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Dubai realty market sets $38.6bn ‘all-time quarterly sales record’
DUBAI, October 4, 2024
Dubai's real estate market recorded total sales worth AED141.9 billion ($38.6 billion) in Q3 2024, setting an all-time high for a single quarter.
This eclipsed the previous quarterly sales record of AED124.07 billion in Q2 this year, and represented a 30.1% year-on-year rise in value.
A market update issued by fäm Properties reveals there were 50,423 overall sales transactions in Q3, a 37.9% year on year increase in volume and a 16.6% rise on Q2.
39,058 apartment sales
The 39,058 apartment sales worth AED70.5 billion represented 77% of the total Q3 transactions, and showed a 43.9% increase in volume on the same period last year.
Meanwhile, 8,156 villas sold for AED39.2 billion, a rise in volume of 16.6% over Q3 2023 and an increase of 18.4% on the previous quarter.
Rising property values in recent years were highlighted by a median price of AED1,511 per sq ft, compared with the Q3 rates of AED1,017 in 2021, AED1,179 in 2022 and AED1,405 last year.
Sales of 2,102 plots for AED29.9 billion represented a 45.9% leap in volume on Q3 last year and a 42.3% increase on Q2. In commercial real estate, 1,112 sales worth AED2.3 billion were up 12.1% in volume on Q3 last year.
Market resilience
"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," said Firas Al Msaddi, CEO of fäm Properties.
"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."
Dubai’s 3Q property sales over the last five years have now risen to the current peak level from AED18.1 billion (8,600 transactions) in 2020 to AED42.4 billion (15,900) in 2021, AED69.5 billion (25,500) in 2022 and AED109.2 billion (36,700) last year.
The top five performing areas of Dubai in Q3 were Jumeirah Village Circle (4,467 transactions – AED5.33 billion), Dubai South (2,910 – AED8.25 billion), Business Bay (2,651 – AED7.22 billion), Wadi Al Safa 5 (2,382 – AED5.3 billion) and Dubai Hills Estate (2,358 – AED7.38 billion).
The most expensive individual property sold in Q3 was a luxury One at Palm Jumeirah apartment which fetched AED275 million.
AED1-2 million worth properties in demand
With properties worth AED1-2 million accounting for 31% of sales, 29% were below AED1 million, 18% between AED2-3 million, 14% between AED3-5 million, and 8% more than AED5 million.
Overall, first sales from developers significantly outnumbered re-sales in the secondary market - 68% over 32% in terms of volume and 63% against 37% in value.--TradeArabia News Service
