Dubai Marina H1 2024 Resale Report
AED 1,807
Average price per sq. ft
Compared to H1 2023
1458 transactions
AED 3.354 Bn total resale value
Apartments in Dubai Marina H1 2024 Resale Report
Executive Summary
One-bedroom apartments led resale activity in Dubai Marina during H1 2024 with 612 transactions at an average price of AED 1,538,330, representing an 11.0 percent decline in transaction count year-over-year. Two-bedroom units recorded 490 transactions at an average price of AED 2,382,809 in H1 2024, also down 11.0 percent in volume compared to the prior year. The off-plan primary market in Dubai Marina generated 439 transactions worth AED 1,550,729,162 during H1 2024, while the resale segment captured the majority of transaction activity in the community.
Key Facts
- In H1 2024, Dubai Marina apartments recorded an average resale price per square foot of AED 1,807, representing a 12.2% year-over-year increase.
- Dubai Marina registered 1,458 resale apartment transactions in H1 2024, a decline of 11.5% compared to the same period in 2023.
- The total value of Dubai Marina apartment resales reached AED 3,423,210,163 in H1 2024, up 2.0% year-over-year.
- Ready properties accounted for 96.8% of resale transactions in Dubai Marina during H1 2024, while off-plan units represented 3.2%.
- One-bedroom apartments led resale activity in Dubai Marina with 612 transactions in H1 2024, at an average price of AED 1,538,330.
- Two-bedroom apartments in Dubai Marina recorded 490 resale transactions in H1 2024, with an average price of AED 2,382,809.
- Studio apartments in Dubai Marina saw 90 resale transactions in H1 2024, averaging AED 1,029,365 per unit.
Key Performance Indicators
Key Performance Indicators
Resale - H1 2024
Rental - H1 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
Price Trend
Price Trend - Dubai Marina Apartments
Average Price per Sq. Ft - Dubai Marina Apartments
| Period | Average Price per Sq. Ft (AED) |
|---|---|
| H1 2023 | 1,610 |
| H2 2023 | 1,630 |
| H1 2024 | 1,807 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did Dubai Marina Apartments transactions split between off-plan and ready in H1 2024?
In H1 2024, ready property transactions dominated the Dubai Marina apartment market, accounting for 96.8% of all deals and 96.1% of total transaction value, while off-plan sales represented just 3.2% of transactions and 3.9% of value. The slightly higher value share for off-plan properties (3.9% versus 3.2% of transactions) indicates that the average off-plan transaction was marginally larger than the average ready property deal during the period. This completion-status distribution reflects a market where existing, move-in-ready apartments comprised the vast majority of trading activity in Dubai Marina for the first half of 2024.
Which Apartments bedroom configurations recorded the highest resale activity in Dubai Marina during H1 2024?
In H1 2024, one-bedroom apartments dominated transactional activity in Dubai Marina with 612 sales, followed by two-bedroom units at 490 transactions and three-bedroom configurations at 218 deals. Average prices in Dubai Marina ranged from AED 1,029,365 for studio apartments to AED 14,433,333 for five-bedroom units, reflecting a broad spectrum of buyer segments across the development. Transaction counts declined year-on-year across most bedroom categories, with four-bedroom apartments recording the steepest drop at -18.0% and studios the most modest decline at -6.0%.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 1,029,365 | +18.5% | 90 | -6% |
| 1 B/R | AED 1,538,330 | +16.8% | 612 | -11% |
| 2 B/R | AED 2,382,809 | +8.4% | 490 | -11% |
| 3 B/R | AED 3,915,076 | +21.1% | 218 | -13% |
| 4 B/R | AED 6,701,106 | +19.4% | 42 | -18% |
| 5 B/R | AED 14,433,333 | +102.6% | 6 | 0% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - H1 2024
| Bedroom Type | Transactions |
|---|---|
| Studio Bed | 90 |
| 1 B/R Bed | 612 |
| 2 B/R Bed | 490 |
| 3 B/R Bed | 218 |
| 4 B/R Bed | 42 |
| 5 B/R Bed | 6 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in Dubai Marina perform in H1 2024?
Dubai Marina apartments recorded 439 off-plan transactions in H1 2024, up 19.6% year-over-year, with a combined value of AED 1,550,729,162, up 75.6% year-over-year. Off-plan activity represented approximately 23% of total transaction count in the community during the period, compared to 1,458 resale transactions. The off-plan segment accounted for roughly 31% of combined transaction value, against AED 3,423,210,163 in resale value for the same half-year.
Rental Summary
Rental Contract Distribution - H1 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 67,600 | +21% | 348 | -15% |
| 1 B/R | AED 91,075 | +13.6% | 2142 | -27% |
| 2 B/R | AED 136,570 | +13.2% | 1748 | -27% |
| 3 B/R | AED 200,926 | +13.8% | 560 | -29% |
| 4 B/R | AED 328,280 | +11.2% | 90 | -18% |
| 5 B/R | AED 492,500 | +26.6% | 6 | -33% |
| 6 B/R | AED 150,000 | N/A | 1 | N/A |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- H1 2024
During H1 2024, Dubai recorded 74,829 sale transactions and 189,761 rental transactions across all property types and locations. In the sales market, initial sales accounted for 63.0% of transactions while resales represented 37.0% of the total volume. The rental market showed an inverse pattern, with contract renewals comprising 63.0% of the 189,761 transactions and new rental contracts making up 37.0%. This citywide data provides the comparative context for understanding Dubai Marina Apartments market activity during the same period.
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 Marina during H1 2024?
How many resale apartment transactions occurred in Dubai Marina in H1 2024?
What was the total resale transaction value for Dubai Marina apartments in H1 2024?
What was the average price for a one-bedroom resale apartment in Dubai Marina during H1 2024?
What percentage of Dubai Marina apartment transactions were ready properties versus off-plan in H1 2024?
What was the average price for a two-bedroom resale apartment in Dubai Marina in H1 2024?
How many primary market off-plan apartment transactions occurred in Dubai Marina during H1 2024?
Methodology
This report analyzes Dubai Marina apartment transactions recorded in Property Monitor's database, which aggregates Dubai Land Department resale registrations for the six-month period from January 1 to June 30, 2024. Year-on-year comparisons reference the corresponding period in 2023, with percentage changes calculated on transaction counts, total values, and average price per square foot metrics. Readers should note that resale registration data reflects the formal transfer date rather than the contract signing date, meaning transactions may appear in the register weeks or months after the initial sale agreement, which can affect period-to-period comparability when market activity shifts rapidly near reporting boundaries.
Glossary
- PSF
- Price per square foot. A standardized metric used to compare property values by dividing the total sale price by the unit's area in square feet.
- Off-plan
- Properties sold by developers before construction is complete, typically purchased directly from the developer with staged payment plans tied to construction milestones.
- Secondary market
- The resale market where existing properties change hands between private parties rather than being purchased directly from developers.
- Ready property
- A completed, habitable unit available for immediate occupancy or rental, as opposed to properties still under construction.
- Resale Off-Plan Origin
- A property originally purchased off-plan from a developer that is being resold before construction completion, creating a secondary transaction for an incomplete unit.
- Resale
- Any transaction where an owner sells a property to another buyer, encompassing both completed units and off-plan assignments in the secondary market.
- AED/sqft
- Property price denominated in United Arab Emirates Dirhams per square foot, the standard unit for expressing residential real estate values in Dubai.
- Transaction type
- Classification distinguishing whether a sale involves an Off-Plan property still under construction or an Existing completed property ready for occupancy.
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