The Dubai real estate market set a new benchmark in Q3 2024, achieving a record AED 141.9 billion ($38.6 billion) in total sales, marking the highest figure ever recorded for a single quarter.
This quarterly performance surpassed the previous record of AED 124.07 billion ($33.8 billion) in Q2, reflecting a 30.1% increase in value compared to the same period last year.
A report by fäm Properties detailed the top-selling neighbourhoods as well as the most active property price segments.
Dubai Real Estate Market Performance
According to fäm Properties, the total sales volume in Q3 reached 50,423 transactions, a 37.9% year-on-year increase in activity and a 16.6% rise compared to Q2.
The top five neighbourhoods in Q3 were:
– Jumeirah Village Circle: 4,467 transactions valued at AED 5.33 billion ($1.4 billion)
– Dubai South: 2,910 transactions worth AED 8.25 billion ($2.2 billion)
– Business Bay: 2,651 transactions totaling AED 7.22 billion ($2 billion)
– Wadi Al Safa 5: 2,382 transactions amounting to AED 5.3 billion ($1.4 billion)
-Dubai Hills Estate: 2,358 transactions valued at AED 7.38 billion ($2 billion)
Properties priced between AED 1-2 million ($272,000-$544,000) represented 31% of the total sales, while 29% were below AED 1 million ($272,000). Around 18% of transactions were for properties priced between AED 2-3 million ($544,000-$817,000), 14% in the AED 3-5 million ($817,000-$1.4 million) range, and 8% were for units above AED 5 million ($1.4 million).
Primary vs Secondary Market
First-time sales from developers dominated the market, making up 68% of total transactions by volume and 63% by value, significantly outpacing re-sales in the secondary market.
The apartment segment led the way with 39,058 units sold, contributing AED 70.5 billion ($19.2 billion), which accounted for 77% of Q3 transactions. This reflects a 43.9% increase in volume compared to the same period last year.
Meanwhile, 8,156 villas were sold for AED 39.2 billion ($10.7 billion), representing a 16.6% year-on-year increase in volume and an 18.4% rise from Q2.
Land and Commercial Property Performance
The land market also saw strong performance, with 2,102 plots sold for AED 29.9 billion ($8.1 billion), a 45.9% year-on-year jump in volume and a 42.3% increase from the previous quarter.
In the commercial property segment, 1,112 sales generated AED 2.3 billion ($626 million), marking a 12.1% rise in volume compared to Q3 2023.
Median Price Trends
The consistent rise in property values over recent years was reflected in the Q3 median price of AED 1,511 ($411) per square foot, compared to AED 1,017 ($277) in 2021, AED 1,179 ($321) in 2022, and AED 1,405 ($383) in Q3 2023.
Dubai Luxury Real Estate Market
The priciest transaction in Q3 was a luxury apartment at One at Palm Jumeirah, sold for AED 275 million ($75 million).
Dubai’s Real Estate Growth Over Five Years
Dubai’s Q3 property sales have steadily risen to reach this current peak:
– 2020: AED 18.1 billion ($4.9 billion from 8,600 transactions)
– 2021: AED 42.4 billion ($11.5 billion from 15,900 transactions)
– 2022: AED 69.5 billion ($18.9 billion from 25,500 transactions)
– 2023: AED 109.2 billion ($29.7 billion from 36,700 transactions)
– 2024: AED 141.9 billion ($38.6 billion from 50,423 transactions)
Firas Al Msaddi, CEO of fäm Properties, noted, “These figures reaffirm the durability of the Dubai real estate market and the steady growth witnessed in recent years, which continues to strengthen investor confidence. The ongoing positive momentum underscores Dubai’s position as a preferred hub for real estate investments, drawing increasing attention from international investors as well as local and regional buyers.”
