Dubai Real Estate Market Sets New Record with $38.6 Billion in Quarterly Sales
Dubai's real estate market has achieved a historic milestone with record sales of AED 141.9 billion ($38.6 billion) in Q3 2024, surpassing the previous record of AED 124.07 billion in Q2 2024.
Dubai Real Estate MarketRecord SalesQuarterly SalesProperty PricesApartmentsVillasLand PlotsCommercial SalesReal EstateOct 04, 2024
The median price of properties in Dubai has shown a steady appreciation in recent years, with a Q3 median price of AED 1,511, up from AED 1,017 in 2021, AED 1,179 in 2022, and AED 1,405 in 2023. Land plot sales also saw significant growth, with 2,102 transactions worth AED 29.9 billion, a 45.9% volume growth compared to Q3 2023.
The top five areas by performance in Q3 were Jumeirah Village Circle, Dubai South, Business Bay, Wadi Al Safa 5, and Dubai Hills Estate, with the highest value transaction being a luxury One of Palm Jumeirah apartment sold at AED 275 million. Properties priced between AED 1 and AED 2 million accounted for 31% of all sales, while those with selling prices below AED 1 million accounted for 29% of sales.
Frequently Asked Questions
What was the total value of sales in the Dubai real estate market in Q3 2024?
AED 141.9 billion ($38.6 billion)
What was the percentage increase in sales transactions in Q3 2024 compared to the same period last year?
37.9%
What type of property accounted for the majority of sales in Q3 2024?
Apartments
What was the median price of properties in Dubai in Q3 2024?
AED 1,511
What was the highest value transaction in Q3 2024?
A luxury One of Palm Jumeirah apartment sold at AED 275 million
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