The Dubai real estate market broke records with transactions valued at AED 142.5 billion in the third quarter of 2024.

Dubai’s Real Estate Market Experiences 34.5% Year-on-Year Transaction Growth in Q3 2024

The Dubai real estate market recorded a 34.5% year-on-year increase in the number of transactions in the third quarter of this year, with 60,000 deals concluded. The value of residential transactions reached AED 142.5 billion, marking a significant rise compared to the same period last year.

The volume of transactions also grew by 39.66%, with a total of 59,710 deals closed, according to a report by Springfield Properties, one of Dubai’s leading real estate agencies. The report described this period as another exceptional quarter for the Dubai real estate market.

Strong Growth and Demand

Dubai’s real estate market continues to expand, driven by increased demand for off-plan developments and growing interest in luxury properties. Off-plan transactions remain the dominant market segment, with high-net-worth individuals showing increased interest in upscale communities such as Palm Jumeirah and Dubai Hills Estate.

Farooq Syed, CEO of Springfield Properties, stated:
“Dubai is increasingly establishing itself as a global center for real estate. This quarter has been one of the most dynamic we’ve seen in the past year, both in terms of transaction value and volume.”

Diverse Property Demand

The report noted that off-plan properties accounted for 60.35% of the total transaction value, reflecting a 63.03% year-on-year increase in off-plan sales. Jumeirah Second posted the highest average price per square foot at AED 4,600, followed by Bluewaters Island at AED 4,000 per square foot.

Market Outlook

Dubai’s real estate market continues to enjoy growing demand from both local residents and international investors. The city’s population is projected to reach 7.8 million by 2040, further driving the need for residential and commercial properties.

Syed added that Dubai’s real estate market is on a path of sustained growth, supported by strategic infrastructure projects and rising demand from high-net-worth individuals:
“The market’s appeal lies in its business-friendly environment and robust development pipeline, making Dubai a preferred choice for global investors.”

Dubai’s market remains on a positive trajectory, with expectations of steady growth through the end of 2024.

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Zdroj: Arabian Business