fäm Properties have praised Dubai’s real estate sector as it broke records in Q3 2024, with total sales worth AED 141.9bn ($38.6bn).
This surpassed the previous quarterly sales record of AED 124.07bn set in Q2 this year and also 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 2024, a 37.9% year on year increase in volume and a 16.6% rise on Q2 2024.
The 39,058 apartment sales worth AED 70.5bn 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 AED 39.2bn, 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 AED 1,511 per sq ft, compared with the Q3 rates of AED 1,017 in 2021, AED 1,179 in 2022 and AED 1,405 in 2023.
Sales of 2,102 plots for AED 29.9bn represented a 45.9% leap in volume on Q3 last year and a 42.3% increase on Q2.
In the commercial real estate realm, 1,112 sales worth AED2.3bn were up 12.1% in volume on Q3 last year.
“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.”
Firas Al Msaddi, CEO, fäm Properties.
Dubai’s Q3 property sales over the last five years have now risen to the current peak level, from AED 18.1bn (8,600 transactions) in 2020 to AED 42.4bn (15,900) in 2021, AED 69.5bn (25,500) in 2022 and AED 109.2bn (36,700) last year.
The most expensive individual property sold in Q3 was a luxury One at Palm Jumeirah apartment – which was sold for AED 275m.
The top five performing areas of Dubai in Q3 were Jumeirah Village Circle (4,467 transactions – AED 5.33bn), Dubai South (2,910 – AED 8.25bn), Business Bay (2,651 – AED 7.22bn), Wadi Al Safa 5 (2,382 – AED 5.3bn) and Dubai Hills Estate (2,358 – AED 7.38bn).
It comes as Knight Frank data shows a surge in Dubai residential prices. Knight Frank’s 2024 Destination Dubai showed that access to greenery, wellness centres, and waterfront locations are the top factors attracting international investors and buyers.
