The real estate market in Dubai continues to grow at an exponential rate, driven by increasing demand as an investment destination, relaxing land ownership regulations, the increasing inflow of expats to the Emirate and convenient payment plans offered by developers.
The sustained demand for real estate in Dubai, especially from domestic and international investors, is demonstrated by this upsurge in activity which has been a consistent trend in the post-pandemic market. 50,423 sales transactions in the third quarter represented a 16.6% increase QoQ and a 37.9% YoY increase in volume of sales
Breaking records in standard Dubai style, sales of real estate in the third quarter of 2024 achieved an unmatched milestone, with a total value of almost Dhs141.9 billion ($38.7 billion).
This surpasses the previous record of Dhs 124.07 billion ($33.8 billion) set in the second quarter of this year, a 14.4% QoQ increase, making this the largest quarterly sales amount ever attained. This strong performance record is a 30.1% value increase YoY, with first-sale properties taking the helm.
The apartment segment continued to lead the way, with 77% of all transactions in Q3 recording an impressive 39,054 sales transactions valued at around Dhs 70.5 billion ($19.2 billion). This number is a staggering 43.9% increase in volume compared to the same quarter in the previous year. Villa sales took the second spot with a substantial contribution of 8,156 units, sold for over Dhs 39.2 billion ($10.7 billion), demonstrating an increase of 16.6% YoY and 18.4% over the Q2.
Sales of land plots surged, Dhs 29.9 billion ($8.1 billion) recorded from 2,102 transactions, indicating a 45.9% YoY increase in volume and a 42.3% increase from the previous quarter. A 12.1% rise in volume over Q3 2023 was recorded in the commercial real estate sector, which also did strongly, recording 1,112 sales valued at almost Dhs2.3 billion ($626 million).
Palm Jumeirah continues to hold its position in the luxury property market, with an apartment in the neighbourhood selling for an astounding Dhs 275 million ($75 million) in Q3, making it the most expensive single property sold.
Jumeirah Village Circle continued to top the list of the top five performing locations in Dubai in Q3 2024.
JVC: 4,467 transactions valued at roughly Dhs 5.33 billion ($1.45 billion). Dubai South: 2,910 transactions valued at Dhs 8.25 billion ($2.25 billion) 3.Wadi Al Safa 5 (Dhs 5.3 billion, $1.44 billion). Business Bay (Dhs 7.22 billion, $1.96 billion) 5.Dubai Hills Estate (Dhs 7.38 billion, $2.01 billion) Overall, the larger portion of transactions, 31%, were houses priced between Dhs 1-2 million ($272,000 and $544,000). Twenty-nine per cent of properties were below Dhs 1 million ($272,000), while 18% were between Dhs 2-3 million ($544,000 and $816,000). The trajectory for higher-valued properties continued, with 14% of all sales were for residences valued between Dhs 3-5 million ($816,000 and $1.36 million), and 8% were for properties priced beyond Dhs 5 million ($1.36 million).
In light of the staggering growth in Dubai’s real estate market, the 21st edition of IPS Congress, the leading international property sales event in the middle east, ramps up to bring together major stakeholders in this booming industry, from April 14 to 16, 2025. With an expected attendance of over 16,000 visitors and more than 150 exhibitors from over 45 countries, this event aims to strengthen Dubai’s global leadership in this industry by fostering collaboration with the private sector and international firms aligning with Dubai’s Real Estate Strategy 2033.
Key themes of IPS Congress 2025 will include IPS Real Estate: Highlighting the latest trends across the real estate sector; IPS Future Cities: Focusing on the development of sustainable urban environments; IPS Proptech Startups: Exploring technological innovations in the real estate space; IPS Design: Celebrating creativity in architectural aesthetics, and IPS Service: Elevating property management and hospitality standards.
Dubai’s buoyant real estate market is on course to surpass annual sales of more than Dhs500 billion for the first time following another record-breaking month.
Total sales in 2024 up to the end of October amount to Dhs435.6 billion from 150,651 transactions, eclipsing the previous high of Dhs409.8 billion from 132,628 property sales set last year.
Based on average monthly sales for the year to date of Dhs43.56 billion, the final value of sales in 2024 could soar past the Dhs500 billion milestone as Dubai real estate continues to attract waves of local and international investors.
A market update issued today by fäm Properties underlined the huge increase in Dubai real estate activity over the last five years, with a record Dhs 61.1 billion in sales from 20,461 transactions in October representing an 798% increase in value over the same month in 2020.
The total of 3,830 villa sales for AED20.5 billion last month was 102% up in volume on October 2023, while apartment sales worth AED28.1 billion rose 67.2% in volume to 15,662 compared with the same month last year.
The 424 commercial property transactions last month amounted to Dhs 916.2 million, a slight drop of 1.9% in volume compared to October 2023, although the average price per sq ft rose 7.1% to Dhs1,585.
