Downtown Dubai H1 2024 Resale Report
(1st January - 30th June)
AED 2,571
Average price per sq. ft
Compared to H1 2023
1323 transactions
AED 4.915B total resale value
Apartments in Downtown Dubai H1 2024 Resale Report
Executive Summary
The 2-bedroom segment led resale activity in Downtown Dubai for H1 2024 with 515 transactions at an average price of AED 3,571,940, though transaction count fell 17.0 percent year-over-year. The 1-bedroom segment recorded 503 transactions in H1 2024 at an average price of AED 1,949,866, down 8.0 percent by count compared to H1 2023. Studio apartments saw 60 resale transactions in Downtown Dubai during H1 2024 at an average price of AED 1,248,475, with transaction volume declining 12.0 percent year-over-year, while 3-bedroom units totaled 215 transactions at an average price of AED 5,853,812, registering a 1.0 percent increase in transaction count. The 4-bedroom segment recorded 24 transactions in H1 2024 at an average price of AED 23,806,763, a decrease of 27.0 percent in transaction count year-over-year.
Key Facts
- In H1 2024, Downtown Dubai apartments recorded an average resale price per square foot of AED 2,571, representing a 10.4% increase year-over-year.
- The resale market saw 1,323 apartment transactions in H1 2024, an 11.0% decline compared to the same period in 2023.
- Total resale transaction value in Downtown Dubai apartments reached AED 4,914,782,137 during H1 2024, up 3.1% year-over-year.
- Ready properties accounted for 83.9% of resale transactions in H1 2024, while off-plan units represented 16.1% of the market.
- Two-bedroom apartments led resale activity with 515 transactions at an average price of AED 3,571,940, though transaction volume fell 17.0% year-over-year.
- One-bedroom units recorded 503 resale transactions in H1 2024 with an average price of AED 1,949,866, down 8.0% in transaction count year-over-year.
- Three-bedroom apartments saw 215 resale transactions at an average price of AED 5,853,812 in H1 2024, with transaction volume rising 1.0% year-over-year.
Key Performance Indicators
Key Performance Indicators
Resale - H1 2024
Rental - H1 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
Price Trend
Price Trend - Downtown Dubai Apartments
Average Price per Sq. Ft - Downtown Dubai Apartments
| Period | Average Price per Sq. Ft (AED) |
|---|---|
| H1 2023 | 2,327 |
| H2 2023 | 2,435 |
| H1 2024 | 2,571 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did Downtown Dubai Apartments transactions split between off-plan and ready in H1 2024?
In H1 2024, ready apartments dominated transaction activity in Downtown Dubai, accounting for 83.9% of all deals compared to 16.1% for off-plan units. By transaction value, ready properties represented 73.9% of total spend (AED terms) while off-plan accounted for 26.1%, indicating that off-plan transactions carried a higher average deal size despite their smaller share of overall volume. This completion-status distribution reflects sustained buyer preference for immediate-occupancy inventory in this established central district during the first half of 2024.
Which Apartments bedroom configurations recorded the highest resale activity in Downtown Dubai during H1 2024?
In Downtown Dubai during H1 2024, two-bedroom apartments recorded the highest transaction volume with 515 sales at an average price of AED 3,571,940, narrowly ahead of one-bedroom units which captured 503 transactions at AED 1,949,866. Three-bedroom apartments commanded an average of AED 5,853,812 across 215 deals, while four-bedroom properties reached AED 23,806,763 over 24 transactions, establishing a price range from AED 1,248,475 for studio units to AED 23,806,763 at the upper end. Transaction counts declined year-on-year across most segments, with four-bedroom sales falling 27.0%, two-bedroom down 17.0%, and studio activity contracting 12.0%, though three-bedroom volumes edged up 1.0%.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 1,248,475 | -1.4% | 60 | -12% |
| 1 B/R | AED 1,949,866 | +12.1% | 503 | -8% |
| 2 B/R | AED 3,571,940 | +18.7% | 515 | -17% |
| 3 B/R | AED 5,853,812 | +16.4% | 215 | +1% |
| 4 B/R | AED 23,806,763 | +38.9% | 24 | -27% |
| 5 B/R | AED 27,840,000 | +18% | 4 | -43% |
| 6 B/R | AED 39,125,000 | -41.2% | 2 | +100% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - H1 2024
| Bedroom Type | Transactions |
|---|---|
| Studio Bed | 60 |
| 1 B/R Bed | 503 |
| 2 B/R Bed | 515 |
| 3 B/R Bed | 215 |
| 4 B/R Bed | 24 |
| 5 B/R Bed | 4 |
| 6 B/R Bed | 2 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in Downtown Dubai perform in H1 2024?
