Dubai Property Market Achieves Record-Breaking Dh141.9 Billion in Quarterly Sales

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Dubai’s real estate market achieved a record-breaking Dh141.9 billion in total sales for Q3 2024, marking the highest quarterly sales figure ever, as reported by fäm Properties.

This new milestone surpassed the previous record of Dh124.07 billion set in Q2 2024, reflecting a 30.1% year-on-year increase in total value.

In a market report released on Thursday, fäm Properties detailed that there were 50,423 sales transactions in Q3, marking a 37.9% increase in volume compared to the same period last year, and a 16.6% rise compared to Q2.

Of these, apartment sales made up 77% of the total, with 39,058 units sold for Dh70.5 billion—up 43.9% in volume from Q3 2023. Additionally, 8,156 villas were sold for Dh39.2 billion, a 16.6% increase in volume year-on-year and an 18.4% rise over Q2.

The median price per square foot continued to climb, reaching Dh1,511 in Q3, up from Dh1,017 in 2021, Dh1,179 in 2022, and Dh1,405 last year, highlighting the rising property values in Dubai.

Land sales also saw significant growth, with 2,102 plots sold for Dh29.9 billion—a 45.9% jump in volume compared to Q3 2023, and a 42.3% increase over Q2. In commercial real estate, 1,112 sales worth Dh2.3 billion marked a 12.1% year-on-year increase in volume.

“These figures reaffirm the strength of Dubai’s real estate market and its consistent growth trajectory, boosting investor confidence,” said Firas Al Msaddi, CEO of fäm Properties. “This upward trend strengthens Dubai’s position as a premier destination for real estate investment, drawing growing interest from international, regional, and local investors.”

Over the last five years, Dubai’s Q3 property sales have surged, from Dh18.1 billion (8,600 transactions) in 2020 to Dh42.4 billion (15,900) in 2021, Dh69.5 billion (25,500) in 2022, and Dh109.2 billion (36,700) in 2023.

The top-performing areas in Q3 2024 were Jumeirah Village Circle (4,467 transactions worth Dh5.33 billion), Dubai South (2,910 transactions – Dh8.25 billion), Business Bay (2,651 transactions – Dh7.22 billion), Wadi Al Safa 5 (2,382 transactions – Dh5.3 billion), and Dubai Hills Estate (2,358 transactions – Dh7.38 billion).

The priciest sale of the quarter was a luxury apartment at One at Palm Jumeirah, which fetched Dh275 million.

Properties priced between Dh1-2 million accounted for 31% of sales, followed by 29% of transactions below Dh1 million. Meanwhile, 18% of sales were in the Dh2-3 million range, 14% between Dh3-5 million, and 8% above Dh5 million.

Notably, developer sales far outpaced re-sales in Q3, representing 68% of total transactions by volume and 63% by value, compared to the secondary market’s 32% volume and 37% value.

Source : khaleejtimes.com

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