In the third quarter of the year 2024, the real estate sector in Dubai has outperformed itself yet again registering an all-time high sale of AED 141.9bn ($38.6bn) sales.
Yes, you read that right—a new record! This city is a hive of activity, regardless of whether you are interested in luxury condos, cheap houses, or upscale estates. But which areas are leading this growth, and what factors are contributing to such growth? Stay in touch, as we are going to analyze the best-performing markets and the most popular real estate investments. Ready to dig into the details? Let’s do it!
Record-Breaking Property Sales in Q3 2024
To begin with - I would like to address something which is of primary importance in this case – the figures. The overall sales worth of the Real Estate Market in Dubai recorded in the third Quarter of 2024 reached AED 141.9bn ($38.6bn). That is a huge jump, not just from Quarter two of 2024, which was already a record-breaking figure of AED 124.07bn ($33.8bn), but also up 30.1% in comparison to the same quarter of the previous year. What does that signify or mean? That current real estate buying abilities within the Emirate of Dubai are maximized.
And that’s not only due to the value - the total number of transactions equaled 50,423, which is 37.9% higher than last year or 16.6% higher compared to Q2. It is emphatically without a doubt that Dubai’s realty sector is booming to the extent that it has become a hot cake for purchases, sales and investments.
Top Five Performing Areas of Dubai in Q3 2024
So now, if you question yourself where the show is being stolen, then let me share with you the top five leading neighborhoods in Q3 2024:
- Jumeirah Village Circle: AED5.33bn ($1.4bn) from 4,467 transactions
- Dubai South: AED8.25bn ($2.2bn) from 2,910 transactions
- Business Bay: AED7.22bn ($2bn) from 2,651 transactions
- Wadi Al Safa 5: AED5.3bn ($1.4bn) from 2,382 transactions
- Dubai Hills Estate: AED7.38bn ($2bn) from 2,358 transactions
Be it the cosmopolitan charm of Business Bay or the atmosphere of Jumeirah Village Circle which is more-oriented on families, these carts are at the forefront. Each of them offers something different which is why they have become popular among investors and unit owners.
Hot Property Projects in Dubai’s Top Communities
If you missed out on redeeming this real estate trend, don’t worry. It’s not too late! There are still many residential projects available in these communities where you can find the best options at the best prices.
Jumeirah Village Circle (JVC)
- Binghatti Aurora
- Iman one sky park
Dubai South
- Azizi Venice
Business Bay
Dubai Hills Estate
- Emaar Vida Residences Club Point
These projects are the reason for the increasing demand in their areas which played a part in helping Dubai achieve its all-time high sales in the Q3 2024.
What Property Types Are Selling Best?
Let’s delve deeper into what kinds of properties are contributing to these sales. Strangely enough, properties worth between AED 1 - 2 M ( $272,000 - $544,000) were responsible for 31% of the sales. This signifies that the trend of affordable luxury is proving to be popular. Yet another 29% of the total transactions took place for sales of properties worth below AED1m ($272,000), so there’s plenty of activity on the lower end of the market as well.
It’s not just the cheap hotels suffering either, Here the sales of properties priced AED2-3m (USD 544k-817k) accounted for 18% and 14% transacted in the AED 3-5m (USD 817k-1.4m) range. Last but not the least, 8% of properties were sold at more than AED5m ($1.4m). In a nutshell, be it for the budget conscious traveler or the extravagant tourist, Dubai has it all.
New Developments Are Winning Big
Note this – the new peaks in the market trends are way out of everyone’s reach. Developers’ sales (those bright and shiny projects that everyone falls in love with) accounted for a staggering 68% of all transactions in Q3, while the sales of the already constructed units on the secondary market made only 32%. It is no longer a secret that people appreciate new and contemporary structures and projects, and so does Dubai.
The first place is occupied by the apartments, which in the third quarter alone sold 39,058 units worth AED 70.5bn ($19.2bn). This is a staggering 43.9% surge in volume compared to the previous year. Villas are equally in demand where 8,156 units were sold for AED 39.2bn ($10.7bn ) giving a 16.6% increase in volume. Be it a tall apartment or a big villa, Dubai has got it all for you.
Rising Property Values in Dubai
It isn’t only the quantity of transactions completed that is increasing however the rates too are on the increase. In Q3 2024 for example, the square footage median has increased to AED1,511 ($411) from AED1,017 ($277) three years back. It is further witnessed that Real Estate Investments in Dubai are appreciating in value rather than maintaining the current values. If you have been deliberating for the right moment to acquire, that moment seems to be today.
Land and Commercial Property Sales Surge
On the other hand, if you have a preference for land or commercial real estate, this is good news because those markets are booming as well. “In Q3, 2,102 plots of land for sale, amounted to AED 29.9bn ($8.1bn) of sales, recording a 45.9% rise in volume compared to the same period last year. Commercially, 1,112 sales, valued at AED2.3bn ($626m), were recorded which is a 12.1% growth in volume. Furthermore, regardless of the nature of investment one is looking at, there are significant prospects in the real estate market of Dubai.
Dubai Real Estate Sales Growth Over the Past Five Years
The real estate market in Dubai has been experiencing a steady growth for the past five years, and the sales of Q3 have increased on a yearly basis.
- 2020: AED 18.1bn ($4.9bn from 8,600 transactions)
- 2021: AED 42.4bn ($11.5bn from 15,900 transactions)
- 2022: AED 69.5bn ($18.9bn from 25,500 transactions)
- 2023: AED 109.2bn ($29.7bn from 36,700 transactions)
- 2024: AED 141.9bn ($38.6bn from 50,423 transactions)
This growth is simply astounding. I must say, if you invested money back in the enclosing year 2020, then returns would be quite unimaginable already. Not forgetting that Dubai’s market has started to show no signs of slowing down, it’s even better.
The Most Expensive Property Sold in Q3
For the luxury lovers, the most pricey asset within the property market Q3 was a stupefying apartment at One at Palm Jumeirah priced at AED275m ($75m).
Yes, you heard it right, AED275m! Such is the extent of appreciation of ultra-luxury houses in Dubai. It is not only about having a residence in this location, but rather, it is about possessing an Island of Heaven.
Dubai’s Real Estate Market Resilience
What are the motives behind all these things? The chief executive officer of fäm Properties Firas Al Msaddi addressed it clearly: “The figures once more emphasise the resilience of the Dubai real estate market and the consistent growth we’ve seen in recent years, which continues to enhance investor confidence.”
“This ongoing upward trend reinforces Dubai’s status as a leading destination for real estate investment, attracting growing interest from global investors, as well as buyers from the local and regional markets.”
Residency in Dubai is not just limited to comfort; the emirate is a center of interest for many investors. Given such performance, it is not surprising that the level of confidence in the market is the highest ever.
Conclusion: Why Now’s the Time to Invest
What does all of this imply for the readers, however? To put it simply, for potential investors in Dubai Property Market , the present is the best time to do so. Be it a lavish penthouse, a reasonably priced flat, or even some lucrative plots of land, the market in Dubai is reaping extraordinary growth and healthy profits. The statistics speak for themselves- prices of properties keep on rising and the sales are at record high.
The leading areas have maintained the growth of interest within them and the increase in property prices, thus showing that Dubai is a market worth engaging in real estate investment. Do you want to make your move now? The city is all set for you.
