{"id":94763,"date":"2024-05-13T12:31:23","date_gmt":"2024-05-13T08:31:23","guid":{"rendered":"https:\/\/www.propertyfinder.ae\/blog\/?p=94763"},"modified":"2024-07-27T16:55:38","modified_gmt":"2024-07-27T12:55:38","slug":"market-watch-q1-2024","status":"publish","type":"post","link":"https:\/\/www.propertyfinder.ae\/blog\/market-watch-q1-2024\/","title":{"rendered":"Market Watch: Stay Updated on the Real Estate Trends and Insights in Q1 2024"},"content":{"rendered":"<p>With the end of Q1 2024, it&rsquo;s time to have a look at how the real estate market performed through the Market Watch report.&nbsp;<\/p><p>Its full version is just out; it includes the top highlights and insights of the Abu Dhabi and Dubai markets to help you have a quick yet data-based vision over the last period; let&rsquo;s get into more details!&nbsp;<\/p><ul class=\"wp-block-list\">\n<li><a href=\"#1\">Abu Dhabi<\/a><\/li>\n\n\n\n<li><a href=\"#2\">Dubai<\/a><\/li>\n\n\n\n<li><a href=\"#3\">Mo&rsquo;asher<\/a> <\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_1620777160-1-800x534.jpg\" alt=\"\" class=\"wp-image-94814\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_1620777160-1-800x534.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_1620777160-1-400x267.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_1620777160-1.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h2 class=\"wp-block-heading\" id=\"1\"><strong>Abu Dhabi<\/strong><\/h2><h3 class=\"wp-block-heading\"><strong>Highlights&nbsp;<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>Abu Dhabi&rsquo;s economy had a positive performance during 2024 due to the significant growth of the non-oil sector, which expanded by <strong>9.1% <\/strong>in 2023.<br><br>Accordingly, the capital&rsquo;s real estate activities and construction sectors grew by more than<strong> 11.6%<\/strong> YoY in 2023, contributing to around <strong>12%<\/strong> of the total GDP.<br><\/li>\n\n\n\n<li>The construction sector was the main driver of this growth, increasing by around <strong>14% <\/strong>and accounting for <strong>8.6% <\/strong>of the GDP.<\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"524\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_1195451464-1-800x524.jpg\" alt=\"\" class=\"wp-image-94846\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_1195451464-1-800x524.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_1195451464-1-400x262.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_1195451464-1.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h2 class=\"wp-block-heading\"><strong>Market Performance<\/strong><\/h2><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h3 class=\"wp-block-heading\"><strong>Total Sales Transactions&nbsp;<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>According to the Department of Municipalities and Transport&rsquo;s (DMT) data, during Q1 2024, the UAE&rsquo;s capital witnessed a decrease in the total sales transactions in both residential and commercial types.&nbsp;<\/li>\n\n\n\n<li>The total number of transactions reached <strong>2,145.<\/strong><\/li>\n\n\n\n<li>During this period, the residential transactions reached<strong> 78% <\/strong>of the total volume and around <strong>64%<\/strong> of the total value.<\/li>\n\n\n\n<li>Regarding the transaction value, it amounted to <strong>AED 6.02 Billion,<\/strong> while in Q1 2023, it reached <strong>AED 7.34 Billion<\/strong>, showing an <strong>18%<\/strong> decrease.