Dubai Creek Harbour H1 2024 Resale Report
(1st January - 30th June)
AED 2,155
Average price per sq. ft
Compared to H1 2023
814 transactions
AED 2.031B total resale value
Apartments in Dubai Creek Harbour H1 2024 Resale Report
Executive Summary
Two-bedroom units led resale activity in Dubai Creek Harbour during H1 2024 with 327 transactions at an average price of AED 2,558,446, followed by one-bedroom units with 305 transactions at an average price of AED 1,554,176. Three-bedroom apartments recorded 173 resale transactions in Dubai Creek Harbour for H1 2024 at an average price of AED 3,848,707, while four-bedroom units saw 9 transactions at an average price of AED 6,055,556. The off-plan primary market in Dubai Creek Harbour registered 773 transactions worth AED 1,986,676,331 in H1 2024, compared to 814 resale transactions in the same area and period.
Key Facts
- In H1 2024, the average resale price per square foot for apartments in Dubai Creek Harbour was AED 2,155, representing a 14.4% year-over-year increase.
- Dubai Creek Harbour recorded 814 resale apartment transactions in H1 2024, a decline of 41.7% compared to the same period in 2023.
- The total value of resale transactions in Dubai Creek Harbour for H1 2024 reached AED 2,030,961,919, down 30.6% year-over-year.
- Ready properties accounted for 69.2% of resale transactions in Dubai Creek Harbour during H1 2024, while off-plan units comprised 30.8%.
- Two-bedroom apartments led resale activity in Dubai Creek Harbour with 327 transactions in H1 2024, averaging AED 2,558,446 per unit.
- One-bedroom apartment resales in Dubai Creek Harbour totaled 305 transactions in H1 2024 with an average price of AED 1,554,176, representing a 47.0% decline in transaction count year-over-year.
- Three-bedroom apartments in Dubai Creek Harbour recorded 173 resale transactions in H1 2024 at an average price of AED 3,848,707, down 16.0% in transaction count compared to H1 2023.
Key Performance Indicators
Key Performance Indicators
Resale - H1 2024
Rental - H1 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
Price Trend
Price Trend - Dubai Creek Harbour Apartments
Average Price per Sq. Ft - Dubai Creek Harbour Apartments
| Period | Average Price per Sq. Ft (AED) |
|---|---|
| H1 2023 | 1,883 |
| H2 2023 | 1,992 |
| H1 2024 | 2,154 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did Dubai Creek Harbour Apartments transactions split between off-plan and ready in H1 2024?
In H1 2024, ready apartments in Dubai Creek Harbour accounted for 69.2% of transactions and 72.4% of transaction value, while off-plan units represented 30.8% of deals and 27.6% of value. The higher value share for ready properties (72.4% versus 69.2% of transactions) indicates that completed apartments commanded larger average deal sizes than off-plan units during the period. This completion-status distribution shows that the majority of market activity in Dubai Creek Harbour apartments concentrated in the ready segment across both volume and monetary metrics in H1 2024.
Which Apartments bedroom configurations recorded the highest resale activity in Dubai Creek Harbour during H1 2024?
In Dubai Creek Harbour during H1 2024, two-bedroom apartments led transaction activity with 327 sales at an average price of AED 2,558,446, followed closely by one-bedroom units recording 305 transactions at AED 1,554,176. Three-bedroom configurations accounted for 173 transactions with an average price of AED 3,848,707, while four-bedroom apartments totaled 9 sales at AED 6,055,556. The price spread between one-bedroom and four-bedroom units spanned from AED 1,554,176 to AED 6,055,556, reflecting the community's range of apartment sizes and price points.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 1,554,176 | +13.5% | 305 | -47% |
| 2 B/R | AED 2,558,446 | +14.1% | 327 | -46% |
| 3 B/R | AED 3,848,707 | +9.8% | 173 | -16% |
| 4 B/R | AED 6,055,556 | +9.2% | 9 | -25% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - H1 2024
| Bedroom Type | Transactions |
|---|---|
| 1 B/R Bed | 305 |
| 2 B/R Bed | 327 |
| 3 B/R Bed | 173 |
| 4 B/R Bed | 9 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in Dubai Creek Harbour perform in H1 2024?
