As per the reports by fäm Properties, the total sales value of the Dubai Property Market reached Dh141.9 billion in Q3 2024, which was a record high for a single quarter. The latest sales record surpassed the previous quarterly sales record of Dh124.07 billion set in Q2 of this year and signified a value increase of 30.1% year over year.
Fäm Properties released a market update on Thursday, that reflects the total sales transactions of 50,423 in Q3, up by 16.6% from Q2 and 37.9% year over year.
Th apartment sales, valued at Dh70.5 billion that counts the sale of approx. 39,058 apartment, , accounted for 77% of all Q3 transactions and reflected a 43.9% increase in volume over the same time the previous year. Approx. 8,156 villas were sold for Dh39.2 billion, representing an increase of 16.6% in volume over Q3 2023 and an 18.4% increase over the previous quarter.
With 2,102 plots sold for Dh29.9 billion, volume increased by 42.3% over Q2 and 45.9% over Q3 of the previous year. 1,112 sales of Dh2.3 billion in commercial real estate were up 12.1% in volume from the third quarter of the previous 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,” 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 Q3 property sales over the last five years have now reached the current peak level, that somewhere started from Dh18.1 billion (8,600 transactions) in 2020 to Dh42.4 billion (15,900) in 2021, Dh69.5 billion (25,500) in 2022, and Dh109.2 billion (36,700) last year.
Jumeirah Village Circle (4,467 transactions – Dh5.33 billion), Dubai South (2,910 – Dh8.25 billion), Business Bay (2,651 – Dh7.22 billion), Wadi Al Safa 5 (2,382 – Dh5.3 billion), and Dubai Hills Estate (2,358 – Dh7.38 billion) were the top five performing areas in Dubai in Q3.
Source: Propertynews
