Dubai: Dubai’s property market continues to thrive, setting new records in the third quarter of 2024. With over 50,000 sales transactions and a total value of AED 141.9 billion ($38.7 billion), the market has demonstrated an impressive 14.4% increase from the previous quarter and a 30.1% rise year-on-year.
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.
Apartments dominated the market, accounting for 77% of Q3 transactions. This segment saw 39,054 sales worth AED 70.5 billion ($19.2 billion), a remarkable 43.9% growth compared to Q3 2023. Villas followed with 8,156 sales valued at AED 39.2 billion ($10.7 billion), reflecting a 16.6% increase year-on-year.
The luxury market flourished, with a Palm Jumeirah property setting a record as Dubai’s most expensive single-property sale at AED 275 million ($75 million). Meanwhile, Jumeirah Village Circle (JVC) retained its top spot as the best-performing neighbourhood, achieving 4,467 transactions worth AED 5.33 billion ($1.45 billion).
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.
