Real Estate

The Dubai real estate market achieved a record-breaking quarter, with total sales reaching AED 141.9 billion in Q3 2024, setting an all-time high for quarterly transactions. The latest report from fäm Properties reveals a 30.1% year-on-year rise in value, eclipsing the previous high of AED 124.07 billion recorded in Q2 this year.

Q3 saw a total of 50,423 sales transactions, marking a 37.9% increase in volume from last year and a 16.6% rise compared to Q2. Apartment sales were especially strong, with 39,058 units sold for AED 70.5 billion—77% of total transactions and a 43.9% rise in volume from Q3 2023. The villa market also performed well, with 8,156 units sold for AED 39.2 billion, reflecting a 16.6% increase in volume from last year and an 18.4% rise from Q2.

Plot sales were another highlight, with 2,102 transactions worth AED 29.9 billion, marking a 45.9% increase in volume year-on-year. Meanwhile, commercial real estate saw 1,112 sales totaling AED 2.3 billion, a 12.1% increase from Q3 2023.

“The figures emphasize the resilience of the Dubai real estate market and underscore the consistent growth in recent years, which continues to bolster investor confidence,” stated Firas Al Msaddi, CEO of fäm Properties. He added that Dubai’s status as a top real estate investment destination remains strong, with interest from both global and regional investors.

Jumeirah Village Circle, Dubai South, and Business Bay were among the top-performing areas in Q3, with individual transactions in these regions contributing significantly to the quarterly figures. The most expensive sale was a luxury One at Palm Jumeirah apartment, which sold for AED 275 million.

New property sales continued to dominate, with developer sales making up 68% of total transaction volume and 63% of the total value.

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