Dubai’s real estate market has been thriving, with total sales reaching Dh141.9 billion in Q3 2024, a record high for a single quarter. This represented a significant increase of 30.1% year-on-year in value, surpassing the previous quarterly sales record of Dh124.07 billion in Q2 of the same year. The market update by fäm Properties revealed a 37.9% year-on-year increase in the number of overall sales transactions, totaling 50,423 in Q3, a 16.6% rise from Q2.
The majority of sales transactions in Q3 were for apartments, with 39,058 units sold for Dh70.5 billion, representing 77% of total transactions. This marked a 43.9% increase in volume compared to the same period last year. Additionally, 8,156 villas were sold for Dh39.2 billion, showing a 16.6% increase in volume year-on-year. The rising property values were evident in the median price of Dh1,511 per sq ft, compared to Dh1,017 in 2021, Dh1,179 in 2022, and Dh1,405 in 2023.
The sales of plots and commercial real estate also saw significant growth in Q3. A total of 2,102 plots were sold for Dh29.9 billion, representing a 45.9% increase in volume from the previous year. In the commercial real estate sector, 1,112 sales worth Dh2.3 billion were recorded, up 12.1% in volume from Q3 of the previous year. Firas Al Msaddi, CEO of fäm Properties, highlighted the resilience and consistent growth of the Dubai real estate market, which has enhanced investor confidence and attracted global interest.
Over the past five years, Dubai’s Q3 property sales have shown substantial growth, reaching a peak level of Dh141.9 billion in 2024 from Dh18.1 billion in 2020. The top five performing areas in Dubai during Q3 were Jumeirah Village Circle, Dubai South, Business Bay, Wadi Al Safa 5, and Dubai Hills Estate. The most expensive individual property sold in Q3 was a luxury apartment at the One at Palm Jumeirah, fetching Dh275 million.
The distribution of property sales by price range revealed that properties worth Dh1-2 million accounted for 31% of sales, followed by properties below Dh1 million at 29%. Additionally, 18% of sales were in the range of Dh2-3 million, 14% between Dh3-5 million, and 8% above Dh5 million. First sales from developers outweighed re-sales in the secondary market, with 68% in volume and 63% in value compared to 32% and 37%, respectively.
Overall, the Dubai real estate market has shown consistent growth and resilience, attracting both local and global investors. The record-breaking sales in Q3 2024 demonstrate Dubai’s status as a leading destination for real estate investment, with increasing interest and confidence from investors. The future outlook for the Dubai real estate market remains positive, with continued growth expected in the coming years.