&nbsp;<\/li>\n\n\n\n<li>In 2023, the real estate market witnessed a notable jump in transactions, with a <strong>75% <\/strong>increase, while sales value rose by <strong>120%<\/strong> in the same period. This indicates a further increase in the prices.&nbsp;<\/li>\n\n\n\n<li>Although the slowdown in Q1 2024, the market is expected to recover rapidly and reach a high performance; these expectations are supported by\n<ul class=\"wp-block-list\">\n<li>The governmental support<\/li>\n\n\n\n<li>The country&rsquo;s strategic focus on economic diversification, with the real estate sector playing a crucial role<\/li>\n\n\n\n<li>Increased foreign demand due to regional conflicts<\/li>\n\n\n\n<li>The recovery of the tourism sector.<\/li>\n<\/ul>\n<\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-13-at-9.44.46%E2%80%AFAM-800x309.png\" alt=\"\" class=\"wp-image-94816\"><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h3 class=\"wp-block-heading\"><strong>Off-plan Sales Transactions<\/strong><\/h3><p><strong>Volume<\/strong><\/p><ul class=\"wp-block-list\">\n<li>During Q1 2024, the <a class=\"wpil_keyword_link\" href=\"https:\/\/www.propertyfinder.ae\/en\/new-projects\" target=\"_blank\" title=\"off-plan\" data-wpil-keyword-link=\"linked\" data-wpil-monitor-id=\"78\">off-plan<\/a> market registered around <strong>1,331<\/strong> residential off-plan sales transactions compared to <strong>1,658<\/strong> transactions in Q1 2023.&nbsp;<br><br>This represents <strong>62% <\/strong>of the total transactions compared to <strong>73%<\/strong> in <strong>Q1 2023, <\/strong>recording a high YoY volume decrease of <strong>20%<\/strong>.&nbsp;&nbsp;<\/li>\n<\/ul><p><strong>Value<\/strong><\/p><ul class=\"wp-block-list\">\n<li>The off-plan sales transaction value in Q1 2024 accounted for <strong>AED 4.28&nbsp; Billion<\/strong>, <strong>71%<\/strong> of the total sales transaction value.&nbsp;<br><br>This year, it showed a significant decline of <strong>20% <\/strong>compared to Q1 2023.&nbsp;<\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-13-at-9.46.04%E2%80%AFAM-800x306.png\" alt=\"\" class=\"wp-image-94817\"><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h3 class=\"wp-block-heading\"><strong>Existing\/Ready Sales Transactions<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>The existing\/ready market registered <strong>814<\/strong> transactions in <strong>Q1 2024<\/strong>, representing about <strong>38%<\/strong> of the total transactions. In<strong> Q1 2023<\/strong>, the total transactions reached <strong>628<\/strong>, contributing to <strong>27%<\/strong> of the total transactions in this period.&nbsp;<br><br>This reflects a notable increase of <strong>30%<\/strong> from Q1 2023.<br><\/li>\n\n\n\n<li>The value of the existing\/ready market transaction amounted to <strong>AED 1.74 Billion<\/strong>, representing <strong>29%<\/strong> of the total sales transactions value, while in Q1 2023, it reached <strong>27%.<\/strong><br><br>Moreover, it witnessed a decline of <strong>13.4%<\/strong> compared to <strong>AED 2 Billion<\/strong> in Q1 2023.&nbsp;<\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-13-at-9.46.23%E2%80%AFAM-800x304.png\" alt=\"\" class=\"wp-image-94818\"><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h2 class=\"wp-block-heading\"><strong>High-in-Demand Areas for Sale and Rent<\/strong><\/h2><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Apartments for Sale<\/strong><\/td><td><strong>Villas for Sale<\/strong><\/td><td><strong>Apartments for Rent<\/strong><\/td><td><strong>Villas for Rent<\/strong><\/td><\/tr><tr><td>Al Raha Beach <\/td><td>Al Reef<\/td><td>Al