Dubai’s real estate market achieved a new milestone in Q3 2024, with total sales reaching Dh141.9 billion, according to fäm Properties. This figure represents an all-time high for a single quarter, surpassing the previous record of Dh124.07 billion set in Q2 of the same year. The year-on-year increase in value was a substantial 30.1 per cent.
A market update from fäm Properties disclosed that there were 50,423 overall sales transactions in Q3, marking a 37.9 per cent increase in volume compared to the same period last year, and a 16.6 per cent rise from Q2. Among these, apartment sales accounted for 39,058 transactions worth Dh70.5 billion, which is 77 per cent of the total Q3 transactions, showing a 43.9 per cent increase in volume year-on-year. Meanwhile, villa sales totaled 8,156 units worth Dh39.2 billion, reflecting a 16.6 per cent rise in volume over Q3 2023 and an 18.4 per cent increase from the previous quarter.
The median property price in Dubai has been on the rise, with a current median price of Dh1,511 per sq ft, compared to Dh1,017 in Q3 2021, Dh1,179 in Q3 2022, and Dh1,405 last year. Land sales also saw significant growth, with 2,102 plots sold for Dh29.9 billion, representing a 45.9 per cent increase in volume year-on-year and a 42.3 per cent rise from Q2. In the commercial real estate sector, 1,112 sales worth Dh2.3 billion were recorded, up 12.1 per cent in volume compared to Q3 last year.
Firas Al Msaddi, CEO of fäm Properties, commented, “The figures underscore the resilience of Dubai’s real estate market and the consistent growth witnessed in recent years, which continues to boost investor confidence. This sustained upward trend solidifies Dubai’s position as a premier destination for real estate investment, drawing increasing interest from global investors as well as local and regional buyers.”
Over the past five years, Dubai’s Q3 property sales have surged from Dh18.1 billion (8,600 transactions) in 2020 to Dh42.4 billion (15,900) in 2021, Dh69.5 billion (25,500) in 2022, Dh109.2 billion (36,700) last year, and now to the current peak level. The top five performing areas in Q3 were Jumeirah Village Circle (4,467 transactions – Dh5.33 billion), Dubai South (2,910 – Dh8.25 billion), Business Bay (2,651 – Dh7.22 billion), Wadi Al Safa 5 (2,382 – Dh5.3 billion), and Dubai Hills Estate (2,358 – Dh7.38 billion).
The most expensive property sold in Q3 was a luxury apartment at the One at Palm Jumeirah, which sold for Dh275 million. Sales were distributed across various price ranges, with 31 per cent of properties sold between Dh1-2 million, 29 per cent below Dh1 million, 18 per cent between Dh2-3 million, 14 per cent between Dh3-5 million, and 8 per cent above Dh5 million. Notably, first sales from developers dominated the market, accounting for 68 per cent of the volume and 63 per cent of the value, compared to 32 per cent and 37 per cent, respectively, for re-sales in the secondary market.
