Dubai’s real estate market reached a historic high in Q3 2024, with total sales amounting to AED141.9 billion ($38.6 billion), marking the highest sales volume recorded in a single quarter. This surpasses the previous quarterly record of AED124.07 billion ($33.8 billion) set in Q2 2024, reflecting a 30.1% increase in value compared to the same period last year.
A report by DLD highlighted the top-selling neighborhoods and identified the property price ranges that saw the most transactions during this period.
Record-Breaking Dubai Real Estate Sales in Q3 2024
Top Five Areas for Property Sales in Q3:
- Jumeirah Village Circle: AED5.33 billion ($1.4 billion) from 4,467 transactions
- Dubai South: AED8.25 billion ($2.2 billion) from 2,910 transactions
- Business Bay: AED7.22 billion ($2 billion) from 2,651 transactions
- Wadi Al Safa 5: AED5.3 billion ($1.4 billion) from 2,382 transactions
- Dubai Hills Estate: AED7.38 billion ($2 billion) from 2,358 transactions
Properties priced between AED1-2 million ($272,000-$544,000) represented 31% of all sales, while 29% were for properties under AED1 million ($272,000). Additionally, 18% of transactions fell within the AED2-3 million ($544,000-$817,000) range, 14% were in the AED3-5 million ($817,000-$1.4 million) range, and 8% exceeded AED5 million ($1.4 million).
First sales from developers dominated the market, accounting for 68% of total sales in terms of volume and 63% in value, compared to 32% and 37%, respectively, for secondary market resales.
Breakdown of Sales by Property Type:
- Apartments: 39,058 units sold for AED70.5 billion ($19.2 billion), accounting for 77% of total Q3 transactions. This represents a 43.9% year-on-year increase in volume.
- Villas: 8,156 villas were sold for AED39.2 billion ($10.7 billion), a 16.6% rise in volume compared to Q3 2023 and an 18.4% increase on Q2 2024.
The rising property values over recent years were evident, with the median price reaching AED1,511 ($411) per square foot, up from AED1,017 ($277) in Q3 2021, AED1,179 ($321) in 2022, and AED1,405 ($383) last year.
- Plots: Sales of 2,102 plots totaled AED29.9 billion ($8.1 billion), a 45.9% increase in volume year-on-year and a 42.3% rise compared to Q2 2024.
- Commercial Real Estate: There were 1,112 sales worth AED2.3 billion ($626 million), up 12.1% in volume compared to Q3 2023.
Dubai’s Q3 Sales Growth Over the Last Five Years:
- 2020: AED18.1 billion ($4.9 billion) from 8,600 transactions
- 2021: AED42.4 billion ($11.5 billion) from 15,900 transactions
- 2022: AED69.5 billion ($18.9 billion) from 25,500 transactions
- 2023: AED109.2 billion ($29.7 billion) from 36,700 transactions
- 2024: AED141.9 billion ($38.6 billion) from 50,423 transactions
The most expensive property sold in Q3 2024 was a luxury apartment at One at Palm Jumeirah, which fetched AED275 million ($75 million).
Source : arabianbusiness.com
