Dubai, United Arab Emirates, 20 November 2024: The real estate market in Dubai
continues to grow at an exponential rate, driven by increasing demand as an investment
destination, relaxing land ownership regulations, the increasing inflow of expats to the
Emirate and convenient payment plans offered by developers.
Breaking records in standard Dubai style, sales of real estate in the third quarter of 2024
achieved an unmatched milestone, with a total value of almost AED 141.9 billion ($38.7
billion). This surpasses the previous record of AED 124.07 billion ($33.8 billion) set in the
second quarter of this year, a 14.4% QoQ increase, making this the largest quarterly sales
amount ever attained. This strong performance record is a 30.1% value increase YoY, with
first-sale properties taking the helm.
The sustained demand for real estate in Dubai, especially from domestic and international
investors, is demonstrated by this upsurge in activity which has been a consistent trend in
the post-pandemic market. 50,423 sales transactions in the third quarter represented a
16.6% increase QoQ and a 37.9% YoY increase in volume of sales.
The apartment segment continued to lead the way, with 77% of all transactions in Q3
recording an impressive 39,054 sales transactions valued at around AED 70.5 billion ($19.2
billion). This number is a staggering 43.9% increase in volume compared to the same
quarter in the previous year. Villa sales took the second spot with a substantial contribution
of 8,156 units, sold for over AED 39.2 billion ($10.7 billion), demonstrating an increase of
16.6% YoY and 18.4% over the Q2.
Sales of land plots surged, AED 29.9 billion ($8.1 billion) recorded from 2,102 transactions,
indicating a 45.9% YoY increase in volume and a 42.3% increase from the previous quarter.
A 12.1% rise in volume over Q3 2023 was recorded in the commercial real estate sector,
which also did strongly, recording 1,112 sales valued at almost AED 2.3 billion ($626 million).
Palm Jumeirah continues to hold its position in the luxury property market, with an apartment
in the neighbourhood selling for an astounding AED 275 million ($75 million) in Q3, making it
the most expensive single property sold.
Jumeirah Village Circle continued to top the list of the top five performing locations in Dubai
in Q3 2024.
- JVC: 4,467 transactions valued at roughly AED 5.33 billion ($1.45 billion)
- Dubai South: 2,910 transactions valued at AED 8.25 billion ($2.25 billion)
- Wadi Al Safa 5 (AED 5.3 billion, $1.44 billion)
- Business Bay (AED 7.22 billion, $1.96 billion)
- Dubai Hills Estate (AED 7.38 billion, $2.01 billion)
Overall, the larger portion of transactions, 31%, were houses priced between AED 1-2
million ($272,000 and $544,000). Twenty-nine percent of properties were below AED 1
million ($272,000), while 18% were between AED 2-3 million ($544,000 and $816,000). The
trajectory for higher-valued properties continued, with 14% of all sales were for residences
valued between AED 3-5 million ($816,000 and $1.36 million), and 8% were for properties
priced beyond AED 5 million ($1.36 million).
In light of the staggering growth in Dubai’s real estate market, the 21 st edition of IPS
Congress, the leading international property sales event in the middle east, ramps up to
bring together major stakeholders in this booming industry, from April 14 to 16, 2025. With
an expected attendance of over 16,000 visitors and more than 150 exhibitors from over 45
countries, this event aims to strengthen Dubai’s global leadership in this industry by fostering
collaboration with the private sector and international firms aligning with Dubai’s Real Estate
Strategy 2033.
Key themes of IPS Congress 2025 will include IPS Real Estate: Highlighting the latest
trends across the real estate sector; IPS Future Cities: Focusing on the development of
sustainable urban environments; IPS Proptech Startups: Exploring technological
innovations in the real estate space; IPS Design: Celebrating creativity in architectural
aesthetics, and IPS Service: Elevating property management and hospitality standards.
For more information about the exhibition, please visit: www.ipscongress.com
