Dubai’s property market is on a remarkable upswing, maintaining its impressive trajectory in the third quarter of 2024. The emirate has witnessed a surge in real estate activity, driven by an increasing number of buyers opting for homes they intend to live in.
In Q3 2024, Dubai recorded 50,439 transactions, totaling an impressive Dh142 billion. These figures reflect a robust 15% increase in transaction volume and a 14.5% rise in value compared to the previous quarter.
Surge in Off-Plan Sales
Off-plan properties have become increasingly popular, making up 63% of all transactions—a notable increase from 55% in Q3 2023. The demand for off-plan units has surged, with transactions reaching approximately 31,800, reflecting an impressive 58.7% year-on-year growth. This trend highlights the strong investor confidence in Dubai’s real estate sector.
Historical Comparisons
The current market performance has surpassed the 2009 peak, where transactions totaled 26,629. This year, the market has seen a 19.4% increase in transactions compared to that previous high.
Existing Property Transactions
Existing property transactions also showed robust growth, with 18,639 transactions recorded—up 13.3% year-on-year from 16,450 in Q3 2023. These transactions accounted for 37% of the total volume for the quarter. Furthermore, the value of existing property transactions soared to Dh74.53 billion, a 20.8% increase from Dh61.7 billion in the same quarter last year. This segment now represents 52% of total transaction values, compared to 57% in Q3 2023.
The Dubai property market is not only thriving but also adapting to the preferences of end-users. With increasing off plan property sales and robust existing property transactions, the market showcases its resilience and appeal to both local and international buyers.
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