The Dubai real estate sector continues its remarkable growth trajectory, bolstered by strong demand from investors, regulatory adjustments easing land ownership, and flexible developer payment schemes. The third quarter of 2024 witnessed a record-breaking performance with 50,423 property sales, marking a 16.6% increase quarter-on-quarter and a 37.9% rise year-on-year.
Sales during this period reached a staggering AED 141.9 billion, surpassing the previous high of AED 124.07 billion recorded in the second quarter – a 14.4% increase. Year-on-year, this represents a 30.1% jump in total sales value, with first-sale properties leading the charge.
Apartments dominated the market, accounting for 77% of transactions. This segment recorded 39,054 sales valued at AED 70.5 billion, a 43.9% rise in volume compared to the same quarter in 2023. Villa sales followed with 8,156 units sold, totalling over AED 39.2 billion, reflecting a 16.6% year-on-year increase and an 18.4% improvement from Q2.
Land plot sales also experienced significant growth, with 2,102 transactions generating AED 29.9 billion, a 45.9% year-on-year volume increase and a 42.3% rise compared to the previous quarter. Commercial real estate showed steady performance with 1,112 sales worth nearly AED 2.3 billion, registering a 12.1% rise in transaction volume over Q3 2023.
In the luxury segment, Palm Jumeirah continued to capture attention, highlighted by the sale of an apartment for AED 275 million, the highest single property sale in the quarter. Among the top-performing areas, Jumeirah Village Circle led with 4,467 transactions valued at AED 5.33 billion, followed by Dubai South, Wadi Al Safa 5, Business Bay, and Dubai Hills Estate.
Properties priced between AED 1 to 2 million comprised 31% of sales, while homes under AED 1 million made up 29%. Higher-value properties above AED 5 million accounted for 8% of transactions, reflecting sustained interest in premium real estate.
Dubai’s real estate momentum is expected to continue, with annual sales projected to exceed AED 500 billion for the first time. As of October, the total sales value for 2024 had reached AED 435.6 billion from 150,651 transactions, already surpassing the previous annual record of AED 409.8 billion set in 2023. Based on monthly averages, year-end figures are anticipated to cross the milestone.
The upcoming IPS Congress 2025, scheduled for April 14-16, will serve as a key platform for industry stakeholders to collaborate and align with Dubai’s Real Estate Strategy 2033. The event will spotlight trends across property sectors, explore sustainable urban development, showcase technological advancements, and celebrate architectural innovation, cementing Dubai’s status as a global real estate hub.
Original article reference: Gulf Today.