Khalidiya<\/td><td>Al Reef<\/td><\/tr><tr><td>Al Reem Island<\/td><td>Al Reem Island<\/td><td>Al Raha Beach<\/td><td>Khalifa City<\/td><\/tr><tr><td>Masdar City<\/td><td>Khalifa City<\/td><td>Al Reem Island<\/td><td>Mohamed Bin Zayed City<\/td><\/tr><tr><td>Saadiyat Island<\/td><td>Saadiyat Island<\/td><td>Corniche Road<\/td><td>Saadiyat Island<\/td><\/tr><tr><td>Yas Island<\/td><td>Yas Island<\/td><td>Khalifa City<\/td><td>Yas Island<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\"><strong>Property Sales Prices in Abu Dhabi<\/strong><\/h3><p>The table below shows the average asking prices for <strong>apartments <\/strong>in Abu Dhabi in Q1 2024:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>One Bedroom<\/em><\/td><td><em>Two Bedrooms<\/em><\/td><td><em>Three Bedrooms<\/em><\/td><\/tr><tr><td>Al Raha Beach<\/td><td><strong>AED 1,200,000<\/strong><\/td><td><strong>AED 1,800,000<\/strong><\/td><td><strong>AED 2,600,000<\/strong><\/td><\/tr><tr><td>Al Reem Island&nbsp;<\/td><td><strong>AED 875,000<\/strong><\/td><td><strong>AED 1,500,000<\/strong><\/td><td><strong>AED 2,120,000<\/strong><\/td><\/tr><tr><td>Masdar City<\/td><td><strong>AED 641,000<\/strong><\/td><td><strong>AED 978,000<\/strong><\/td><td><strong>AED 1,700,000<\/strong><\/td><\/tr><tr><td>Saadiyat Island<\/td><td><strong>AED 2,400,000<\/strong><\/td><td><strong>AED 4,728,000<\/strong><\/td><td><strong>AED 9,020,000<\/strong><\/td><\/tr><tr><td>Yas Island<\/td><td><strong>AED 1,100,000<\/strong><\/td><td><strong>AED 1,820,000<\/strong><\/td><td><strong>AED 2,400,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average asking prices for <strong>villas <\/strong>in Abu Dhabi in Q1 2024:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>Three Bedrooms<\/em><\/td><td><em>Four Bedrooms<\/em><\/td><td><em>Five Bedrooms<\/em><\/td><\/tr><tr><td>Al Reef<\/td><td><strong>AED 1,603,000<\/strong><\/td><td><strong>AED 2,242,500<\/strong><\/td><td><strong>AED 2,500,000<\/strong><\/td><\/tr><tr><td>Al Reem Island<\/td><td><strong>AED 3,900,000<\/strong><\/td><td><strong>AED 4,520,000<\/strong><\/td><td><strong>AED 7,119,000<\/strong><\/td><\/tr><tr><td>Khalifa City<\/td><td><strong>AED 2,677,000<\/strong><\/td><td><strong>AED 4,200,000<\/strong><\/td><td><strong>AED 6,154,000<\/strong><\/td><\/tr><tr><td>Saadiyat Island<\/td><td><strong>AED 9,900,000<\/strong><\/td><td><strong>AED 12,500,000<\/strong><\/td><td><strong>AED 18,733,000<\/strong><\/td><\/tr><tr><td>Yas Island<\/td><td><strong>AED 4,300,000<\/strong><\/td><td><strong>AED 6,100,000<\/strong><\/td><td><strong>AED 7,615,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h3 class=\"wp-block-heading\"><strong>Property Rental Prices in Abu Dhabi<\/strong><\/h3><p>The table below shows the average rental prices for <strong>apartments <\/strong>in Abu Dhabi in Q1 2024.<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>One Bedroom<\/em><\/td><td><em>Two Bedrooms<\/em><\/td><td><em>Three Bedrooms<\/em><\/td><\/tr><tr><td>Al Khalidiya<\/td><td><strong>AED 64,500<\/strong><\/td><td><strong>AED 87,000<\/strong><\/td><td><strong>AED 100,000<\/strong><\/td><\/tr><tr><td>Al Raha Beach<\/td><td><strong>AED 73,500<\/strong><\/td><td><strong>AED 110,000<\/strong><\/td><td><strong>AED 140,000<\/strong><\/td><\/tr><tr><td>Al Reem Island<\/td><td><strong>AED 65,000<\/strong><\/td><td><strong>AED 95,000<\/strong><\/td><td><strong>AED 135,000<\/strong><\/td><\/tr><tr><td>Corniche Road<\/td><td><strong>AED 90,000<\/strong><\/td><td><strong>AED 125,000<\/strong><\/td><td><strong>AED 160,000<\/strong><\/td><\/tr><tr><td>Khalifa