Dubai’s real estate sector witnessed an unprecedented surge in Q3 2024, achieving sales of Dh141.9 billion, the highest for a single quarter.
The amount surpassed the previous high of Dh124.07 billion set in Q2 2024, showcasing a 30.1% year-on-year (YoY) increase, according to the latest market update from fäm Properties.
Between June and September 2024, Dubai recorded 50,423 real estate sales transactions, a 37.9% increase in volume YoY and a 16.6% rise from the previous quarter.
Apartment sales dominated the market, with 39,058 units sold for Dh70.5 billion, making up 77% of the total transactions and reflecting a 43.9% increase in volume compared to last year.In the villa segment, 8,156 units were sold for Dh39.2 billion, marking a 16.6% increase in volume over Q3 2023 and an 18.4% rise from Q2.
The rising property values were underscored by a median price of Dh1,511 per square foot, compared to Dh1,017 in 2021, Dh1,179 in 2022, and Dh1,405 last year.
Sales of 2,102 plots amounted to Dh29.9 billion, indicating a 45.9% increase in volume from Q3 last year and a 42.3% rise from Q2. In the commercial sector, 1,112 sales worth Dh2.3 billion were recorded, up 12.1% in volume year-on-year.
Firas Al Msaddi, CEO of fäm Properties, commented, “The figures once more emphasize the resilience of the Dubai real estate market and the consistent growth we’ve seen in recent years, which continues to enhance investor confidence. This ongoing upward trend reinforces Dubai’s status as a leading destination for real estate investment, attracting growing interest from global investors as well as buyers from local and regional markets.”
Over the last five years, Dubai’s Q3 property sales have grown from Dh18.1 billion (8,600 transactions) in 2020 to the current peak. The top-performing areas in Q3 included Jumeirah Village Circle, Dubai South, Business Bay, Wadi Al Safa 5, and Dubai Hills Estate.
The priciest transaction in Q3 was a luxury apartment at the One at Palm Jumeirah, sold for Dh275 million. Properties priced between Dh1-2 million made up 31% of the sales, with 29% below Dh1 million, 18% between Dh2-3 million, 14% between Dh3-5 million, and 8% over Dh5 million.
