The total sales turnover has now hit AED 142bn ($ 38.7bn) in the Q3 2024, making it the best performing quarter in the market history for Dubai Real Estate, the report of Property Finder said. The emirate recorded 50,439 transactions which is the highest number that has been recorded in a quarter. Purchases of off-plan properties alone contributed to this surge, contributing to 63 per cent of total deals.
Off-Plan Properties dominate the Market
Off-plan sales also buying by specification rose year-on-year by 58.7 per cent to reach 31,800 transactions in Q3 2024, the highest on record for a quarter. The value of these transactions increased by 42.3% to AED 67.45 Bn ($ 18.4Bn), much higher to Q3 2023 of AED 47.39 Bn ($ 12.9Bn). This is evidence that demand for the off-plan property has increased over the years as investors and buyers were more inclined towards the off-plan properties as compared to the before years.
Again on the ready property transactions there is positive increase shown in the table above.
Although off-plan sale continued to remain popular, there was significant improvement in ready property sales as well. The market demonstrated 13.3 % increase in volume for 18 639 transactions in Q3 2024 comparing to the volume of 16 450 transactions in the same Q3 of the previous year. The total of these transactions was AED 74.53bn ($20.3bn) which is + 20.8% more than 9M14; their share was 52% of total sales transactions’ values. This suggests that the market has both the off-plan and ready properties categories, and both segments are propelling the growth of the market.
The Dubai Luxury Real Estate Market Seeing Growth
Cherif Sleiman, Chief Revenue Officer at Property Finder, pointed to this as the quarter that is revealing the trend of owning a property for use’ as opposed to investment. Mortgage processing through their advisory service, he said, has also gone up in line with the continued growth of buy-to-live activity. The introduction of The Dubai Real Estate Strategy 2033 enhances the market’s long-term stability and future-driven growth scenario.
Despite an upward trend in what the emirate has achieved in the current record high, the real estate market covers a very strategic sector in Dubai and continues to attract investors and users at the same time.