City<\/td><td><strong>AED 45,000<\/strong><\/td><td><strong>AED 70,000<\/strong><\/td><td><strong>AED 105,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average rental prices for <strong>villas <\/strong>in Abu Dhabi in Q1 2024:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>Three Bedroom<\/em><\/td><td><em>Four Bedrooms<\/em><\/td><td><em>Five Bedrooms<\/em><\/td><\/tr><tr><td>Al Reef<\/td><td><strong>AED 105,000<\/strong><\/td><td><strong>AED 135,000<\/strong><\/td><td><strong>AED 150,000<\/strong><\/td><\/tr><tr><td>Khalifa City<\/td><td><strong>AED 135,000<\/strong><\/td><td><strong>AED 179,000<\/strong><\/td><td><strong>AED 205,000<\/strong><\/td><\/tr><tr><td>Mohamed Bin Zayed City<\/td><td><strong>AED 112,000<\/strong><\/td><td><strong>AED 131,000<\/strong><\/td><td><strong>AED 152,000<\/strong><\/td><\/tr><tr><td>Saadiyat Island<\/td><td><strong>AED 415,000<\/strong><\/td><td><strong>AED 450,000<\/strong><\/td><td><strong>AED 747,000<\/strong><\/td><\/tr><tr><td>Yas Island<\/td><td><strong>AED 225,000<\/strong><\/td><td><strong>AED 300,000<\/strong><\/td><td><strong>AED 378,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h2 class=\"wp-block-heading\" id=\"2\"><strong>Dubai<\/strong><\/h2><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h3 class=\"wp-block-heading\">Highlights&nbsp;<\/h3><ul class=\"wp-block-list\">\n<li>Dubai&rsquo;s real estate market witnessed a YoY surge of 20<strong>% <\/strong>in the number of sales transactions during Q1 2024. Its number reached<strong> <\/strong><strong>37,154 <\/strong>transactions compared to 31,027 <strong>&nbsp;<\/strong>in Q1 2023.<\/li>\n\n\n\n<li>The value of the sales transactions showed a notable increase, reaching almost <strong>AED<\/strong> 109.85 <strong>billion<\/strong>, reflecting a 23.3 <strong>% <\/strong>YoY growth.<\/li>\n\n\n\n<li>For the existing property transactions, it reached a YoY increase of about 10.38 <strong>%<\/strong> in volume and 21.8% in value.&nbsp;<\/li>\n\n\n\n<li>During Q1 2024, the off-plan market witnessed more demand, with a YoY increase of around 28.6 <strong>% <\/strong>in volume and 25.6 <strong>%<\/strong> in value.&nbsp;<\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"800\" height=\"534\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_741045034-1-800x534.jpg\" alt=\"\" class=\"wp-image-94844\" srcset=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_741045034-1-800x534.jpg 800w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_741045034-1-400x267.jpg 400w, https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/shutterstock_741045034-1.jpg 1000w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h2 class=\"wp-block-heading\"><strong>Market Performance<\/strong><\/h2><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h3 class=\"wp-block-heading\"><strong>Total Sales Transactions Volume<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>According to DLD&rsquo;s data, Dubai witnessed a notable increase in total sales transactions during Q1 2024.<\/li>\n\n\n\n<li>It recorded <strong>37,154 <\/strong>registered transactions; compared to Q1 2023, it witnessed<strong> 31,027<\/strong> transactions, which is a substantial increase of <strong>20%<\/strong> and the highest performance for a quarter ever recorded.&nbsp;<br><br>This is driven by the outstanding performance of the off-plan transactions.<br><\/li>\n\n\n\n<li>In Q1 2024, the existing\/ready transactions contributed to <strong>44.65%<\/strong> of the total sales transactions compared to<strong> 48.44%<\/strong> in Q1 2023.