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Dubai's real estate market reached an unprecedented milestone in Q3 2024, with total sales hitting AED 141.9 billion-surpassing the previous record of AED 124.07 billion from Q2. The quarter saw 50,423 transactions, a 37.9% increase year-on-year. Apartment sales accounted for 77% of the total, while villa and plot sales also surged. With a median price of AED 1,511 per square foot, Dubai's market demonstrates strong growth and resilience, attracting both local and international investors.
Dubai's real estate market achieved a remarkable milestone in Q3 2024, recording total sales of AED 141.9 billion-setting a new all-time high for a single quarter. This figure surpasses the previous quarterly record of AED 124.07 billion from Q2 2024 and marks a 30.1% year-on-year increase in value. Advertisement
According to a market update from fam Properties, there were 50,423 total sales transactions in Q3, reflecting a 37.9% year-on-year rise in volume and a 16.6% increase compared to Q2. Apartment sales accounted for 39,058 transactions worth AED 70.5 billion, comprising 77% of total Q3 transactions, and showing a 43.9% increase in volume compared to the same period last year.
In addition, 8,156 villas were sold for AED 39.2 billion, representing a 16.6% rise in volume from Q3 2023 and an 18.4% increase over the previous quarter. The median price per square foot reached AED 1,511, highlighting a trend of rising property values, compared to AED 1,017 in Q3 2021, AED 1,179 in 2022, and AED 1,405 last year. Sales included 2,102 plots for AED 29.9 billion, a 45.9% increase in volume compared to Q3 2023 and a 42.3% rise from Q2. In the commercial sector, 1,112 transactions worth AED 2.3 billion marked a 12.1% year-on-year volume increase.
Firas Al Msaddi, CEO of faam Properties, stated, "These figures highlight the resilience of the Dubai real estate market and the consistent growth we've witnessed, which continues to boost investor confidence." He emphasized that this upward trend solidifies Dubai's position as a premier destination for real estate investment, attracting increasing interest from both global and regional buyers.
Over the past five years, Dubai's Q3 property sales have surged from AED 18.1 billion (8,600 transactions) in 2020 to AED 42.4 billion (15,900 transactions) in 2021, AED 69.5 billion (25,500) in 2022, and AED 109.2 billion (36,700) last year. The top five performing areas in Q3 included Jumeirah Village Circle (4,467 transactions - AED 5.33 billion), Dubai South (2,910 transactions - AED 8.25 billion), Business Bay (2,651 transactions - AED 7.22 billion), Wadi Al Safa 5 (2,382 transactions - AED 5.3 billion), and Dubai Hills Estate (2,358 transactions - AED 7.38 billion).
The most expensive property sold in Q3 was a luxury apartment at One Palm Jumeirah, which fetched AED 275 million. Properties priced between AED 1-2 million represented 31% of sales, followed by 29% under AED 1 million, 18% between AED 2-3 million, 14% between AED 3-5 million, and 8% above AED 5 million. Overall, new sales from developers significantly outpaced re-sales in the secondary market, accounting for 68% of the volume and 63% of the value, compared to 32% and 37% for re-sales.
The impressive sales figures in Dubai's Q3 2024 real estate market underscore its robust recovery and ongoing appeal as a prime investment destination. The shift towards new developments indicates a dynamic landscape, with increased demand across various property types. As investor confidence grows, the trend of rising property values positions Dubai for continued success, reinforcing its status as a key player in the global real estate arena.
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