In Q3 2024, Dubai’s real estate market achieved record-breaking figures, with total transactions reaching 50,439, a 38.2% year-on-year increase compared to Q3 2023, Property Finder report showed. The transaction value grew by 30.1%, totalling Dh141.98 billion. This quarter’s performance surpassed the previous record set in Q2 2024 by 16% in volume and exceeded the transaction value peak of Q4 2023 by 14.5%.
Off-plan transactions played a significant role in driving the market, with a year-on-year increase of 58.7% in transaction volume, totalling 31,800. This marked the highest volume of off-plan transactions recorded in a single quarter. The value of off-plan sales also saw a sharp rise of 42.3% year-on-year, reaching Dh67.45 billion, compared to Dh47.39 billion in Q3 2023.
The existing property segment also showed growth, with a 13.3% increase in transaction volume, totalling 18,639 transactions. The value of these transactions rose by 20.8%, amounting to Dh74.53 billion, up from Dh61.7 billion in Q3 2023. However, despite this strong performance, the market share of existing properties reached its lowest in a decade, accounting for only 37% of the total sales transactions.
Abu Dhabi real estate market snapshot
In contrast to Dubai, Abu Dhabi’s residential real estate market experienced a significant year-on-year decline in Q3 2024. Sales transactions dropped by 42.4%, with 1,813 transactions recorded, compared to 3,149 in Q3 2023. The value of these transactions fell by 54.7%, amounting to approximately Dh4.92 billion, largely due to a decline in off-plan sales.
Off-plan transactions in Abu Dhabi saw a 69% year-on-year decrease in volume, totalling 746 transactions in Q3 2024, down from 2,402 in the same period last year. The value of these transactions fell by 72%, reaching Dh2.56 billion. Off-plan sales accounted for 41% of total transactions in Q3 2024, a significant drop from 76% in Q3 2023.
On the other hand, existing property transactions in Abu Dhabi showed growth. The volume of these transactions increased by 43% year-on-year, with 1,067 transactions recorded. The value of these transactions rose by 45%, reaching Dh2.37 billion compared to Dh1.64 billion in Q3 2023.