<\/li>\n\n\n\n<li>The off-plan transactions contributed to <strong>55.35% <\/strong>of the total sales transactions compared to <strong>51.56% <\/strong>in Q1 2023.&nbsp;<\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-13-at-9.48.27%E2%80%AFAM-800x237.png\" alt=\"\" class=\"wp-image-94822\"><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h3 class=\"wp-block-heading\"><strong>Off-plan Sales Transactions Volume<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>In Q1 2024, the off-plan sales transactions reached <strong>20,565<\/strong> compared to <strong>15,998 <\/strong>transactions in Q1 2023, recording a <strong>28.6%<\/strong> increase to be the highest performance for a quarter ever in the off-plan market.&nbsp;<\/li>\n<\/ul><h3 class=\"wp-block-heading\"><strong>Existing\/Ready Sales Transactions Volume<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>In Q1 2024, the existing sales transactions had a new record by reaching <strong>16,589 <\/strong>transactions, which shows a YoY increase of <strong>10.4%<\/strong> compared to <strong>15,029<\/strong> in Q1 2023.<br><br>With such an increase, it records the highest performance for Q1 ever recorded.<\/li>\n<\/ul><h3 class=\"wp-block-heading\"><strong>Total Sales Transactions Value<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>During the first quarter of 2024, the sales transactions reached the second-highest value ever for a quarter and the best performance for Q1 for the last decade; it reached <strong>AED 109.85 billion<\/strong>, compared to<strong> AED 89.09 billion <\/strong>in Q1 2023, showing a YoY increase by <strong>23.3%<\/strong>.<\/li>\n\n\n\n<li>The strong economic growth and tourism industry led to a steady demand for housing.&nbsp;<\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-13-at-9.49.29%E2%80%AFAM-800x238.png\" alt=\"\" class=\"wp-image-94824\"><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h3 class=\"wp-block-heading\"><strong>Off-plan Sales Transactions Value<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>The off-plan sales made a record by reaching a value of <strong>44.6 billion<\/strong> in Q1 2024, compared to <strong>AED 35.5 billion <\/strong>in Q1 2023, achieving about a <strong>25.6%<\/strong> increase.<\/li>\n\n\n\n<li>During Q1 2024, the off-plan transactions contributed <strong>40.6%<\/strong> of the total transaction value, representing the second-highest value ever recorded in the off-plan market.&nbsp;<\/li>\n<\/ul><h3 class=\"wp-block-heading\"><strong>Existing\/Ready Sales Transactions Value<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>In Q1 2024, the existing\/ready sales value hit a record high of <strong>AED 65.3 Billion<\/strong> compared to <strong>AED 53.6 Billion<\/strong> in Q1 2023. This marks a significant increase of <strong>21.8% <\/strong>and records the second-highest transaction value ever in the last decade.<\/li>\n<\/ul><h2 class=\"wp-block-heading\"><strong>Total Rental Contracts&nbsp;<\/strong><\/h2><ul class=\"wp-block-list\">\n<li>The rental contracts during the first quarter of 2024 witnessed a YoY increase of <strong>29.1%.&nbsp;<\/strong><br><br>This is through registering <strong>202,209<\/strong> contracts compared to <strong>156,696<\/strong> contracts in Q1 2023, recording a new hit as the highest performance for a quarter ever recorded.&nbsp;<br><\/li>\n\n\n\n<li>According to the Dubai Land Department (DLD), in Q1 2024, around <strong>50.8%<\/strong> of the total rental contracts were new and <strong>49.2%<\/strong> were renewals.