Residential Market Monthly - June 2024

• A total of 12,150 residential units were sold across Dubai in June. When compared to May, transaction volumes dropped by 23% m/m.
• More than 66% of all units sold in June were under construction (off plan). Demand for off plan units has gradually increased since the start of the year.
• The first half of 2024 has seen the highest number of residential units sold in Dubai in six months. More than 74,100 units were transacted during H1 2024, a growth of 29% y/y.
• Apartment units have seen the highest number of transactions. More than 85% of all units sold in June were apartments. A total of 8,990 apartment units were transacted across the city.
• The Dubai South micro-market has seen renewed occupier interest after the Dubai government announced its plans to expand and transfer operations from Dubai International Airport (DXB) to the Al Maktoum International (DWC) airport. Investment activity in the micro-market has picked-up on the back of this announcement.
• Capital values continue to increase monthly. Prices have increased by 2% m/m across apartments and 3% m/m across the villa/townhouse developments in June.
• The total units now under construction and due for handover by 2025 is estimated at 125,300.

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