Dubai Real Estate Market Shatters Records in 2024, with 344.4 Billion Dirhams in Transactions and Online Payments on the Rise
Dubai’s real estate market has experienced remarkable growth in transactions during the first half of 2024, with a total of 344.4 billion dirhams recorded through 101,920 procedures. This represents a 35% increase in both value and number of transactions compared to previous periods. In particular, sales in the emirate alone reached 233.2 billion dirhams from 80,230 deals, showing a 30% growth in value and a 32.8% growth in the number of transactions.
The top areas in terms of sales volume were Business Bay, Jumeirah Village Circle, and Palm Jumeirah. Residential units accounted for a significant portion of the transactions, with map properties leading the way at 42,493 deals. Mortgages totaled 90.4 billion dirhams, with the highest value coming from the “Harrison” area.
The second quarter of 2024 saw transactions worth 179 billion dirhams, with sales increasing by 13.4% compared to the first quarter. Mortgages and grants also contributed to the market, with 42.9 billion dirhams and 11.6 billion dirhams recorded respectively.
In recent years, Dubai’s real estate market has experienced significant growth due to various factors such as digital transformations and online casinos.
In addition to traditional methods such as cash and cheques, online payments have become increasingly popular among buyers and sellers alike due to their convenience and speed.
Furthermore, advancements in technology have allowed for greater accessibility for international buyers who can now purchase properties remotely without physically being present in Dubai.
The rise of online casinos has also played a role in driving demand for real estate properties as more people seek out new ways to invest their money.
Overall, Dubai’s real estate market is expected to continue experiencing significant growth in the coming years due to its resilience and adaptability to changing trends and technologies.