<\/li>\n\n\n\n<li><strong>93.9%<\/strong> of the total contracts were annual; in Q1 2023, they represented <strong>90.9%&nbsp;<\/strong><\/li>\n\n\n\n<li>The non-annual contracts decreased by <strong>3%,<\/strong> representing <strong>6.1%<\/strong> of the total contracts.<\/li>\n<\/ul><ul class=\"wp-block-list\">\n<li>In Q1 2024, the residential contracts&rsquo; share was around <strong>61.9%<\/strong> of the total rental contracts, while <strong>37.2% <\/strong>were registered for commercial purposes and others.&nbsp;<\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-13-at-9.50.15%E2%80%AFAM-800x235.png\" alt=\"\" class=\"wp-image-94826\"><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h3 class=\"wp-block-heading\"><strong>New Rental Contracts<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>The new contracts witnessed a significant increase of <strong>21.3%<\/strong> in Q1 2024; it registered <strong>102,759<\/strong> transactions compared to <strong>84,694<\/strong> contracts in Q1 2023, hitting a record of the best performance for a quarter ever.<\/li>\n\n\n\n<li>Its contribution to the total contracts decreased by around <strong>3%,<\/strong> reaching <strong>50.8%, <\/strong>while its contribution to the total contracts in Q1 2023 was <strong>54.1%<\/strong>.<\/li>\n<\/ul><p><strong>Top 10 Areas of New Rental Contracts Q1 2024<\/strong><\/p><ul class=\"wp-block-list\">\n<li>Jabal Ali Industrial First<\/li>\n\n\n\n<li>Muhaisanah Second<\/li>\n\n\n\n<li>Al Mararr<\/li>\n\n\n\n<li>Port Saeed<\/li>\n\n\n\n<li>Al Warsan First<\/li>\n\n\n\n<li>Business Bay<\/li>\n\n\n\n<li>Al Goze Third<\/li>\n\n\n\n<li>Al Muteena<\/li>\n\n\n\n<li>Al Khabeesi<\/li>\n\n\n\n<li>Al Barsha South Fourth<\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-13-at-9.51.22%E2%80%AFAM-1-800x235.png\" alt=\"\" class=\"wp-image-94827\"><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h3 class=\"wp-block-heading\"><strong>Renewed Rental Contracts<\/strong><\/h3><p>The renewed contracts supported the rental market by registering<strong> 99,450 <\/strong>transactions, representing a notable increase of <strong>38.1%<\/strong> compared to <strong>72,002<\/strong> contracts in Q1 2023, which recorded the highest performance for a quarter ever.<\/p><p><strong>Top 10 Areas of Renewed Contracts Q1 2024<\/strong><\/p><ul class=\"wp-block-list\">\n<li>Al Warsan First<\/li>\n\n\n\n<li>Jabal Ali First<\/li>\n\n\n\n<li>Al Karama<\/li>\n\n\n\n<li>Naif<\/li>\n\n\n\n<li>Nadd Hessa<\/li>\n\n\n\n<li>Al Nahda Second<\/li>\n\n\n\n<li>Al Suq Al Kabeer<\/li>\n\n\n\n<li>Al Goze Industrial Second<\/li>\n\n\n\n<li>Business Bay<\/li>\n\n\n\n<li>Al Murqabat<\/li>\n<\/ul><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-13-at-9.51.48%E2%80%AFAM-2-800x290.png\" alt=\"\" class=\"wp-image-94828\"><\/figure><div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div><h2 class=\"wp-block-heading\"><strong>High-in-Demand Areas for Sale and Rent<\/strong><\/h2><p>The following table includes the top options for owning or renting an apartment or villa in Dubai.