Off-Plan vs. Ready Property Sales: Property Finder Analyzes Record $38.7 Billion Sales Quarter
With the Dubai real estate market achieving its highest-ever transaction quarter, Property Finder has analyzed the data to determine whether off-plan or ready property sales are driving the market.
Dubai reached unprecedented levels, reporting a total of 50,439 transactions valued at AED 142 billion ($38.7 billion).
Q3 2024 surpassed the previous peak from Q2 2024 by 15 percent in transaction volume and 14.5 percent in value, primarily due to off-plan sales, which constituted 63 percent of total transactions compared to 55 percent in Q3 2023.
Dubai Real Estate: Off-Plan vs. Ready Properties
The report highlights the off-plan market’s significant performance within the emirate.
Off-plan sales in Dubai experienced robust demand, with a year-on-year volume increase of approximately 58.7 percent, reaching 31,800 transactions.
This marks the highest volume recorded for any quarter. In terms of value, there was a year-on-year increase of about 42.3 percent, totaling AED 67.45 billion ($18.4 billion), up from AED 47.39 billion ($12.9 billion) in Q3 2023.
The market has also surpassed its 2009 peak, with 31,800 transactions compared to 26,629 in 2009, reflecting a 19.4 percent rise.
The ready property market also showed growth in the previous quarter, with a year-on-year volume increase of around 13.3 percent. There were approximately 18,639 transactions, compared to 16,450 in the same quarter last year.
This segment accounted for 37 percent of total transactions in Q3 2024 and experienced a notable 7.9 percent volume increase from Q2 2024.
The value of these transactions rose by 20.8 percent year-on-year, reaching AED 74.53 billion ($20.3 billion), compared to AED 61.7 billion ($16.8 billion) in Q3 2023.
This segment contributed to 52 percent of the total sales transaction values, down from 57 percent in Q3 2023.
Cherif Sleiman, Chief Revenue Officer at Property Finder, remarked: “Q3 2024 marked significant achievements for Dubai’s real estate sector, demonstrating a strong increase in activity and a noticeable shift toward owner-occupancy.
“This transformative trend highlights the rising attraction of off-plan properties, which are becoming more appealing to buyers. We have noticed a rise in buy-to-live transactions, as indicated by the growth in mortgage processing through our Mortgage Finder advisory service.
“We also embraced The Dubai Real Estate Strategy 2033 this quarter, which aligns perfectly with our own vision, emphasizing the importance of strategic investments and collaboration across industries to strengthen resilience in the sector.”
