DUBAI (The Thursday Times) — Dubai’s real estate market continued its upward momentum in the third quarter of 2024, achieving an all-time high in total sales value. The market recorded sales worth over AED 140 billion, a notable rise from the previous quarter’s figures and marking a significant year-on-year increase. This substantial growth reflects the continued investor confidence in Dubai’s property sector, positioning it as a top global destination for real estate investment.
Growth in sales transactions
The total number of sales transactions in Q3 rose by nearly 40% compared to the same period last year, with over 50,000 transactions recorded. This impressive surge in transaction volume also represents a rise from Q2 2024, underlining the market’s consistent expansion. Apartment sales accounted for a large proportion of this volume, with nearly 80% of the total transactions involving apartments. Villa sales also showed solid growth, experiencing an increase both in value and volume compared to previous periods.
Apartment and villa sales continue to dominate
The apartment sector continued to be the driving force behind Dubai’s real estate boom, with thousands of apartment sales contributing to a substantial portion of the total market value. The volume of apartment sales saw an increase of almost 45% from the same period last year. Villa sales followed a similar trend, reflecting a steady rise in both transaction volume and property value, further reinforcing the market’s robust performance in 2024.
Rising property values
One of the standout trends in Dubai’s real estate market is the continued rise in property values. The median price per square foot has seen a sharp increase compared to previous years, showcasing the growing demand for high-value properties. In Q3 2024, property prices reached a new peak, outpacing previous records from 2021 through 2023. This upward trajectory in property values signals the sustained strength of Dubai’s real estate market, further attracting both local and international buyers.
Plot and commercial sales increase
In addition to residential properties, the sale of plots and commercial real estate also saw notable growth. The volume of plot sales jumped by nearly 50% compared to the same period in 2023, highlighting investor interest in land acquisition as a long-term investment. Commercial real estate transactions also rose in volume, with a substantial number of sales recorded in Q3. These figures further indicate the broad-based recovery and growth of Dubai’s property market across various segments.
First sales outpace the secondary market
A key feature of Dubai’s real estate market in Q3 2024 was the dominance of first sales from developers, which significantly outnumbered re-sales in the secondary market. Over two-thirds of the transactions in Q3 were first sales, demonstrating the appeal of new developments to investors. In terms of value, first sales accounted for more than half of the market, reinforcing Dubai’s position as a prime destination for both regional and global investors seeking newly developed properties.
