
Source: Arabian Business
Property transaction values in Dubai’s residential real estate sector reached a whopping AED 142.5 billion in the third quarter of this year, posting a 34.5 per cent jump over the same year-ago period, an industry report said.
The transaction volume during the period also surged 39.66 per cent on an annualised basis, with 59,710 deals closed, the report by Springfield Properties, a leading Dubai brokerage, said.
Springfield Properties’ Q3 2024 Dubai Real Estate Market Report said the July-September period marked another exceptional quarter for Dubai’s real estate market.
“Continuing its upward trend, the market saw strong performance across both off-plan and luxury property segments, reinforcing Dubai’s appeal as a top global investment destination,” it said.
Springfield Properties said the remarkable growth is driven by increased demand in the off-plan market, which continues to dominate sales, and an ever-rising interest in luxury properties.
“Dubai is consistently demonstrating its strength as a real estate global hub,” said Farooq Syed, CEO of Springfield Properties.
“This quarter has been one of the most dynamic periods we’ve seen in the past year, with substantial year-on-year growth in both transaction values and volumes. The off-plan market continues to lead the charge, with investors eager to secure future-ready assets that offer long-term value,” he said.
Syed said luxury properties remain a magnet for high-net-worth individuals, with communities like Palm Jumeirah and Dubai Hills Estate drawing global attention.
“We’re seeing not just investment in property, but in lifestyle – buyers are choosing Dubai for its world-class amenities, safety, and strategic location,” he said.
Diverse property demand
The Q3 2024 report also highlighted another milestone achievement in Q3, with off-plan properties accounting for 60.35 per cent of the total value of all transactions.
“This reflects a 63.03 per cent year-on-year increase in off-plan sales, further cementing the segment as the leading driver of growth,” it said.
Luxury property sales saw continued momentum, with Jumeirah Second recording the highest average sales price at AED 4,600 per square foot, followed by Bluewaters Island at AED 4,000 per square foot.
Jumeirah Village Circle led in transaction volume with 4,300 deals closed, reflecting the diverse demand across both luxury and mid-range properties.
Dubai’s market outlook
The market’s strong performance comes as the city continues to attract a growing population and international investors, the report said.
With the city’s population expected to reach 7.8 million by 2040, demand for both residential and commercial properties is set to rise, it said.
“Dubai’s real estate market is on track for sustained growth, supported by strategic infrastructure projects and increasing demand from high-net-worth individuals.
“The market’s appeal lies in its business-friendly environment and robust development pipeline, making it a preferred choice for global investors,” Syed said.
He said the outlook remains positive as the sector approaches the final quarter of 2024.
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