- Dubai’s property market sets a new quarterly record with AED141.9 billion ($38.6 billion) in sales, representing a 30.1% year-on-year increase and 50,423 transactions.
- Apartment sales dominate with 77% of transactions, while villa sales and land plots also show significant growth, indicating strong market performance across all segments.
- The median price per square foot reaches AED1,511, reflecting consistent value appreciation and reinforcing Dubai’s appeal as a prime real estate investment destination.
Dubai’s real estate sector has once again demonstrated its resilience and appeal, achieving an unprecedented milestone in the third quarter of 2024. The emirate’s property market recorded a staggering AED141.9 billion ($38.6 billion) in total sales, setting a new all-time high for a single quarter. This remarkable performance not only surpassed the previous record of AED124.07 billion set in Q2 2024 but also represented a substantial 30.1% year-on-year increase in value.
The latest market update, provided by fäm Properties, reveals that the number of transactions also saw a significant uptick. With 50,423 overall sales transactions in Q3, the market experienced a 37.9% year-on-year increase in volume and a 16.6% rise compared to the previous quarter. This surge in both value and volume underscores the robust health of Dubai’s property sector and its continued attraction to investors and homebuyers alike.
Diving deeper into the numbers, the apartment segment dominated the market, accounting for 77% of total Q3 transactions. An impressive 39,058 apartment sales, valued at AED70.5 billion, marked a 43.9% increase in volume compared to the same period last year. The villa market also showed strong performance, with 8,156 units sold for AED39.2 billion, reflecting a 16.6% year-on-year volume increase and an 18.4% rise from the previous quarter.
One of the most telling indicators of the market’s strength is the steady appreciation in property values. The median price per square foot reached AED1,511 in Q3 2024, a significant jump from AED1,017 in Q3 2021, showcasing the consistent upward trajectory of Dubai’s real estate market over the past few years.
The land market also experienced a boom, with 2,102 plots sold for AED29.9 billion, representing a remarkable 45.9% increase in volume compared to Q3 2023. This surge in land sales points to continued development and expansion in the emirate, as investors and developers capitalize on Dubai’s growth potential.
Firas Al Msaddi, CEO of fäm Properties, emphasized the significance of these figures, stating, “The data once again highlights the resilience of Dubai’s real estate market and the consistent growth we’ve witnessed in recent years, which continues to bolster investor confidence.” He added that this ongoing upward trend reinforces Dubai’s position as a premier destination for real estate investment, attracting growing interest from both global and regional investors.
The market’s performance is particularly impressive when viewed in the context of its growth over the past five years. From a modest AED18.1 billion in sales during Q3 2020, the market has experienced exponential growth, reaching its current peak of AED141.9 billion in Q3 2024. This trajectory reflects not only the recovery from the global pandemic but also Dubai’s success in positioning itself as a global real estate hotspot.
As Dubai continues to evolve and expand its offerings, from luxury developments to affordable housing options, the real estate sector remains a key pillar of the emirate’s economic growth. With projects catering to various segments of the market and ongoing infrastructure developments, Dubai is well-positioned to maintain its appeal to a diverse range of investors and residents, promising continued dynamism in its real estate landscape.
Also Read: The Rise of Rent-Now-Pay-Later (RNPL) in the UAE
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
Last Updated on March 11, 2025 by Safiya K
