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on07 May 2024
The UAE real estate news for the month of April 2024
The UAE real estate market continues to grow. With a strategic focus on sustainable development and innovative urban planning, emirates like Dubai and Abu Dhabi remain attractive destinations for both investors and those looking for their forever home. As the first quarter of 2024 came to a close last month, we bring you the top UAE real estate news. Let’s see how the sector fared in Q1 2024.
DUBAI REAL ESTATE NEWS
Dubai observed a significant increase in total sales transactions for Q1 2024. According to data from the Dubai Land Department (DLD), this quarter had the second-highest transactions, with more than 36,000 recorded deals, compared to 31,000 transactions in Q1 2023.
In other UAE real estate news, Dubai recorded sales of 105 luxury homes priced at AED 3.67M and above in this year’s first quarter. This shows a surge of 19% year-on-year compared to last year. The total value of luxury homes sold stands at approximately AED 6.24b, showing an increase of 6%.
ABU DHABI REAL ESTATE NEWS
Coming on to the real estate news from the capital, the data from the DARI platform in Abu Dhabi recorded sales worth AED 15.9b. A total of 2,919 sale and purchase transactions took place in the first quarter. This includes sales of 1,167 ready-to-move-in units and 1,752 off-plan properties.
As of Q1 2024, the most sought-after locations in Abu Dhabi are Saadiyat Island and Yas Island. Transactions worth AED 23.5M took place on Yas Island whereas the total transactions in Saadiyat Island amounted to AED 14.3M.
SHARJAH REAL ESTATE NEWS
To mark the first quarter of 2024, the Sharjah Real Estate Registration Department revealed that transactions worth AED 10b took place in the emirate. An increase of 67.1% was observed in the Sharjah real estate sector.
A total of 23,478 sales and purchase transactions took place across the city, marking a growth rate of 9.3% compared to 2023. The report shows that Muwaileh is the most sought-after area, where 481 transactions took place, followed by Rawdat Al-Qart, Al-Mazairah and Al-Khan.
AJMAN REAL ESTATE NEWS
Ajman observed a growth rate of 26.6% in its real estate sector in Q1 2024. The emirate recorded transactions worth AED 4.3b. The Ajman Real Estate Investment Exhibition played a significant role in sustaining the sector’s growth where 336 real estate transactions worth AED 195.8M took place.
THE WORLD’S TALLEST RESIDENTIAL TOWER LAUNCHED IN DUBAI
Select Group partnered with Six Senses to launch the world’s tallest residential tower in Dubai. The tower will stand 517 meters tall boasting architectural excellence and opulence.
The Six Senses Residences Dubai Marina will have 122 storeys featuring stunning 251 residential apartments in 2 to 4-bedroom layouts. Expect cutting-edge facilities and social spaces that will deliver a new benchmark for health and wellness. The interior is to be designed by the acclaimed Mitchell & Eades with a fusion of biophilia and classical Feng Shui.
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Sefeiya Janne
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