The value of transactions in the 3rd quarter reached a record level of almost 141.9 billion dirhams (38.7 billion dollars). This is 31.1% more than last year.
The share of apartment sales is 77%. The volume of apartment sales increased by 43.9% year-on-year. Villa sales increased by 16.6% quarter-on-quarter and by 18.4% year-on-year. Land sales increased by 42.3% quarter-on-quarter and by 45.9% year-on-year. In the commercial real estate sector, which also showed good results, 1,112 transactions worth almost 2.3 billion dirhams (626 million US dollars) were registered, which is 12.1% more than in the 3rd quarter of 2023.
Palm Jumeirah continues to hold leadership in the luxury real estate market. In the 3rd quarter, an apartment in the area was sold for 275 million dirhams ($75 million). This is a record amount.
Jumeirah Village Circle continues to top the list of the five most popular areas in Dubai for home purchase.- JVC: 4467 transactions worth about 5.33 billion dirhams (1.45 billion dollars);
- Dubai South:2,910 transactions worth 8.25 billion dirhams ($2.25 billion);
- Wadi Al Safa 5: sales in the amount of 5.3 billion dirhams (1.44 billion dollars);
- Business Bay: sales in the amount of 7.22 billion dirhams (1.96 billion dollars);
- Dubai Hills Estate: sales worth 7.38 billion dirhams ($2.01 billion).
The share of real estate transactions of different values:
- 1-2 million dirhams (from 272,000 to 544,000 dollars) – 31%;
- less than 1 million dirhams ($272,000) – 29%;
- from 2 to 3 million dirhams (from 544,000 to 816,000 dollars) – 18%;
- from 3 to 5 million dirhams (from 816,000 to 1.36 million dollars) – 14%;
- more than 5 million dirhams (1.36 million dollars) – 8%.
Source: Gulf Today
