Dubai’s booming real estate market has set a new all-time high, reaching a staggering $38.6 billion (AED 141.9 billion) in sales during Q3 2024. This marks a 30.1% year-on-year increase and a significant leap from the previous record of $33.8 billion in Q2. The quarter saw a total of 50,423 property transactions, reflecting a 37.9% rise in volume compared to the same period last year.
Among the top-performing areas were:
- Jumeirah Village Circle: $1.4 billion from 4,467 transactions
- Dubai South: $2.2 billion from 2,910 transactions
- Business Bay: $2 billion from 2,651 transactions
- Wadi Al Safa 5: $1.4 billion from 2,382 transactions
- Dubai Hills Estate: $2 billion from 2,358 transactions
Apartments dominated the market, representing 77% of the total transactions, with 39,058 units sold for $19.2 billion. Villas also performed strongly, with 8,156 sold for $10.7 billion. The mid-range price category ($272,000-$544,000) led sales, accounting for 31% of the total transactions.
The growth continues to bolster investor confidence, with both local and international buyers showing increasing interest in Dubai’s resilient market.
Source: Arabian Business
