Dubai property market sets Dh141.9 billion all-time quarterly sales record
-
Loading... - Daley Adron
- 04 Oct 2024
- 59 Views
- 0 Like
- 0 Comment
Dubai's real estate market has set a new record for quarterly sales, with a total value of Dh141.9 billion in Q3 2024. This surpasses the previous record of Dh124.07 billion in Q2 2024 and represents a 30.1% year-on-year increase in value.
According to a market update by fäm Properties, 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. The majority of these transactions were apartment sales, with 39,058 units sold for a total value of Dh70.5 billion. This represents a 43.9% increase in volume on the same period last year.
Villa sales also saw a significant increase, with 8,156 units sold for a total value of Dh39.2 billion. This represents a 16.6% rise in volume on Q3 2023 and an 18.4% increase on the previous quarter.
The median price per square foot in Q3 was Dh1,511, compared to Dh1,017 in 2021, Dh1,179 in 2022, and Dh1,405 last year. This highlights the rising property values in recent years.
Sales of plots also saw a significant increase, with 2,102 plots sold for a total value of Dh29.9 billion. This represents 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 Dh2.3 billion were up 12.1% in volume on Q3 last year.
The top five performing areas of Dubai in Q3 were Jumeirah Village Circle, Dubai South, Business Bay, Wadi Al Safa 5, and Dubai Hills Estate. The most expensive individual property sold in Q3 was a luxury apartment at the One at Palm Jumeirah, which fetched Dh275 million.
Overall, first sales from developers significantly outnumbered re-sales in the secondary market, with 68% of sales coming from developers and 32% from re-sales. In terms of value, 63% of sales came from developers and 37% from re-sales.
The CEO of fäm Properties, Firas Al Msaddi, commented on the figures, saying that they emphasize the resilience of the Dubai real estate market and the consistent growth seen in recent years. He also noted that the 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.
