as the top livable cities in the Middle East and Africa, according to the 2024 Global Liveability Index by the Economist Intelligence Unit (EIU). 

Did you know? Dubai ranked fifth in the Prime Residential World Cities Index, behind Lisbon, Amsterdam, Madrid, and Athens.

Moreover, both cities have shown significant improvements in healthcare and education, with Abu Dhabi ranking first globally on the Safety Index with a score of 88.2, while Dubai ranked fifth. 

Sharjah H1 2024 Real Estate Market Performance

Sharjah’s real estate market recorded a 17.7% increase in transaction values in H1 2024, with the total value reaching AED 646 million. 

Market Highlights

• Central Region: Accounted for AED 284.2 million of the total trading value, showing strong regional demand.
• Eastern Regions: KhorFakkan, Kalba, and Dibba Al-Hisn contributed significantly, reflecting the widespread appeal of Sharjah’s real estate.

Analysis

The robust performance in Sharjah, particularly in the Central and Eastern regions, highlights the Emirate’s growing attractiveness for investors. 

According to Arabian Business, this growth is supported by the government’s continuous development of infrastructure and legislation.

Ras Al Khaimah H1 2024 Real Estate Market Performance

The first half of 2024 has marked a strong start for the real estate market in Ras Al Khaimah (RAK)…

With a higher influx of visitors and several emerging developments, the city’s property portfolio has diversified significantly, attracting a growing pool of investors, buyers, and renters.

Market Highlights:

Popular Areas for Buying Apartments

• Al Hamra Village: The average sales price for apartments rose to AED 1.12 million, offering an ROI of 5.42%, with the price per square foot at AED 978.
• Al Marjan Island: This area saw average sales prices of AED 2.87 million with a per-square-foot price of AED 2,163, and an ROI of 3.27%.
• Mina Al Arab: The average sales price here amounted to AED 1.78 million, offering an ROI of 3.09%.

Popular Areas for Buying Villas

• Al Hamra Village: The average sales price for villas increased to AED 5.33 million, offering a 4.04% ROI, with a per-square-foot price of AED 1,075.
• Mina Al Arab: Villas here averaged AED 4.57 million, with an ROI of 4.15% and a price per square foot of AED 1,214.
• Al Marjan Island: The average sales price for villas in this area reached AED 18.01 million, with a per-square-foot price of AED 3,115.

Rental Market Trends

The rental market in RAK also experienced a promising start to 2024, with apartments being a popular choice among tenants. 

According to dubizzle’s RAK Property Market Report for H1 2024, the average yearly asking rent for apartments in the city rose by 14.70%. 

Notably, Mina Al Arab recorded the highest increase, with a 23.81% rise in the average annual rent of flats.

More Insights:

• Al Hamra Village: The average yearly rent for apartments rose by 17.07%, reaching AED 48,000.
• Al Marjan Island: Annual rents for apartments increased by 21.28%, with studio flats averaging AED 39,000 and 2-bedroom flats at AED 77,000.
• Al Seer: This area saw an upward trend of 17.39% in average apartment rents, amounting to AED 27,000 per year.

Ajman H1 2024 Real Estate Market Performance

Ajman’s rental market recorded a 49% increase in transaction value during the first half of 2024, reaching AED 2.277 billion ($620 million). This growth reflects Ajman’s growing appeal as a destination for living and investment.

Rental Contracts Breakdown

• Residential: AED 1.211 billion ($330 million)
• Commercial and Investment: AED 989 million ($269.3 million) and AED 80 million ($21.8 million), respectively.

Analysis

Ajman’s significant growth in the rental market highlights its increasing popularity among residents and businesses. 

The strategic location and quality of life in Ajman make it an attractive hub, supported by government initiatives that enhance its appeal.

Ending notes:

The combined performance of Dubai, Abu Dhabi, Sharjah, RAK, and Ajman forms a solid UAE real estate sector that is excelling everywhere. 

High demand and strategic developments make the UAE a prime destination for real estate investment. 

With a dynamic market and robust economic fundamentals, the UAE’s real estate sector is poised for continued growth and success.

1.  The following data is sourced from ZAWYA
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2. Most of the info in this article are sourced from Gulf Business & Arabian Business ↩︎