Dubai Creek Harbour Apartments recorded 773 off-plan transactions in H1 2024, generating AED 1,986,676,331 in total value. Both transaction count and total value declined compared to the same period in 2023. Off-plan activity represented a smaller share of the market than resale transactions, which totaled 814 deals worth AED 2,030,961,919 during the same six-month period in the community.
Rental Summary
Rental Contract Distribution - H1 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 90,079 | +14% | 520 | +17% |
| 2 B/R | AED 137,119 | +15.2% | 598 | -4% |
| 3 B/R | AED 200,122 | +14.9% | 196 | -14% |
| 4 B/R | AED 405,674 | +64.9% | 6 | +20% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- H1 2024
During H1 2024, Dubai's property market recorded 74,829 sale transactions and 189,761 rental transactions across all communities. Initial sales accounted for 63.0% of total sales transactions, while resales comprised the remaining 37.0%, indicating a market weighted toward off-plan and newly completed properties. In the rental segment, contract renewals represented 63.0% of all rental transactions during the period, with new rental contracts making up 37.0%, reflecting sustained tenant retention across Dubai's residential stock.
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 resale apartments in Dubai Creek Harbour during H1 2024?
How many resale apartment transactions occurred in Dubai Creek Harbour in H1 2024?
What was the total resale transaction value for apartments in Dubai Creek Harbour during H1 2024?
What was the average price for a two-bedroom resale apartment in Dubai Creek Harbour in H1 2024?
What percentage of resale apartment transactions in Dubai Creek Harbour were for ready properties in H1 2024?
What was the average price for a one-bedroom resale apartment in Dubai Creek Harbour during H1 2024?
How many three-bedroom resale apartments were sold in Dubai Creek Harbour in H1 2024?
Methodology
This report analyzes resale apartment transactions in Dubai Creek Harbour during the first half of 2024 (January 1 to June 30, 2024) using data sourced from Property Monitor's aggregation of Dubai Land Department registration records. Average price per square foot, transaction counts, and total transaction values were calculated from completed resale registrations within the reporting period, with year-over-year comparisons drawn against the corresponding H1 2023 period. Readers should note that registration dates may lag actual sale agreement dates by several weeks, meaning some transactions attributed to H1 2024 may reflect pricing conditions from late 2023, and conversely, agreements signed in June 2024 may appear in subsequent periods if registration occurred after June 30.
Glossary
- PSF
- Price per square foot, calculated by dividing the total transaction price by the property's built-up area in square feet. This metric standardizes price comparisons across properties of different sizes.
- Off-plan
- A property purchased directly from a developer before construction is complete, typically sold in phases with staged payment plans tied to construction milestones.
- Secondary market
- The resale market where properties change hands between private buyers and sellers after the initial developer sale, including both completed units and off-plan assignments.
- Ready property
- A completed, habitable property with an issued occupancy certificate that can be immediately occupied or leased, as opposed to under-construction units.
- Resale
- Any transaction where the seller is not the original developer, including both ready properties and off-plan units being reassigned before completion.
- Off-Plan Developer Sale
- A transaction classification where the developer sells an under-construction property directly to the first buyer, representing the primary market sale.
- Resale Off-Plan Origin
- A transaction classification where an off-plan property purchased from a developer is resold by the buyer before project completion, transferring the payment plan and unit allocation.
- AED/sqft
- The price denominated in United Arab Emirates dirhams per square foot of built-up area, the standard currency and measurement convention for Dubai property transactions.
- Built-up area
- The total internal floor area of an apartment unit measured in square feet, including all enclosed spaces but typically excluding balconies and terraces.
- Dubai Creek Harbour
- A mixed-use waterfront development located along Dubai Creek between Business Bay and Ras Al Khor, featuring residential towers, retail districts, and the Dubai Creek Tower site.
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