The Dubai real estate sector hit a $38.6bn sales record in Q3. Which neighbourhoods are selling most properties
As Dubai’s real estate market recorded total sales worth AED141.9bn ($38.6bn) in Q3 2024, setting an all-time high for a single quarter, the neighbourhoods selling the most properties have been revealed.
The Q3 sales eclipsed the previous quarterly record of AED124.07bn ($33.8bn) in Q2 this year, and represented a 30.1 per cent year-on-year rise in value.
A market update issued by fäm Properties revealed the neighbourhoods with the most properties sold and also identified the property price bands with the most transactions.
Dubai real estate sales records
According to fäm Properties there were 50,423 overall sales transactions in Q3, a 37.9 per cent year on year increase in volume and a 16.6 per cent rise on Q2.
The top five performing areas of Dubai in Q3 were:
- Jumeirah Village Circle: AED5.33bn ($1.4bn) from 4,467 transactions
- Dubai South: AED8.25bn ($2.2bn) from 2,910 transactions
- Business Bay: AED7.22bn ($2bn) from 2,651 transactions
- Wadi Al Safa 5: AED5.3bn ($1.4bn) from 2,382 transactions
- Dubai Hills Estate: AED7.38bn ($2bn) from 2,358 transactions
Properties worth AED1-2m ($272,000-$544,000) account for 31 per cent of sales, 29 per cent were below AED1m ($272,000), 18 per cent between AED2-3m ($544,000-$817,000), 14 per cent between AED3-5m ($817,000-$1.4m), and 8 per cent more than AED5m ($1.4m).
Overall, first sales from developers significantly outnumbered re-sales in the secondary market – 68 per cent over 32 per cent in terms of volume and 63 per cent against 37 per cent in value.
In total, there were 39,058 apartment sales worth AED70.5bn ($19.2bn) representing 77 per cent of the total Q3 transactions. This represents a 43.9 per cent increase in volume on the same period last year.
Meanwhile, 8,156 villas sold for AED39.2bn ($10.7bn), a rise in volume of 16.6 per cent over Q3 2023 and an increase of 18.4 per cent on the previous quarter.
Rising property values in recent years were highlighted by a median price of AED1,511 ($411) per sq ft, compared with the Q3 rates of AED1,017 ($277) in 2021, AED1,179 ($321) in 2022 and AED1,405 ($383) last year.
Sales of 2,102 plots for AED29.9bn ($8.1bn) represented a 45.9 per cent leap in volume on Q3 last year and a 42.3 per cent increase on Q2.
In commercial real estate, 1,112 sales worth AED2.3bn ($626m) were up 12.1 per cent in volume on Q3 last year.
Firas Al Msaddi, CEO of fäm Properties, said: “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.
“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.”
Dubai’s Q3 property sales over the last five years have now risen to the current peak level
- 2020: AED18.1bn ($4.9bn from 8,600 transactions)
- 2021: AED 42.4bn ($11.5bn from 15,900 transactions)
- 2022: AED69.5bn ($18.9bn from 25,500 transactions)
- 2023: AED109.2bn ($29.7bn from 36,700 transactions)
- 2024: AED141.9bn ($38.6bn from 50,423 transactions)
The most expensive individual property sold in Q3 was a luxury One at Palm Jumeirah apartment which fetched AED275m ($75m).
Courtesy of Arabian Business
