The last available statistics from Land Sterling show that Dubai’s property sector clocked more than 47,300 transactions in the third quarter of 2024 for AED 116.8 billion, approximately $31.8 billion. Transaction volume increased by a stunning 42 percent during the same period last year, while the value in terms of transactions saw an approximate 33 percent growth.
This volume and value growth highlights that the property market performance of Dubai in this third quarter has been a continued upward trend, where the positive trend has been further improved.
During the third quarter of 2024, Dubai completed around 7,000 new residential units. Among those, apartments accounted for 84%. The highest unit completions were reported in the Jumeirah Village Circle, followed closely by Mohammed Bin Rashid (MBR) City and Dubai Harbour.
According to the report, it highlighted an immense demand for larger residential units especially tw0- and three-bedroom apartments, which was preferred by buyers as a lot of them wanted bigger living spaces.
Off-plan transactions continue to drive the market, accounting for 71% of the total transaction volume during Q3. Off-plan sales are considered to be a gauge of the level of investor confidence that is enhanced through new supplies launched within the quarter as well as flexible payment schemes.
The data also indicates Jumeirah Village Circle is leading with the most transaction volumes, followed closely by Dubai Hills Estate, Business Bay, Dubai South, and Sobha Hartland 2 in terms of activity. In terms of total sales value, Dubai Hills Estate dominated the market, followed by Dubai South, Palm Jumeirah, Business Bay, and The Valley.
Dubai has been a recipient of strong investment from local and international investors, making it one of the most prominent global destinations for real estate, and therefore, there is simply no purpose to predict the future of the property market in Dubai.
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