Sales of apartments and villas in Dubai reached a record high of 38.6 billion dollars in the 3rd quarter of 2024.
Over the past five years, the emirate's real estate market has grown significantly: from 18.1 billion dirhams (8,600 transactions) in the 3rd quarter of 2020 to the current maximum. Housing in Dubai continues to rise in price: the average price per square foot in July – September 2024 reached 1511 dirhams ($411) compared with 1405 dirhams ($382) a year earlier.According to a report by Fäm Properties, 50,423 transactions were completed in the 3rd quarter, which is 37.9% more than in the same period last year, and 16.6% more than in the 2nd quarter.
- At the same time, apartment sales, which account for 77% of total sales, increased by 43.9% year-on-year.
- Villa sales increased by 16.6% year-on-year and by 8.4% quarter-on-quarter.
- Land sales showed an increase of 45.9% year-on-year.
The most deals were concluded in Jumeirah Village Circle: 4,467 in the amount of 5.33 billion dirhams.
This is followed by: Dubai South, Business Bay, Wadi Al Safa 5 and Dubai Hills Estate.
The most expensive property in the 3rd quarter: an apartment in Complex One on Palm Jumeirah, which was sold for 275 million dirhams (74.9 million dollars).
Real estate sales in different price segments:
- 31% in the range of 1-2 million dirhams ($272,257,544,514),
- 29% up to 1 million dirhams (up to 272,257 dollars),
- 18% in the range of 2-3 million dirhams (544 514 816 771 dollars),
- 14% in the range of 3-5 million dirhams (816 771 1.4 million dollars),
- 8% - more than 5 million dirhams (more than $ 1.4 million).
Sales in the primary market accounted for 68% in terms of the number of transactions and 63% in terms of value.
Source: Arabian Business
