August 2024 was a remarkable month for Dubai's real estate market, showing strong growth across both secondary and off-plan transactions. Whether you're an investor, a first-time buyer, or just keeping an eye on the market, here’s a simple breakdown of the key trends that made August 2024 a bullish month.

1. Increase in Secondary Transactions
One of the highlights of August 2024 was the steady increase in secondary market transactions. Compared to August 2023, there was a 1.4% rise in secondary transactions. This increase indicates a growing confidence among buyers and sellers, with more people opting to buy homes that are already built and occupied.

2. Significant Growth in Off-Plan Transactions
The off-plan market, which refers to properties sold before they are completed, saw an even more impressive surge. In August 2024, there was a 41.2% increase in off-plan transactions compared to the same month last year. This growth suggests that investors and buyers are eager to secure properties at pre-completion prices, expecting future value appreciation.

3. Rise in Median Price Per Square Foot for Off-Plan Properties
Not only did the number of off-plan transactions increase, but the value of these properties also saw a boost. The median price per square foot for off-plan properties rose by 10.6% compared to August 2023. This increase reflects a strong demand for new developments and the confidence that buyers have in the long-term value of these investments.

4. Growth in Median Price Per Square Foot for Secondary Properties
The secondary market also experienced a healthy rise in property values. The median price per square foot for secondary properties increased by 12.9% compared to last year. This growth highlights the continued appeal of established properties in Dubai, as buyers are willing to pay more for ready-to-move-in homes.

What Does This Mean for You?

• For Investors: The bullish trends in both off-plan and secondary markets signal a strong investment environment. The rise in transaction volumes and property values indicates that Dubai's real estate market remains a lucrative option for both short-term gains and long-term investment.
• For Buyers: Whether you’re looking for a new home or an investment property, now is a good time to explore your options. The increase in off-plan transactions shows that many are taking advantage of pre-completion prices, while the growth in secondary market values suggests that established properties are still in demand.
• For Sellers: The upward trend in property values means that sellers are likely to get better returns on their investments. If you've been considering selling your property, the current market conditions could provide the right opportunity.

Conclusion

August 2024 was a strong month for Dubai's real estate market, with growth in both transaction volumes and property values. Whether you're buying, selling, or investing, the market trends from August 2024 highlight the continued strength and appeal of Dubai’s real estate sector.

Stay tuned to Alliance Properties for more market updates and insights to help you make informed decisions in Dubai's dynamic real estate market.