The Dubai real estate market has shown resilience and impressive growth throughout Q3 2024. With increasing demand for both residential and commercial properties, coupled with a strong performance in the luxury sector, Dubai continues to attract both local and international investors.
1. Sales Volume and Value Growth
The total sales volume for Q3 2024 reached 50,423 transactions, marking an increase of 16.6% quarter-on-quarter (QoQ) and a massive 37.9% year-on-year (YoY) growth. This surge is driven by a diverse mix of property types, including apartments, villas, townhouses, commercial units, and land.
The total sales value hit 141.9 billion AED, showcasing a robust real estate market where both primary and secondary sales remain strong.
2. Off-Plan vs. Secondary Sales
Off-plan sales dominated the market, accounting for 68% of all transactions, while secondary sales made up 32%. This indicates a growing interest in newly launched projects, highlighting developers’ ability to cater to modern buyers’ needs with innovative designs and amenities.
3. Price Ranges of Sales
Properties in the 1 million to 2 million AED range were the most popular, representing 31% of the transactions. This was followed by properties priced:
- Below 1 million AED: 29%
- 2 million to 3 million AED: 18%
- 3 million to 5 million AED: 14%
- Above 8 million AED: 8%
This distribution shows Dubai’s appeal to a wide range of buyers, from first-time homeowners to luxury investors.
4. Top Performing Areas
Several key areas stood out for their high number of transactions, including: Jumeirah Village Circle (JVC), Dubai South, Business Bay, Wadi Al Safa 5 and Dubai Hills Estate. These areas are favored for their strategic locations, infrastructure, and modern residential developments.
5. Luxury Real Estate Market
The luxury real estate market saw 400 transactions in Q3, down from 489 in the previous quarter, mainly due to the limited supply of high-end properties amidst growing demand. The average price for a home in Dubai’s prime luxury neighborhoods stood at 12.8 million AED.
6. Return on Investment (ROI) Trends
For investors seeking high returns, several areas in Dubai have shown strong performance. Dubai Investment Park (DIP) led the way with an impressive ROI of 10.5%, followed by Discovery Gardens and Liwan.
Conclusion
The Q3 2024 Dubai real estate market report highlights the ongoing growth and diversification of the city’s property sector. With a robust increase in sales volume and value, particularly in the luxury and off-plan segments, Dubai remains a top destination for real estate investment. The city’s evolving infrastructure, modern developments, and strategic locations offer a wide range of options for both homebuyers and investors, making it a key player in the global property market.
For a complete analysis of Dubai’s real estate trends, including in-depth insights on sales, ROI, and top-performing areas, download the full Q3 2024 Dubai Real Estate Market Report.
