Dubai Real Estate Market Sees Record Q3 Sales Volume
Dubai Property Market Sets New Records
Dubai's real estate sector has shattered previous records in the third quarter of 2024, with transaction volumes reaching AED 89.2 billion (approximately $24.3 billion), representing a 23% increase compared to Q3 2023.
Market Highlights
Transaction Volume: Over 42,000 property transactions were recorded in Q3 2024, with off-plan sales accounting for 65% of total transactions. This represents the highest quarterly figure since records began.
Price Appreciation: Average property prices increased by 12% year-on-year, with luxury segments seeing gains of up to 18%. Areas like Dubai Marina, Downtown Dubai, and the new Mohammed bin Rashid City continue to lead price appreciation.
International Investment
International buyers represented 78% of all transactions, with the largest groups coming from:
- India (22% of international transactions)
- United Kingdom (15%)
- Pakistan (12%)
- Germany (8%)
- France (7%)
New Project Launches
Several major developments launched in Q3 2024, including:
- The Royal Atlantis Residences: Ultra-luxury waterfront living
- Burj Azizi: Set to become the world's second-tallest building
- Dubai Creek Harbour Phase 3: Mixed-use waterfront community
Market Outlook: Analysts expect continued growth through 2025, supported by Expo 2020 legacy projects and Dubai's ongoing economic diversification efforts.
