Dubai’s real estate market has reached new heights, setting an all-time quarterly sales record of AED141.9 billion ($38.6 billion) in Q3 2024. This milestone surpasses the previous record of AED124.07 billion in Q2, marking a 30.1% year-on-year increase in sales value.
According to a market update from fäm Properties, there were 50,423 overall sales transactions in Q3, representing a 37.9% increase in volume compared to last year and a 16.6% rise from Q2.
Key Highlights:
- Apartment Sales: 39,058 apartment transactions generated AED70.5 billion, making up 77% of the total sales. This reflects a 43.9% increase in volume over Q3 2023.
- Villa Sales: 8,156 villas were sold for AED39.2 billion, showing a 16.6% rise in volume year-on-year.
- Plot Sales: 2,102 plots were sold for AED29.9 billion, a notable 45.9% increase in volume compared to last year.
- Commercial Sales: 1,112 commercial properties were sold for AED2.3 billion, marking a 12.1% increase from Q3 2023.
Property values have seen a steady rise over recent years, with the median price per square foot reaching AED1,511, up from AED1,017 in 2021.
Firas Al Msaddi, CEO of fäm Properties, highlighted the resilience of Dubai’s real estate market, stating, “These figures reinforce Dubai’s status as a global destination for real estate investment, continually attracting interest from both international and regional buyers.”
Top-performing Areas: The top five areas in Dubai for Q3 sales were:
- Jumeirah Village Circle (4,467 transactions – AED5.33 billion)
- Dubai South (2,910 transactions – AED8.25 billion)
- Business Bay (2,651 transactions – AED7.22 billion)
- Wadi Al Safa 5 (2,382 transactions – AED5.3 billion)
- Dubai Hills Estate (2,358 transactions – AED7.38 billion)
The most expensive property sold was a luxury apartment at One Palm Jumeirah, which fetched AED275 million.
Demand for Properties in AED1-2 Million Range: Properties priced between AED1-2 million accounted for 31% of the sales, while 29% were below AED1 million. The remaining were spread across higher price ranges, with 8% exceeding AED5 million.
First Sales Dominate Market: New sales from developers continued to outpace re-sales in the secondary market, making up 68% of transactions in volume and 63% in value.
Dubai’s real estate market continues to show impressive growth, establishing the city as a top investment hub with record-breaking sales in 2024.
