Dubai real estate record sales Q3 2024 have hit an all-time high, with the total sales value reaching Dh141.9 billion, setting a new benchmark for the city’s booming property market. This record-breaking figure surpasses the previous quarter’s Dh124.07 billion and represents a 30.1% year-on-year increase, highlighting Dubai’s growing appeal among local, regional, and global investors.
Q3 Sales Transactions Break Records
The Dubai real estate market recorded 50,423 transactions in Q3 2024, an impressive 16.6% increase from Q2 and a 37.9% rise year-over-year. Leading these transactions were apartments, with 39,058 units sold for Dh70.5 billion, representing 77% of the total transactions. The rise in apartment sales, up 43.9% year-over-year, demonstrates the increasing demand for residential units in key areas across the city.
Villa sales also surged, with 8,156 units sold for a total of Dh39.2 billion, reflecting a 16.6% increase in transaction volume year-over-year. Land plots saw significant activity as well, with 2,102 plots sold for Dh29.9 billion, a 42.3% increase from Q2 and a 45.9% growth from 2023.
Commercial real estate experienced steady growth, recording 1,112 sales worth Dh2.3 billion, a 12.1% increase year-over-year, further emphasizing the breadth of Dubai’s real estate record sales in Q3 2024.
Steady Price Growth in Dubai Real Estate
Another critical aspect of Dubai real estate record sales Q3 2024 was the rise in median prices. The average price per square foot (sq ft) climbed to Dh1,511, a considerable increase from Dh1,405 in 2023 and Dh1,017 in 2021. This continuous price appreciation reflects the strong demand for prime real estate across Dubai’s major neighborhoods.
Dubai’s Top Performing Areas in Q3 2024
Leading the charge in Dubai’s booming real estate market during Q3 2024 were key areas:
- Jumeirah Village Circle (JVC)
- Dubai South
- Business Bay
- Wadi Al Safa 5
- Dubai Hills Estate
These districts have become investor favorites, with both off-plan properties and ready units driving much of the activity. JVC, in particular, remains a top choice for buyers seeking affordable yet upscale residential options, while Dubai South continues to attract attention for its strategic location and new developments.
Record Property Sale at One at Palm Jumeirah
Dubai real estate record sales Q3 2024 also included one of the most significant property transactions of the year: a luxury apartment at One at Palm Jumeirah sold for Dh275 million, setting a new high in Dubai’s ultra-luxury market.
Breakdown of Sales by Value
A diverse range of properties contributed to Dubai real estate record sales Q3 2024:
- 31% of sales were properties priced between Dh1-2 million.
- 29% were for properties under Dh1 million.
- 18% were for properties valued between Dh2-3 million.
- 14% of sales were in the Dh3-5 million range.
- 8% of sales were for properties valued above Dh5 million.
This variety shows that Dubai offers a broad spectrum of real estate options, catering to different buyer needs and investment strategies.
Dominance of the Primary Market
In terms of primary versus secondary market activity, off-plan sales led the way in Q3 2024. Sales directly from developers accounted for 68% of the total transaction volume and 63% of the sales value, reinforcing Dubai’s position as a global hub for new and innovative real estate projects.
