The Dubai real estate market went on to set a new all-time quarterly record in sales, securing Dh141.9 billion in transactions within Q3 2024 according to fäm Properties. This was on top of what had seen the previous record of Dh124.07 billion established in Q2 2024 and reveals a 30.1% increase year-on-year.
According to a market update of fäm Properties, there were 50,423 sales transactions completed in Q3 while the year over the year and quarter over quarter augmented by 37.9% and 16.6%, respectively. Sale transactions comprised 39,058 apartments worth Dh70.5 billion, reflecting 77% of total sales and surging by 43.9% in volume year-on-year versus Q3 2023. Sales of 8,156 villas worth Dh39.2 billion registered yearly growth of 16.6% in volume terms and also up by 18.4% compared to Q2.
With the continued upward trend in recent years of house values, the median property price has topped Dh1,511 per square foot. In perspective, median prices in 2021 stood at Dh1,017, went up to Dh1,179 in 2022, and to Dh1,405 in 2023.
Land sales were also very strong, as 2,102 plots sold for Dh29.9 billion. This represents a strong 45.9% volume increase versus Q3 last year and up 42.3% from Q2. Commercial transactions were another area of strength, coming in at 1,112 worth Dh2.3 billion, a 12.1% year-on-year increase.
The Dubai market has been impressively resilient, and this growth momentum has certainly helped investor confidence pick up,” said Firas Al Msaddi, CEO of fām Properties. This sustained momentum further strengthens Dubai’s status as a top destination for real estate investment for global and regional investors alike.
During the last five years, sales of Dubai’s properties have gone from Dh18.1 billion worth of 8,600 transactions during 2020 up to current peaks, manifesting a phenomenal growth trajectory.
The five top performing areas in Q3 were Jumeirah Village Circle, Dubai South, Business Bay, Wadi Al Safa 5, and Dubai Hills Estate. The costliest property sold in the quarter was a luxury apartment at One at Palm Jumeirah, selling for Dh275 million. First sales from developers far outpaced secondary market re-sales as 68% of transactions originated from new developments.
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