<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Apartments for Sale<\/strong><\/td><td><strong>Villas for Sale<\/strong><\/td><td><strong>Apartments for Rent<\/strong><\/td><td><strong>Villas for Rent<\/strong><\/td><\/tr><tr><td>Business Bay<\/td><td>Al Furjan<\/td><td>Business Bay<\/td><td>Al Barsha<\/td><\/tr><tr><td>Downtown Dubai<\/td><td>Arabian Ranches<\/td><td>Deira<\/td><td>Damac Hills 2<\/td><\/tr><tr><td>Dubai Marina<\/td><td>Dubai Hills Estate<\/td><td>Downtown Dubai<\/td><td>Dubai Hills Estate<\/td><\/tr><tr><td>Jumeirah Village Circle<\/td><td>Mohammed Bin Rashid City<\/td><td>Dubai Marina<\/td><td>Dubai Land<\/td><\/tr><tr><td>Palm Jumeirah<\/td><td>Palm Jumeirah<\/td><td>Jumeirah Village Circle<\/td><td>Jumeirah<\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\"><strong>Property Sales Prices in Dubai<\/strong><\/h3><p>The table below shows the average asking prices for <strong>apartments <\/strong>in Dubai in Q1 2024:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>One Bedroom<\/em><\/td><td><em>Two Bedrooms<\/em><\/td><td><em>Three Bedrooms<\/em><\/td><\/tr><tr><td>Business Bay<\/td><td><strong>AED 1,700,000<\/strong><\/td><td><strong>AED 2,750,000<\/strong><\/td><td><strong>AED 4,000,000<\/strong><\/td><\/tr><tr><td>Downtown Dubai<\/td><td><strong>AED 2,093,000<\/strong><\/td><td><strong>AED 4,600,000<\/strong><\/td><td><strong>AED 7,700,000<\/strong><\/td><\/tr><tr><td>Dubai Marina<\/td><td><strong>AED 1,620,000<\/strong><\/td><td><strong>AED 2,700,000<\/strong><\/td><td><strong>AED 4,100,000<\/strong><\/td><\/tr><tr><td>Jumeirah Village Circle<\/td><td><strong>AED 967,000<\/strong><\/td><td><strong>AED 1,491,000<\/strong><\/td><td><strong>AED 2,224,000<\/strong><\/td><\/tr><tr><td>Palm Jumeirah<\/td><td><strong>AED 3,200,000<\/strong><\/td><td><strong>AED 5,000,000<\/strong><\/td><td><strong>AED 9,700,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average asking prices for<strong> villas <\/strong>in Dubai in Q1 2024:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>Three Bedrooms<\/em><\/td><td><em>Four Bedrooms<\/em><\/td><td><em>Five Bedrooms<\/em><\/td><\/tr><tr><td>Al Furjan<\/td><td><strong>AED3,200,000<\/strong><\/td><td><strong>AED 4,500,000<\/strong><\/td><td><strong>AED 6,900,000<\/strong><\/td><\/tr><tr><td>Arabian Ranches<\/td><td><strong>AED 4,200,000<\/strong><\/td><td><strong>AED 6,750,000<\/strong><\/td><td><strong>AED 11,000,000<\/strong><\/td><\/tr><tr><td>Dubai Hills Estate<\/td><td><strong>AED 6,599,000<\/strong><\/td><td><strong>AED 7,600,000<\/strong><\/td><td><strong>AED 13,000,000<\/strong><\/td><\/tr><tr><td>Mohammed Bin Rashid City<\/td><td><strong>AED 3,500,000<\/strong><\/td><td><strong>AED 8,900,000<\/strong><\/td><td><strong>AED 17,500,000<\/strong><\/td><\/tr><tr><td>Palm Jumeirah<\/td><td><strong>AED 14,400,000<\/strong><\/td><td><strong>AED 28,650,000<\/strong><\/td><td><strong>AED 45,000,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><h3 class=\"wp-block-heading\"><strong>Property Rental Prices in Dubai<\/strong><\/h3><p>The table below shows the average rental prices for apartments in Dubai in Q1 2024:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>One Bedroom<\/em><\/td><td><em>Two Bedrooms<\/em><\/td><td><em>Three Bedrooms<\/em><\/td><\/tr><tr><td>Business Bay<\/td><td><strong>AED 105,000<\/strong><\/td><td><strong>AED 150,000<\/strong><\/td><td><strong>AED 230,000<\/strong><\/td><\/tr><tr><td>Deira<\/td><td><strong>AED 55,000<\/strong><\/td><td><strong>AED 78,000<\/strong><\/td><td><strong>AED 100,000<\/strong><\/td><\/tr><tr><td>Downtown Dubai<\/td><td><strong>AED 135,000<\/strong><\/td><td><strong>AED 205,000<\/strong><\/td><td><strong>AED 353,000<\/strong><\/td><\/tr><tr><td>Dubai Marina<\/td><td><strong>AED 110,000<\/strong><\/td><td><strong>AED 174,000<\/strong><\/td><td><strong>AED 260,000<\/strong><\/td><\/tr><tr><td>Jumeirah Village Circle<\/td><td><strong>AED 75,000<\/strong><\/td><td><strong>AED 110,000<\/strong><\/td><td><strong>AED 143,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><p>The table