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Dubai's property market achieves unprecedented transaction volumes in Q3 2024, driven by continued international demand and new mega-project launches.
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.
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 buyers represented 78% of all transactions, with the largest groups coming from:
Several major developments launched in Q3 2024, including:
Market Outlook: Analysts expect continued growth through 2025, supported by Expo 2020 legacy projects and Dubai's ongoing economic diversification efforts.
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