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Dubai property sales hit record high of $38.6 billion in Q3 2024

The Dubai real estate market has changed significantly over the past five years, showing impressive growth and resilience even in the face of global economic challenges. According to the latest data, in Q3 2020, sales volume amounted to only AED 18.1 billion with 8,600 transactions, while by Q3 2024, this figure reached a record AED 141.9 billion. This not only symbolizes the rapid growth of the market, but also underlines its attractiveness to investors both locally and internationally.
There has been a clear upward trend in property prices over the past few years, with an annual growth of 30.1%, which, according to a report by fäm Properties, is a testament to the stable demand and active business activity in the sector. In Q3 2024, 50,423 transactions were recorded, representing an increase of 37.9% compared to the same period last year and an increase of 16.6% compared to Q2. This shows not only the market’s recovery from the pandemic, but also its further development.
The apartment segment continues to dominate the market, with 39,058 sales worth AED 70.5 billion, representing an impressive 77% of the total number of transactions in Q3. Interestingly, sales in this segment increased by 43.9% compared to the previous year, indicating the high attractiveness of this type of property among buyers. At the same time, villa sales also showed positive dynamics - 8,156 units worth AED 39.2 billion, which is 16.6% more than in Q3 2023.
Property prices continue to rise, with the median price per square foot reaching AED 1,511 in Q3 2024, up from AED 1,405 in Q3 2023. This continued price growth highlights the high liquidity and investment attractiveness of the Dubai property market, making it a key player on the international stage.
Land sales in Dubai have seen significant growth, reflecting the region’s booming property market. The latest quarter saw 2,102 transactions worth AED 29.9 billion, an impressive 45.9% increase compared to Q3 2023. The commercial property sector contributed significantly to this growth, with 1,112 transactions worth AED 2.3 billion, up 12.1% year-on-year. These results underline Dubai’s attractiveness as an investment hub and strengthen the confidence of both local and international investors.
Firas Al Msaddi, CEO of fäm Properties, noted that this growth confirms the resilience of the Dubai property market and demonstrates continued interest from global investors. Importantly, the Dubai property market has changed significantly over the past five years, with sales volumes increasing from AED 18.1 billion in Q3 2020 to the current peak, demonstrating confidence in the city’s economy and its attractiveness to buyers.
The most active area was Jumeirah Village Circle, which recorded 4,467 transactions worth AED 5.33 billion. In this context, it is worth highlighting the most expensive sale of the quarter - a luxury apartment in One at Palm Jumeirah, which sold for AED 275 million. Market analysis shows a variety of price segments: from affordable housing to luxury properties. The first sales from developers accounted for 68% of all transactions, which once again confirms the interest in new projects and new buildings among buyers.
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