Dubai Real Estate Market Sets New Records in Q3 2024, Defying Global Trends
Dubai’s real estate market continued to break records in Q3 2024, with transaction volumes, sales values, and project registrations all hitting unprecedented levels. Investor confidence remains high as Dubai solidifies its position as a global real estate powerhouse, reflecting both resilience and growth potential amid fluctuating global economic conditions.
Table of Contents
- Record-Breaking Transactions and Sales Values
- Unprecedented Project Activity
- Rental Market Hits New Highs
- Top-Selling Areas Show Consistency
- Prices Climb as Demand Grows
- Looking Ahead
Record-Breaking Transactions and Sales Values
Dubai’s property sector delivered exceptional results in Q3 2024, with a staggering 50,425 transactions—the highest number ever recorded—marking a 38% increase year-on-year. These transactions generated a total sales value of AED 141.95B, reflecting a 30% rise compared to Q3 2023.
The market’s relentless momentum highlights growing demand across both residential and commercial sectors, driven by favorable regulations, visa reforms, and a constant influx of international buyers. With these figures, Dubai has firmly redefined its real estate landscape, setting new benchmarks in volume and value.
Unprecedented Project Activity
A standout feature of Q3 2024 was the 146 projects registered, making it the most active quarter in Dubai’s history. This milestone underscores the sustained appetite for new developments, reinforcing investor trust in Dubai’s long-term growth prospects. Alongside new registrations, the quarter also saw 21 projects completed, bringing 5,183 new units to the market, further fueling supply to meet soaring demand.
Rental Market Hits New Highs
Dubai’s rental market mirrored the explosive activity in sales, with the number of new rental contracts reaching levels not seen since Q4 2021, a period that marked the city’s resurgence post-pandemic. The high demand for rental properties, driven by expatriates and new residents, reflects the continued influx of talent and investment into the region.
Median rents for apartments jumped to AED 68,000, a 19.3% year-on-year increase. Villas saw median rents rise to AED 180,000, up 5.88% year-on-year.
With such steep rises, rental yields in Dubai continue to attract attention from global investors seeking strong returns in a market with limited barriers to entry.
Top-Selling Areas Show Consistency
Dubai’s most sought-after locations retained their appeal, with Jumeirah Village Circle (JVC), Dubai Hills Estate, and Sobha Hartland 2 leading the charge in apartment sales. The 1st Sale Apartments category saw JVC dominate with 3,140 units sold, followed by Sobha Hartland 2 with 2,066 units, and Dubai Hills Estate with 1,900 units.
