In Q3 2024, Dubai's real estate market showed strong growth, recording over 47,300 transactions worth AED 116.8 billion. The completion of around 7,000 residential units was led by Jumeirah Village Circle, with high demand for larger apartments. Off-plan transactions, which reflect investor confidence, accounted for 71% of the total volume. Jumeirah Village Circle led in transaction volumes, while Dubai Hills Estate dominated sales value. Significant investment from both local and international investors has solidified Dubai as a premier real estate destination, further enhancing the property market's upward trend and minimizing the need for future speculation.
According to the latest statistics from Land Sterling, Dubai's property market recorded over 47,300 transactions in Q3 2024, totaling AED 116.8 billion (around USD 31.8 billion). Compared to the same period last year, transaction volume rose by an impressive 42 percent, while transaction value grew by about 33 percent.
This increase in both volume and value indicates a sustained upward trend in Dubai's property market performance, with the positive momentum further strengthened this quarter. In Q3 2024, Dubai saw the completion of around 7,000 new residential units, with apartments making up 84% of these additions. The highest number of new units were delivered in Jumeirah Village Circle, followed closely by Mohammed Bin Rashid (MBR) City and Dubai Harbour.
The report highlighted strong demand for larger residential units, especially two- and three-bedroom apartments, as many buyers favored more spacious living areas. Off-plan transactions continued to dominate the market, representing 71% of the total transaction volume in Q3. Off-plan sales are seen as an indicator of investor confidence, supported by new supply launches during the quarter and flexible payment plans.
The data shows that Jumeirah Village Circle leads in transaction volumes, followed by Dubai Hills Estate, Business Bay, Dubai South, and Sobha Hartland 2. When it comes to total sales value, Dubai Hills Estate tops the list, with Dubai South, Palm Jumeirah, Business Bay, and The Valley following.
Dubai has attracted substantial investment from both local and international investors, establishing itself as a major global real estate destination. Consequently, there's little need to speculate about the future of Dubai's property market.
Dubai's property market continues to demonstrate remarkable growth, with strong transaction volumes and values, signaling a sustained upward trajectory. The demand for larger residential units and off-plan sales reflects the confidence investors have in the market, further bolstered by the completion of new developments. Areas like Jumeirah Village Circle and Dubai Hills Estate remain key hotspots for both transactions and sales value. With ongoing investment from local and international buyers, Dubai's real estate sector is poised to maintain its status as a leading global property destination in the coming quarters.
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