In Q3 2024, the total sales value of the Dubai real estate market was Dh141.9 billion, a record high for a single quarter, according to fäm Properties.
This marked a value increase of 30.1% year over year and exceeded the previous quarterly sales record of Dh124.07 billion set in Q2 of this year.
A fäm Properties market report, which was made public on Thursday, stated that there were 50,423 total sales transactions in Q3, an increase of 16.6% from Q2 and 37.9% from the previous year.
With a Dh70.5 billion valuation, the 39,058 apartment sales made up 77% of all Q3 transactions and represented a 43.9% increase in volume over the same period last year.
Meanwhile, 8,156 villas sold for Dh39.2 billion, indicating a 16.6% increase in volume compared to Q3 2023 and an 18.4% increase over the previous quarter.
The Q3 rates of Dh1,017 in 2021, Dh1,179 in 2022, and Dh1,405 last year are lower than the median price of Dh1,511 per sq ft, indicating that real estate has been increasing in value recently.
The volume increased by 45.9% over Q3 of last year and by 42.3% over Q2 with 2,102 plots sold for Dh29.9 billion. There were 1,112 commercial real estate sales worth Dh2.3 billion, a 12.1% increase in volume over the third quarter of the previous 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 reached the current peak level, having fluctuated from Dh18.1 billion (8,600 transactions) in 2020 to Dh42.4 billion (15,900) in 2021, Dh69.5 billion (25,500) in 2022, and Dh109.2 billion (36,700) last year.
The top five performing areas in Dubai in Q3 were Wadi Al Safa 5 (2,382 – Dh5.3 billion), Dubai Hills Estate (2,358 – Dh7.38 billion), Business Bay (2,651 – Dh7.22 billion), Jumeirah Village Circle (4,467 transactions – Dh5.33 billion), and Dubai South (2,910 – Dh8.25 billion).
The most expensive single property sold in Q3 was a lavish apartment at the One at Palm Jumeirah, which went for Dh275 million.
Properties valued at Dh1-2 million accounted for 31% of sales; of these, 29% were under Dh1 million, 18% were between Dh2 and 3 million, 14% were between Dh3-5 million, and 8% were above Dh5 million.
Developers’ initial sales in the secondary market exceeded resales overall by a significant margin: 68% versus 32% in volume and 63% versus 37% in value.
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