Dubai’s real estate market achieved record-breaking sales of AED 141.9 billion in the third quarter of 2024, surpassing the previous high of AED 124.07 billion set in Q2.
This represents a 30.1 per cent year-on-year increase in value, according to a market update from fäm Properties.
The report reveals 50,423 sales transactions occurred in Q3, marking a 37.9 per cent rise compared to the same period last year and a 16.6 per cent increase from Q2.
Dubai property market soars
Apartments dominated the market with 39,058 sales worth AED 70.5 billion, accounting for 77 per cent of total Q3 transactions. This segment saw a 43.9 per cent volume increase year-on-year.
Villa sales reached 8,156 units, valued at AED 39.2 billion, showing a 16.6 per cent volume increase from Q3 2023 and an 18.4 per cent rise from the previous quarter.
Property values have continued to climb, with the median price per square foot reaching AED 1,511 in Q3 2024, up from AED 1,405 in Q3 2023.
Land sales saw significant growth, with 2,102 plots sold for AED 29.9 billion, a 45.9 per cent increase in volume from Q3 2023. The commercial real estate sector recorded 1,112 sales worth AED 2.3 billion, up 12.1 per cent in volume year-on-year.
“The figures once more emphasize the resilience of the Dubai real estate market and the consistent growth we’ve seen in recent years, which continues to enhance investor confidence. This ongoing upward trend reinforces Dubai’s status as a leading destination for real estate investment, attracting growing interest from global investors, as well as buyers from the local and regional markets,” Firas Al Msaddi, CEO of fäm Properties said.
Diverse sales in Dubai
The report highlights the market’s growth over the past five years, from AED 18.1 billion (8,600 transactions) in Q3 2020 to the current peak.
Jumeirah Village Circle led the top-performing areas with 4,467 transactions worth AED 5.33 billion, followed by Dubai South, Business Bay, Wadi Al Safa 5, and Dubai Hills Estate.
The quarter’s most expensive property sale was a luxury apartment in One at Palm Jumeirah, fetching AED 275 million.
The market saw a diverse range of property values, with 31 per cent of sales in the AED 1-2 million range, 29 per cent below AED 1 million, 18 per cent between AED 2-3 million, 14 per cent between AED 3-5 million, and 8 per cent above AED 5 million.
First sales from developers dominated the market, accounting for 68 per cent of transactions by volume and 63 per cent by value, compared to re-sales in the secondary market.
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