Dubai's property market continues to set records, with residential sales set to reach an impressive $38.6 billion in the third quarter of 2024.
The sector has grown significantly over the past five years, which emphasises the attractiveness of investing in UAE residential complexes. In particular, the cost of housing in Dubai has been steadily rising, with the average price per square foot at AED 1,511 ($411) in July-September 2024, compared to AED 1,405 ($382) in the same period last year.
There were 50,423 transactions in the third quarter, up 37.9 per cent from a year earlier. Flat sales accounted for the largest share (77 per cent), up 43.9 per cent from a year earlier. Sales of villas also increased, supporting the upward trend in the market. In the land plot segment, growth was 45.9 per cent year-on-year.
Jumeirah Village Circle recorded the highest number of transactions (4,467 transactions worth AED 5.33bn), followed by Dubai South, Business Bay, Wadi Al Safa 5 and Dubai Hills Estate. Among luxury properties, a flat in the One complex in Palm Jumeirah was sold for AED 275 million ($74.9 million), making it the most expensive property in the quarter.
A breakdown by price segment shows that 31 per cent of transactions were in the AED 1-2 million range, 29 per cent up to AED 1 million and 8 per cent above AED 5 million.
The primary market showed strong demand, accounting for 68 per cent of transactions by number and 63 per cent by total value.
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