Dubai real estate sector sees significant increase in transactions as apartments make up majority of new handovers
The Dubai real estate sector recorded more than 47,300 transactions, valued at approximately AED116.8bn ($31.8bn), in Q3, according to Land Sterling.
It represented a 42 per cent increase in volume and a 33 per cent rise in value compared to the previous year, the real estate consultancy, said in its Q3 2024 Dubai Property Watch report.
In Q3 2024, Dubai delivered approximately 7,000 new residential units, with apartments making up 84 per cent of completions.
Dubai real estate Q3 report
The highest number of handovers occurred in Jumeirah Village Circle (JVC), followed closely by Mohammed Bin Rashid (MBR) City and Dubai Harbour.
The report also noted a trend toward larger units, with an uptick in completions of two- and three-bedroom apartments.
Said El Haouasli, CEO of Land Sterling, said: “Our Q3 report underscores Dubai’s position as a resilient and attractive real estate market, showing remarkable growth in both transaction volumes and values. This reflects the strength of investor confidence and the sustained interest in Dubai as a global investment hub.”
Off-plan sales dominated, accounting for 71 per cent of transaction volumes, a testament to the continuous influx of new projects and flexible payment plans attracting investors.
The Q3 2024 report highlights the top five areas in terms of transaction volume and value. Jumeirah Village Circle (JVC) led in transaction volume, followed by Dubai Hills Estate, Business Bay, Dubai South, and Sobha Hartland 2.
In terms of transaction value, Dubai Hills Estate topped the list, with Dubai South, Palm Jumeirah, Business Bay, and The Valley following closely.
These areas continue to attract strong interest from both local and international investors, reflecting Dubai’s position as a premier real estate destination.
Sources…