During H1 2024, off-plan apartment transactions in Downtown Dubai totaled 461 deals worth AED 1,864,711,107. Both metrics declined year-over-year, with transaction count falling and total value decreasing from the same period in 2023. Resale activity in Downtown Dubai apartments during H1 2024 substantially outpaced the off-plan segment, recording 1,323 transactions valued at AED 4,914,782,137—nearly three times the off-plan transaction volume and more than 2.6 times the off-plan sales value.
Rental Summary
Rental Contract Distribution - H1 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 88,918 | +31% | 181 | -11% |
| 1 B/R | AED 113,162 | +13.7% | 1220 | -25% |
| 2 B/R | AED 177,398 | +14.2% | 1156 | -5% |
| 3 B/R | AED 274,649 | +10.1% | 336 | +9% |
| 4 B/R | AED 686,782 | +16.6% | 16 | -24% |
| 5 B/R | AED 310,000 | N/A | 1 | N/A |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- H1 2024
During H1 2024, Dubai's real estate market recorded 74,829 sale transactions and 189,761 rental transactions, with rental activity substantially exceeding sales volume. Initial sales accounted for 63.0% of all property sales across Dubai, while resale transactions represented 37.0% of the market. In the rental segment, contract renewals dominated at 63.0% of all leasing activity, compared to 37.0% for new rental agreements, indicating a mature market with established tenant retention patterns.
Dubai Overall Market Context
Dubai Apartments Market Totals - H1 2024
| Category | Percentage |
|---|---|
| Initial Sale | 63.0% |
| Resale | 37.0% |
| Category | Percentage |
|---|---|
| New | 37.0% |
| Renewal | 63.0% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Frequently Asked Questions
What was the average price per square foot for apartments in Downtown Dubai in H1 2024?
How many resale apartment transactions occurred in Downtown Dubai in H1 2024?
What was the total transaction value for resale apartments in Downtown Dubai in H1 2024?
What was the average price for a 2-bedroom apartment in Downtown Dubai in H1 2024?
What percentage of Downtown Dubai apartment transactions were ready properties in H1 2024?
What was the average price for a 1-bedroom apartment in Downtown Dubai in H1 2024?
What was the average price for a 3-bedroom apartment in Downtown Dubai in H1 2024?
Methodology
This analysis of Downtown Dubai's apartment resale market during the first half of 2024 draws on transaction data from Property Monitor, which aggregates Dubai Land Department registrations for the period January 1 through June 30, 2024. Year-on-year comparisons reference the same six-month window in 2023, with percentage changes calculated on absolute values for average price per square foot, transaction volumes, and aggregate transaction values. The reported figures distinguish between resale transactions (secondary market transfers of completed units) and off-plan sales (purchases of units under construction or not yet delivered), with both segments included to provide market context. Readers should note that registration dates may lag actual sale agreement dates by several weeks, meaning transactions recorded in H1 2024 could reflect purchase decisions made in late 2023, which may affect period-to-period comparability when interpreting short-term price movements.
Glossary
- PSF
- Price per square foot. A standardized metric used to compare property values by dividing the total sale price by the built-up area in square feet.
- Off-plan
- Properties purchased directly from a developer before construction is complete, typically sold with a payment plan tied to construction milestones.
- Secondary market
- The resale market where properties are sold between private parties after the original developer sale, also called the resale market.
- Ready property
- A completed, habitable property available for immediate occupancy and registration, as opposed to an off-plan unit still under construction.
- Resale
- A transaction where an existing property owner sells to a buyer, rather than a developer making the original sale.
- AED/sqft
- UAE dirhams per square foot. The standard unit for expressing property prices in Dubai, calculated by dividing total price by built-up area.
- Built-up area
- The total floor area of an apartment including internal walls and columns, measured in square feet, used as the basis for price calculations.
- Resale Off-Plan Origin
- A property originally purchased off-plan from a developer that is being resold by the buyer before completion or handover.
- Studio apartment
- A single-room residential unit combining living and sleeping areas without a separate bedroom, typically including a bathroom and kitchenette.
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