below shows the average rental prices for<strong> villas <\/strong>in Dubai in Q1 2024:<\/p><figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Area<\/strong><\/td><td><em>Three Bedrooms<\/em><\/td><td><em>Four Bedrooms<\/em><\/td><td><em>Five Bedrooms<\/em><\/td><\/tr><tr><td>Al Barsha<\/td><td><strong>AED 250,000<\/strong><\/td><td><strong>AED 323,000<\/strong><\/td><td><strong>AED 450,000<\/strong><\/td><\/tr><tr><td>Damac Hills 2<\/td><td><strong>AED 100,000<\/strong><\/td><td><strong>AED 112,500<\/strong><\/td><td><strong>AED 140,000<\/strong><\/td><\/tr><tr><td>Dubai Hills Estate<\/td><td><strong>AED 328,000<\/strong><\/td><td><strong>AED 433,000<\/strong><\/td><td><strong>AED 816,000<\/strong><\/td><\/tr><tr><td>Dubai Land<\/td><td><strong>AED 155,000<\/strong><\/td><td><strong>AED 210,000<\/strong><\/td><td><strong>AED 350,000<\/strong><\/td><\/tr><tr><td>Jumeirah<\/td><td><strong>AED 308,000<\/strong><\/td><td><strong>AED 481,000<\/strong><\/td><td><strong>AED 629,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\" id=\"3\"><strong>Mo&rsquo;asher&nbsp;<\/strong><\/h2><h3 class=\"wp-block-heading\"><strong>Sales Price Index<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>In Q1 2024, the overall quarterly Index for sales recorded <strong>1.666<\/strong>, and the Index for price was <strong>AED 1,505,052<\/strong>.&nbsp;<\/li>\n\n\n\n<li>The quarterly sales Index recorded\n<ul class=\"wp-block-list\">\n<li>1.800 for apartments&nbsp;<\/li>\n\n\n\n<li>1.643 for villas\/townhouses<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>The quarterly Index price, it reached\n<ul class=\"wp-block-list\">\n<li><strong>AED 1,472,327<\/strong> for apartments&nbsp;<\/li>\n\n\n\n<li><strong>AED 2,813,780<\/strong> for villas\/townhouses<\/li>\n<\/ul>\n<\/li>\n<\/ul><h3 class=\"wp-block-heading\"><strong>Rent Price Index<\/strong><\/h3><ul class=\"wp-block-list\">\n<li>In Q1 2024, the overall quarterly Index for sales reached 1.126, and the Index for price reached <strong>AED 59,535<\/strong>.&nbsp;<\/li>\n\n\n\n<li>The quarterly rental Index recorded\n<ul class=\"wp-block-list\">\n<li><strong>1.156<\/strong> for apartments&nbsp;<\/li>\n\n\n\n<li><strong>1.013<\/strong> for villas\/townhouses<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>The quarterly Index price reached\n<ul class=\"wp-block-list\">\n<li><strong>AED 55,111<\/strong> for apartments&nbsp;<\/li>\n\n\n\n<li><strong>AED 154,332<\/strong> for villas\/townhouses<\/li>\n<\/ul>\n<\/li>\n<\/ul><p>For more insights and data, click the link below to get the full report<\/p><div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-1 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/www.propertyfinder.ae\/blog\/wp-content\/uploads\/2024\/05\/MW-UAE-Q1-2024-Final.pdf\" style=\"background-color:#ea3934\" target=\"_blank\">Download Market Watch Report<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>With the end of Q1 2024, it&rsquo;s time to have a look at how the real estate market performed through the Market Watch report.&nbsp; Its full version is just out; it includes the top highlights and insights of the Abu Dhabi and Dubai markets to help you have a quick yet data-based vision over the&#8230;<\/p>\n","protected":false},"author":30203,"featured_media":94858,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-94763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.0 (Yoast SEO v22.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Watch: Stay Updated on the Real Estate Trends in Q1 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