According to fäm Properties, the total sales value of the real estate market in Dubai reached Dh141.9 billion in Q3 2024, which was a record high for a single quarter.
This surpassed the previous quarterly sales record of Dh124.07 billion set in Q2 of this year and signified a value increase of 30.1% year over year.
According to a fäm Properties market update released on Thursday, there were 50,423 total sales transactions in Q3, up 16.6% from Q2 and 37.9% year over year.
The 39,058 apartment sales, valued at Dh70.5 billion, accounted for 77% of all Q3 transactions and marked a 43.9% increase in volume over the same time the previous year.
8,156 villas were sold for Dh39.2 billion in the meantime, representing a 16.6% increase in volume over Q3 2023 and an 18.4% increase over the prior quarter.
A median price of Dh1,511 per sq ft, which is higher than the Q3 rates of Dh1,017 in 2021, Dh1,179 in 2022, and Dh1,405 last year, highlights the rising value of real estate in recent years.
With 2,102 plots sold for Dh29.9 billion, volume increased by 42.3% over Q2 and 45.9% over Q3 of the previous year. 1,112 sales of Dh2.3 billion in commercial real estate were up 12.1% in volume from 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.”
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, Dubai’s Q3 property sales over the last five years have now reached the current peak level.
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) were the top five performing areas in Dubai in Q3.
A lavish flat at the One at Palm Jumeirah sold for Dh275 million, making it the most expensive single property sold in Q3.
31 percent of sales were properties valued at Dh1-2 million, of which 29 percent were under Dh1 million, 18 percent between Dh2 and 3 million, 14 percent between Dh3-5 million, and 8 percent above Dh5 million.
In the secondary market, initial sales from developers surpassed resales by a considerable margin overall: 68% versus 32% in volume and 63% versus 37% in value.
