Dubai’s property market has experienced robust growth over the past five years, rising from AED 18.1 billion (8,600 transactions) in Q3 2020 to its current peak.
In the third quarter of 2024, the real estate sector reached record-breaking sales of AED 141.9 billion, surpassing the previous high of AED 124.07 billion recorded in Q2.
This indicates a 30.1% year-on-year increase in transaction value, as stated in a market report by fäm Properties.
The report also notes that 50,423 sales transactions took place in Q3, reflecting a 37.9% rise compared to the same period last year and a 16.6% jump from Q2.
Surge in the Property Market
Apartments led the market with 39,058 sales worth AED 70.5 billion, representing 77% of all Q3 transactions. This segment saw a 43.9% increase in sales volume year-on-year.
Villa sales reached 8,156 units, valued at AED 39.2 billion, marking a 16.6% increase in volume from Q3 2023 and an 18.4% rise from the previous quarter.
Property values have been on an upward trend, with the median price per square foot hitting AED 1,511 in Q3 2024, up from AED 1,405 in Q3 2023.
Land and Commercial Property Growth
Land sales showed strong performance, with 2,102 plots sold for AED 29.9 billion, indicating a 45.9% rise in volume compared to Q3 2023. The commercial property sector also recorded 1,112 sales valued at AED 2.3 billion, reflecting a 12.1% year-on-year increase in volume.
“These figures highlight the resilience of Dubai’s real estate market and the consistent growth seen over recent years, boosting investor confidence. The upward trend further solidifies Dubai’s position as a prime destination for real estate investment, drawing attention from global and regional investors,” commented Firas Al Msaddi, CEO of fäm Properties.
Diverse Market Performance
The report underscores the market’s significant growth over the last five years, moving from AED 18.1 billion (8,600 transactions) in Q3 2020 to its current peak.
Jumeirah Village Circle led the top-performing areas with 4,467 sales transactions worth AED 5.33 billion, followed by Dubai South, Business Bay, Wadi Al Safa 5, and Dubai Hills Estate.
The quarter’s highest-value property sale was a luxury apartment in One at Palm Jumeirah, sold for AED 275 million.
The market showcased a broad spectrum of property values, with 31% of sales in the AED 1-2 million range, 29% below AED 1 million, 18% between AED 2-3 million, 14% in the AED 3-5 million bracket, and 8% above AED 5 million.
New sales from developers led the market, accounting for 68% of total transactions by volume and 63% by value, outpacing re-sales in the secondary market.
