Primary sales by developers significantly surpassed re-sales in the secondary market.
Dubai’s real estate market achieved total sales of $38 billion in Q3 2024, setting a new record for the highest sales value ever recorded in a single quarter. This surpassed the previous record of $33.47 billion set in Q2 2024, representing a 30.1% increase compared to the same period last year.
In a market report released by fäm Properties, the firm noted that Q3 recorded 50,423 sales transactions overall, reflecting a 37.9% rise in transaction volume year-on-year and a 16.6% increase from the previous quarter. Out of these, 39,058 were apartment sales totaling $19.03 billion, accounting for 77% of Q3’s total transactions, and marking a 43.9% increase in volume compared to the same period last year. Meanwhile, 8,156 villas were sold for a total of $10.59 billion, showing a 16.6% growth in volume compared to Q3 2023 and an 18.4% rise from Q2 2024.
The growth in property values in recent years is evident from the median price, which reached $408.02 per square foot, compared to $274.57 in Q3 2021, $318.23 in Q3 2022, and $378.35 during the same quarter last year. Land plot sales reached 2,102 in number, generating $8.05 billion, representing a 45.9% increase in volume from Q3 2023 and a 42.3% rise compared to Q2 2024. For commercial real estate, 1,112 sales amounted to $6.21 million, reflecting a 12.1% rise in transaction volume compared to Q3 2023.
“These statistics continue to highlight the strength and resilience of Dubai’s real estate market, demonstrating consistent growth that bolsters investor confidence,” stated Firas Al Msaddi, CEO of fäm Properties. “The ongoing upward momentum reaffirms Dubai’s position as a prime destination for real estate investment, attracting increased interest from international investors as well as local and regional buyers.”
Over the last five years, Q3 property sales in Dubai have steadily increased from $4.90 billion (8,600 transactions) in 2020, to $11.48 billion (15,900 transactions) in 2021, then to $18.72 billion (25,500 transactions) in 2022, and to $29.51 billion (36,700 transactions) in 2023, reaching the current peak this year.
The top five performing areas in Dubai for Q3 2024 were: Jumeirah Village Circle (4,467 transactions worth $1.44 billion), Dubai South (2,910 transactions worth $2.23 billion), Business Bay (2,651 transactions valued at $1.95 billion), Wadi Al Safa 5 (2,382 transactions worth $1.43 billion), and Dubai Hills Estate (2,358 transactions totaling $1.99 billion). The highest-value property transaction in Q3 was a luxury apartment at One at Palm Jumeirah, which sold for $74.1 million.
The report also indicated that properties priced between $272,000 and $544,000 made up 31% of sales, while 29% of sales were for properties valued below $272,000. Properties priced between $544,000 and $816,000 accounted for 18% of sales, 14% were priced between $816,000 and $1.36 million, and 8% were for properties exceeding $1.36 million.
Overall, first sales by developers dominated the market, accounting for 68% of the volume and 63% of the value, compared to re-sales in the secondary market, which stood at 32% in terms of volume and 37% in value.
