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Monthly Market ReportApril 2024

Updated: Jun 27

Neither rain nor shine, sleet, heat, nor hail (or even a weeklong public holiday) shall stop the Dubai real estate market from delivering. Price appreciation continues and April sales volumes rise just shy of 45% year-on-year.

  • Average property prices rise at higher-than-average pace, up 1.95% in April

  • Second highest ever sales transaction volumes for April, up 44.3% year-on-year

  • Mortgage activity continues to decline, yet loans for new purchases still gather strength

  • Off-plan project launches continue with gusto, expect development across a wide range of communities in Dubai

Following last month’s dramatic surge in price appreciation, Dubai’s property prices experienced another higher-than-average month of average price growth, recording a gain of 1.95% in April. According to the Property Monitor Dynamic Price Index (DPI), Dubai property prices currently stand at AED 1,351 per square foot, 9.5% over the previous all-time high and market peak of September 2014.

Delving further into the underlying data reveals that the recent uptick in price appreciation continues to be primarily driven by signiRcant differences in trading prices between existing homes and newly developed off-plan properties. Among the 42 communities tracked by the index, 14 exhibited off-plan price premiums exceeding 20%, reaching levels as high as 80% and 70% in Dubai Sports City and International City respectively, where new apartment project launches differ drastically in quality and overall offering from some of the now ageing existing projects. Interestingly, at the bedroom level, the highest price per square foot premiums are predominantly observed in 1-bedroom units. These units also exhibit the largest disparity in average unit square footage, with new units being approximately 12.5% smaller than older ones. However, despite this reduction in size, sales prices only show a slight increase in comparison.

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