30 October 2024

Dubai Real Estate Market: Record Sales in Q3 2024

Table of content

Dubai, UAE — Dubai’s real estate market recorded total sales worth AED 141.9 billion in Q3 2024, setting an all-time high for a single quarter.

Record Sales Figures

These figures surpassed the previous sales record of AED 124.07 billion in Q2 this year and demonstrated a 30.1% year-on-year increase.

According to a report released by fäm Properties, there were 50,423 overall sales transactions, reflecting a 37.9% increase compared to the same period last year and a 16.6% rise from Q2.

Apartment and Villa Sales

Out of the total transactions, 39,058 apartments sold for AED 70.5 billion accounted for 77% of all Q3 transactions, with a volume increase of 43.9% year-on-year.

Meanwhile, 8,156 villas were sold for AED 39.2 billion, representing a 16.6% rise compared to Q3 2023 and an 18.4% increase from the previous quarter.

Rising Property Prices

The median price for properties reached AED 1,511 per sq ft, compared to AED 1,017 in Q3 2021, AED 1,179 in 2022, and AED 1,405 last year.

Sales of 2,102 plots for AED 29.9 billion reflected a 45.9% increase in volume compared to Q3 last year and a 42.3% rise from Q2. In the commercial real estate sector, 1,112 sales worth AED 2.3 billion were up 12.1% year-on-year.

Market Resilience

“These figures once again 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,” 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 local and regional markets.”

Top Performing Areas in Dubai

The top five performing areas in Dubai in Q3 were:

  1. Jumeirah Village Circle (4,467 transactions – AED 5.33 billion)
  2. Dubai South (2,910 – AED 8.25 billion)
  3. Business Bay (2,651 – AED 7.22 billion)
  4. Wadi Al Safa 5 (2,382 – AED 5.3 billion)
  5. Dubai Hills Estate (2,358 – AED 7.38 billion)

The most expensive property sold in Q3 was a luxury apartment at Palm Jumeirah, fetching AED 275 million.

Conclusion: Invest in Your Future

With rising prices and an increasing number of transactions, now is the perfect time to invest in the Dubai real estate market. Contact SPI Dubai to learn more about the best opportunities and take the next step toward your dream property!