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Cailianshe News, August 5 (Editor Li Lin/Intern Editor Chen Yujia)Dubai's residential real estate sales market saw strong growth in the first half of 2024, with transaction volume surging 33.5% year-on-year to 77,233 transactions. At the same time, total sales value also rose sharply by 31% to AED 227 billion (US$ 61.8 billion).

In the first half of the year, construction started on several key infrastructure projects in Dubai, including an $8 billion drainage system, the $35 billion Al Maktoum International Airport expansion, and the $5 billion Dubai Metro Blue Line, providing strong support for the city's continued growth. With Dubai's population growing by more than 100,000 people per year and its economy expected to expand by 4% through 2024, its real estate market fundamentals continue to improve.

Data from Engel & Volkers Middle East shows that apartments have become the main driving force for the growth of Dubai's housing market, contributing 91% of the transaction volume growth, accounting for more than 80% of the total transaction volume, and an increase of 41% year-on-year.

In addition, although the villa market is relatively small, it also achieved significant growth in the first half of the year, with transaction volume increasing by 52% year-on-year and total sales soaring by 66%, reflecting strong demand from family buyers for spacious homes and high-end properties.

It is worth mentioning that Dubai's luxury real estate market also performed strongly, with transaction volume increasing by 47% year-on-year. As the UAE is expected to be one of the biggest beneficiaries of the influx of wealthy individuals in the world by 2024, demand for luxury villas and branded apartments continues to be strong.

The market's resilience was further demonstrated after local floods in April, with real estate transaction volumes not only recovering rapidly in May but also setting a new monthly transaction record, up 20% month-on-month.