Dubai Property Price Growth Slows as Transaction Volumes Hit AED 230 Billion

Dubai registered a slight cooling in property price growth during the second quarter of 2024, yet transaction volumes remain at record levels as demand for secondary homes and off-plan units continues to rise. Market data indicates that while the rapid price surges observed in 2023 have moderated, buyer appetite for residential assets remains resilient across both luxury and mid-market segments. Shifting Price Dynamics In the three months ending June 30, average property prices grew by approximately 3.9%, a deceleration compared to the 6.2% growth recorded in the previous quarter. Analysts at various real estate consultancies note that this stabilization is a natural correction following three years of double-digit appreciation. Despite the slower pace of growth, the total value of transactions in H1 2024 reached over AED 230 billion, surpassing the figures for the same period last year. Villa prices saw a more pronounced moderation in growth than apartments. Areas such as Palm Jumeirah and Emirates Hills, which saw peak valuations in late 2023, are now seeing buyers negotiate more aggressively, leading to a narrowing of the gap between asking and closing prices. However,…