Dubai Real Estate Market Sees Historic Growth with Record Quarterly Sales of $38.6 Billion
The Dubai real estate market has achieved a record quarterly sales of $38.6 billion, with a 30.1% increase in value compared to the same period last year.
Dubai Real Estate MarketRecord Quarterly SalesProperty SalesApartmentsVillasLand PlotsCommercial SalesReal Estate NewsOct 04, 2024
Apartment and villa sales led the market, with apartments accounting for 77% of all Q3 activity in terms of 39,058 worth AED 70.5 billion in transactions. This type had a 43.9% increase from last year’s Q3. The sales of villas amounted to 8,156 transactions valued at AED 39.2 billion, up 16.6% in volume from Q3 2023 and 18.4% more than in Q2 2024.
Some of the key indicators for Dubai are recent-year appreciation in Dubai property values as shown in the Q3 median price at AED1,511, AED 1,017 in 2021, AED 1,179 in 2022, and AED 1,405 in 2023. Significant Increase in Plot and Commercial Sales Land plot sales in Q3 had recorded 2,102 transactions worth AED 29.9 billion, which indicates a 45.9% volume growth compared to Q3 2023 and also increased by 42.3% compared with Q2 2024. From the commercial side, it had 1,112 transactions worth AED2.3 billion with a 12.1% year on year volume growth.
Resilience and Investment Appeal The figures once more emphasize the resilience of the Dubai real estate market and the consistent growth we have witnessed in previous years, which further enhances investor confidence,” Firas Al Msaddi, CEO of fäm Properties, said. “The exceptional performance reinforces Dubai’s stature as a preferred destination for both global and regional investors for real estate investments.”
Dubai’s Q3 property sales have increased gradually for the past five years-from AED 18.1 billion transacted in 8,600 deals in 2020 up to this top level-great resilience and progress of the market.
Top Areas and High-Value Transactions The top five areas by performance in Q3 were Jumeirah Village Circle, with 4,467 transactions that totaled to AED5.33 billion; Dubai South, which had 2,910 transactions valued at AED8.25 billion; Business Bay, with 2,651 transactions worth AED7.22 billion; Wadi Al Safa 5, which had 2,382 transactions valued at AED5.3 billion; and Dubai Hills Estate, with 2,358 transactions amounting to AED7.38 billion. The highest value transaction in Q3 was a luxury One of Palm Jumeirah apartment, sold at AED 275 million. Sales by Price Band
Of the selling price bands, properties priced between AED1 and AED 2 million accounted for 31% of all sales. Those with selling prices below AED 1 million accounted for 29% of sales. Selling prices within the AED2-3 million bracket accounted for 18%, while selling prices between AED3 and AED 5 million accounted for 14%. Those in excess of AED 5 million sales accounted for 8%.
Sales by Developers Better Than Secondary Market The new sales by developers comprise a majority both in volume and also in half of the value sold, which surpasses resale transactions. First sales account for 68 percent in total volume and 63 percent in the total value, while resale transactions take 32 percent of the volume and 37 percent of the value.
Frequently Asked Questions
What is the record quarterly sales achieved by the Dubai real estate market?
$38.6 billion
What is the percentage increase in value compared to the same period last year?
30.1%
What type of properties led the market in terms of sales?
Apartments and villas
What is the median price of properties in Dubai in Q3?
AED1,511
What is the highest value transaction recorded in Q3?
AED 275 million
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