Dubai Real Estate Market Sets AED 141.9 Billion Quarterly Sales Record in Q3 2024
Dubai’s real estate market achieved a significant milestone in Q3 2024, with total sales reaching AED 141.9 billion, marking a new all-time high for a single quarter. This achievement surpassed the previous record of AED 124.07 billion set in Q2 2024, ref
Dubai Real EstateQ3 2024Property SalesReal Estate MarketInvestment DestinationReal Estate NewsOct 09, 2024
According to a market update from faam Properties, there were 50,423 total sales transactions in Q3, reflecting a 37.9% year-on-year rise in volume and a 16.6% increase compared to Q2. Apartment sales were the standout performers, accounting for 39,058 transactions worth AED 70.5 billion. This represents 77% of total Q3 transactions and shows a 43.9% increase in volume compared to the same period last year.
Villas also saw a significant boost, with 8,156 units sold for AED 39.2 billion. This represents a 16.6% rise in volume from Q3 2023 and an 18.4% increase over the previous quarter. The median price per square foot reached AED 1,511, a notable increase from AED 1,017 in Q3 2021, AED 1,179 in 2022, and AED 1,405 last year. Additionally, 2,102 plots were sold for AED 29.9 billion, marking a 45.9% increase in volume compared to Q3 2023 and a 42.3% rise from Q2. The commercial sector recorded 1,112 transactions worth AED 2.3 billion, representing a 12.1% year-on-year volume increase.
Firas Al Msaddi, CEO of faam Properties, noted, 'These figures highlight the resilience of the Dubai real estate market and the consistent growth we've witnessed, which continues to boost investor confidence.' He emphasized that this upward trend solidifies Dubai's position as a premier destination for real estate investment, attracting increasing interest from both global and regional buyers.
Over the past five years, Dubai's Q3 property sales have surged from AED 18.1 billion (8,600 transactions) in 2020 to AED 42.4 billion (15,900 transactions) in 2021, AED 69.5 billion (25,500) in 2022, and AED 109.2 billion (36,700) last year. The top five performing areas in Q3 2024 included Jumeirah Village Circle (4,467 transactions - AED 5.33 billion), Dubai South (2,910 transactions - AED 8.25 billion), Business Bay (2,651 transactions - AED 7.22 billion), Wadi Al Safa 5 (2,382 transactions - AED 5.3 billion), and Dubai Hills Estate (2,358 transactions - AED 7.38 billion).
The most expensive property sold in Q3 was a luxury apartment at One Palm Jumeirah, which fetched AED 275 million. Properties priced between AED 1-2 million represented 31% of sales, followed by 29% under AED 1 million, 18% between AED 2-3 million, 14% between AED 3-5 million, and 8% above AED 5 million. Overall, new sales from developers significantly outpaced re-sales in the secondary market, accounting for 68% of the volume and 63% of the value, compared to 32% and 37% for re-sales.
The impressive sales figures in Dubai's Q3 2024 real estate market underscore its robust recovery and ongoing appeal as a prime investment destination. The shift towards new developments indicates a dynamic landscape, with increased demand across various property types. As investor confidence grows, the trend of rising property values positions Dubai for continued success, reinforcing its status as a key player in the global real estate arena.
Frequently Asked Questions
What was the total sales value in Dubai's real estate market in Q3 2024?
The total sales value in Dubai's real estate market in Q3 2024 was AED 141.9 billion.
How does this compare to the previous quarterly record?
This figure surpasses the previous quarterly record of AED 124.07 billion from Q2 2024, marking a 30.1% year-on-year increase in value.
What percentage of total transactions were apartment sales in Q3 2024?
Apartment sales accounted for 77% of total Q3 transactions, with 39,058 units sold for AED 70.5 billion.
Which areas performed the best in Q3 2024?
The top five performing areas in Q3 2024 included Jumeirah Village Circle, Dubai South, Business Bay, Wadi Al Safa 5, and Dubai Hills Estate.
What does the CEO of faam Properties say about the market's growth?
Firas Al Msaddi, CEO of faam Properties, highlighted the resilience of the Dubai real estate market and the consistent growth, which continues to boost investor confidence.
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