Dubai Real Estate Sees Big Growth in Q3 2024 Dubai’s real estate market has shown incredible strength in Q3 2024 with 47,300 transactions worth AED 116.8 billion ($31.8 billion), 42% up in volume and 33% in value year-on-year. According to the latest report by real estate consultancy Land Sterling. Q3 saw almost 7,000 new residential units handed over in Dubai.
Apartments made up 84% of total completions with the most occurring in areas like:
- Jumeirah Village Circle (JVC)
- Mohammed Bin Rashid (MBR) City
- Dubai Harbour
Interestingly, the market saw a shift towards larger apartments units. This means end-users are looking to upgrade to bigger homes. Off-plan sales continued to drive transaction activity, 71% of the total.
Analysts pointed to attractive payment plans and new project launches as the reason for investor interest in off-plan. In terms of top transacted areas, JVC led in volume, followed by Dubai Hills Estate , Business Bay , Dubai South and Sobha Hartland 2.
For value, Dubai Hills Estate was top, Dubai South Palm Jumeirah, Business Bay and The Valley next. The big jump in transactions in high-end areas like Palm and Business Bay shows Dubai is the luxury property market of choice for global investors.
Commenting on the market growth, Land Sterling CEO Said El Haouasli said: “Our Q3 report shows Dubai is a resilient and attractive real estate market, with big growth in both volume and value. This reflects investor confidence and Dubai as a global investment hub.”
With Dubai Harbour and Deira and Bur Dubai urban rejuvenation schemes underway, analysts expect the market to continue to move forward in the next 12 months. Developers will hand over 60,000 units by end-2025, a big supply pipeline for end-users and investors.
