UAE Real Estate Market Review Q1 2024

The UAE’s GDP is expected to record a growth of 3.9% in 2024, down from the 4.7% forecast published a quarter earlier.

Occupier activity in Dubai’s office segment of the market remained robust over the first quarter of the year. Data from the Dubai Land Department revealed that the total number of rental registrations increased by 35.8% compared to the year prior, reaching 46,850.
Given the increased level of occupier demand, the average occupancy rate in Dubai’s office market increased from 90.1% in Q1 2023 to 91.3% in Q1 2024.

Price growth has continued to accelerate in Dubai’s residential market in the first quarter of 2024, with average prices increasing by 20.7% in the year to March 2024, up from 20.3% in February 2024. Throughout this period, average apartment prices increased by 20.4%, and average villa prices increased by 22.1%.

In the first quarter of 2024, the total transaction volumes in Dubai’s residential market reached 35,310. This is the highest total ever recorded in the first quarter of the year, marking an increase of 20.5% from the year prior. Over this period, off-plan transactions rose by 23.9%, and secondary market transactions rose by 15.2%.