The Dubai real estate market has reached an all-time high in quarterly sales, totaling $38.6 billion.

In a remarkable achievement, the Dubai real estate market has hit a record high in quarterly sales, reaching an impressive total of $38.6 billion. This surge highlights the growing demand for properties in this vibrant city, attracting both local and international investors. The increasing interest in Dubai real estate is driven by its appealing lifestyle, luxury offerings, and strategic location. With a diverse range of properties available, from stunning villas to high-end apartments, buyers are eager to invest in this thriving market. Additionally, various initiatives by the government have boosted confidence in the real estate sector, making it an attractive option for investment. As the market continues to flourish, experts predict that this trend will likely persist, offering numerous opportunities for those looking to enter the Dubai real estate market. Whether you are an investor or a potential homeowner, now is a great time to explore the exciting possibilities that this dynamic market has to offer. Discover the potential of Dubai real estate today!

Historic Growth in the Dubai Real Estate Market

The Dubai real estate market has experienced historic growth, reaching a record high of AED 141.9 billion (about $38.6 billion) in sales during Q3 2024. This figure surpasses the previous record of AED 124.07 billion set in Q2 2024, marking a 30.1% increase compared to the same quarter last year.

Strong Sales Transactions

According to a report by fäm Properties, there were 50,423 sales transactions in Q3, reflecting a 37.9% increase from the previous year and a 16.6% rise from Q2 2024. This shows that more people are buying properties in Dubai than ever before.

Apartment and Villa Sales Lead the Market

Apartments were the most popular choice, making up 77% of all transactions. There were 39,058 apartment sales worth AED 70.5 billion, a 43.9% increase from Q3 2023. Villa sales also performed well, with 8,156 transactions valued at AED 39.2 billion, marking an increase of 16.6% from last year.

Rising Property Values

The median price for properties in Dubai has been steadily increasing, reaching AED 1,511 in Q3 2024, up from AED 1,405 in 2023.

Significant Increase in Land and Commercial Sales

Land sales saw substantial growth, with 2,102 transactions worth AED 29.9 billion, a 45.9% increase from the same time last year. Commercial properties also showed positive growth, with 1,112 transactions valued at AED 2.3 billion, reflecting a 12.1% year-on-year increase.

Resilience and Investment Appeal

Firas Al Msaddi, CEO of fäm Properties, highlighted the resilience of the Dubai real estate market. The consistent growth over the years boosts investor confidence, reinforcing Dubai’s reputation as a prime destination for real estate investments.

Top Areas for Property Sales

The top-performing areas in Q3 included:

• Jumeirah Village Circle: 4,467 transactions totaling AED 5.33 billion
• Dubai South: 2,910 transactions valued at AED 8.25 billion
• Business Bay: 2,651 transactions worth AED 7.22 billion
• Wadi Al Safa 5: 2,382 transactions valued at AED 5.3 billion
• Dubai Hills Estate: 2,358 transactions amounting to AED 7.38 billion

The highest-value transaction in Q3 was a luxury apartment in Palm Jumeirah, sold for AED 275 million.

Sales by Price Range

In terms of pricing, properties priced between AED 1 million and AED 2 million accounted for 31% of all sales, while properties below AED 1 million made up 29%. The AED 2-3 million range accounted for 18%, and those priced between AED 3 and AED 5 million accounted for 14%. Properties over AED 5 million made up 8% of sales.

Developers Outperform Resale Market

Sales from developers dominated the market, making up 68% of the total volume and 63% of the total value. In contrast, resale transactions accounted for 32% of the volume and 37% of the value, showing a strong preference for new properties in the Dubai real estate market.

The ongoing growth and resilience of the Dubai real estate market continue to attract buyers, making it an exciting time for both investors and homeowners.

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