Dubai’s real estate market recorded total sales of US $38bn in Q3 2024, which is said to be an all-time high for a single quarter. This eclipsed the previous quarterly sales record of US $33.47bn in Q2 this year and represented a 30.1% year-on-year rise in value.
In a market update issued by fäm Properties, the firm said there were 50,423 overall sales transactions in Q3, a 37.9% year-on-year increase in volume and a 16.6% rise on Q2. There were 39,058-apartment sales worth $19.03bn which represented 77% of the total Q3 transactions, showing a 43.9% increase in volume on the same period last year. Meanwhile, 8,156 villas sold for $10.59bn, a rise in volume of 16.6% over Q3 2023, and an increase of 18.4% on the previous quarter.
Rising property values in recent years were highlighted by a median price of $408.02 per sqft compared with the Q3 rates of $274.57 in 2021, $318.23 in 2022, and $378.35 last year. Sales of 2,102 plots for $8.05bn represented a 45.9% leap in volume on Q3 last year and a 42.3% increase on Q2. In commercial real estate, 1,112 sales worth $6.21mn were up 12.1% in volume on Q3 last year.
“The figures once more emphasise the resilience of the Dubai real estate market and the consistent growth we’ve seen in recent years, which continues to enhance investor confidence,” said Firas Al Msaddi, CEO of fäm Properties. “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 the local and regional markets.”
Dubai’s Q3 property sales over the last five years have now risen to the current peak level from $4.90bn (8,600 transactions) in 2020 to $11.48bn (15,900) in 2021, $18.72bn (25,500) in 2022, and $29.51bn (36,700) last year.
The top five performing areas of Dubai in Q3 were Jumeirah Village Circle (4,467 transactions – $1.44bn), Dubai South (2,910 – $2.23bn), Business Bay (2,651 – $1.95bn), Wadi Al Safa 5 (2,382 – $1.43bn), and Dubai Hills Estate (2,358 – $1.99bn). The most expensive individual property sold in Q3 was a luxury One at Palm Jumeirah apartment which fetched $74.1mn.
Properties worth $272,000 – $544,000 accounted for 31% of sales, 29% were below $272,000, 18% between $544,000 – $816,000, 14% between $816,000 – $1.36mn, and 8% more than $1.36mn, the report noted.
Overall, first sales from developers significantly outnumbered re-sales in the secondary market – 68% over 32% in terms of volume and 63% against 37% in value.