Today's Edition
LAMEES OBEIDAT (ABU DHABI)
Dubai’s property market witnessed a significant upswing in March, with sales volumes shattering records, and a continuous stream of new project launches. According to the Property Monitor Dynamic Price Index monthly report, property sales transactions set a new all-time high in March. A total of 13,664 transactions were recorded, reflecting a remarkable 14.7% increase from the previous month. Residential properties, encompassing apartments, townhouses, and villas, remained the dominant force, accounting for a substantial 92% of all sales.
The off-plan market emerged as a particular area of strength. Oqood transactions, a key indicator of off-plan sales, surged by 21.7% compared to February. This not only signifies a return to activity levels not witnessed since 2009 but also pushes the off-plan market share to a commanding 56.9%. Title Deed sales also saw a healthy increase of 6.6%, underlining continued investor confidence.
The market momentum extends beyond sales figures. The report reveals close to 30 new projects and a staggering 10,000 units were introduced in March. This strong pace continues a trend that began in the first quarter of 2024, with a total of 34,000 units spread across 120 projects launched – translating to a new project launch roughly every 18 hours. This surge in project launches is likely to continue for the foreseeable future, with the Property Monitor team tracking well over 100 additional projects in the planning stages.