Staff Reporter, Gulf Today
The real estate market in Dubai continues to grow at an exponential rate, driven by increasing demand as an investment destination, relaxing land ownership regulations, the increasing inflow of expats to the Emirate and convenient payment plans offered by developers.
The sustained demand for real estate in Dubai, especially from domestic and international investors, is demonstrated by this upsurge in activity which has been a consistent trend in the post-pandemic market. 50,423 sales transactions in the third quarter represented a 16.6% increase QoQ and a 37.9% YoY increase in volume of sales
Breaking records in standard Dubai style, sales of real estate in the third quarter of 2024 achieved an unmatched milestone, with a total value of almost Dhs141.9 billion ($38.7 billion).
This surpasses the previous record of Dhs 124.07 billion ($33.8 billion) set in the second quarter of this year, a 14.4% QoQ increase, making this the largest quarterly sales amount ever attained. This strong performance record is a 30.1% value increase YoY, with first-sale properties taking the helm.
The apartment segment continued to lead the way, with 77% of all transactions in Q3 recording an impressive 39,054 sales transactions valued at around Dhs 70.5 billion ($19.2 billion). This number is a staggering 43.9% increase in volume compared to the same quarter in the previous year. Villa sales took the second spot with a substantial contribution of 8,156 units, sold for over Dhs 39.2 billion ($10.7 billion), demonstrating an increase of 16.6% YoY and 18.4% over the Q2.
Sales of land plots surged, Dhs 29.9 billion ($8.1 billion) recorded from 2,102 transactions, indicating a 45.9% YoY increase in volume and a 42.3% increase from the previous quarter. A 12.1% rise in volume over Q3 2023 was recorded in the commercial real estate sector, which also did strongly, recording 1,112 sales valued at almost Dhs2.3 billion ($626 million).
Palm Jumeirah continues to hold its position in the luxury property market, with an apartment in the neighbourhood selling for an astounding Dhs 275 million ($75 million) in Q3, making it the most expensive single property sold.
Jumeirah Village Circle continued to top the list of the top five performing locations in Dubai in Q3 2024.
JVC: 4,467 transactions valued at roughly Dhs 5.33 billion ($1.45 billion). Dubai South: 2,910 transactions valued at Dhs 8.25 billion ($2.25 billion) 3.Wadi Al Safa 5 (Dhs 5.3 billion, $1.44 billion). Business Bay (Dhs 7.22 billion, $1.96 billion) 5.Dubai Hills Estate (Dhs 7.38 billion, $2.01 billion) Overall, the larger portion of transactions, 31%, were houses priced between Dhs 1-2 million ($272,000 and $544,000). Twenty-nine per cent of properties were below Dhs 1 million ($272,000), while 18% were between Dhs 2-3 million ($544,000 and $816,000). The trajectory for higher-valued properties continued, with 14% of all sales were for residences valued between Dhs 3-5 million ($816,000 and $1.36 million), and 8% were for properties priced beyond Dhs 5 million ($1.36 million).
In light of the staggering growth in Dubai’s real estate market, the 21st edition of IPS Congress, the leading international property sales event in the middle east, ramps up to bring together major stakeholders in this booming industry, from April 14 to 16, 2025. With an expected attendance of over 16,000 visitors and more than 150 exhibitors from over 45 countries, this event aims to strengthen Dubai’s global leadership in this industry by fostering collaboration with the private sector and international firms aligning with Dubai’s Real Estate Strategy 2033.
Key themes of IPS Congress 2025 will include IPS Real Estate: Highlighting the latest trends across the real estate sector; IPS Future Cities: Focusing on the development of sustainable urban environments; IPS Proptech Startups: Exploring technological innovations in the real estate space; IPS Design: Celebrating creativity in architectural aesthetics, and IPS Service: Elevating property management and hospitality standards.
Dubai’s buoyant real estate market is on course to surpass annual sales of more than Dhs500 billion for the first time following another record-breaking month.
Total sales in 2024 up to the end of October amount to Dhs435.6 billion from 150,651 transactions, eclipsing the previous high of Dhs409.8 billion from 132,628 property sales set last year.
Based on average monthly sales for the year to date of Dhs43.56 billion, the final value of sales in 2024 could soar past the Dhs500 billion milestone as Dubai real estate continues to attract waves of local and international investors.
A market update issued today by fäm Properties underlined the huge increase in Dubai real estate activity over the last five years, with a record Dhs 61.1 billion in sales from 20,461 transactions in October representing an 798% increase in value over the same month in 2020.
The total of 3,830 villa sales for AED20.5 billion last month was 102% up in volume on October 2023, while apartment sales worth AED28.1 billion rose 67.2% in volume to 15,662 compared with the same month last year.
The 424 commercial property transactions last month amounted to Dhs 916.2 million, a slight drop of 1.9% in volume compared to October 2023, although the average price per sq ft rose 7.1% to Dhs1,585.
Sources...
