Arabian Post Staff -Dubai
Dubai’s booming real estate market reached a record-breaking milestone in Q3 2024, posting an unprecedented $38.6 billion (Dh141.9 billion) in sales. This new benchmark represents the highest quarterly sales in the city’s history, surpassing the $33.8 billion (Dh124 billion) set in the previous quarter, underscoring a sustained surge in demand across the property sector.
The latest figures show a significant 30.1% year-on-year growth, signaling robust momentum that has been building throughout 2024. A total of 50,423 property sales were completed during the third quarter, marking a 16.6% rise from Q2 and an impressive 37.9% increase compared to the same period last year.
Apartments remained the dominant driver of this expansion, contributing 77% of all transactions. Over 39,000 apartment sales accounted for a combined value of $19.2 billion (Dh70.5 billion), representing a 43.9% surge in volume from Q3 2023. Villas, too, saw strong performance, with 8,156 units sold, generating $10.7 billion (Dh39.2 billion) in sales, up 16.6% in volume and 18.4% quarter-over-quarter. This marks the continued preference for premium residential living and underscores the growing interest in lifestyle-oriented properties.
The median price per square foot also climbed to $411 (Dh1,511), reflecting the rising property values in the city. The ongoing price appreciation is notable when compared to previous years, with a sharp rise from Dh1,017 per square foot in 2021 to Dh1,405 last year, illustrating the long-term trajectory of property value growth in Dubai.
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