The value of real estate sales in Dubai has reached a new high of 374.17 billion dirhams, resulting from 130,360 transactions during the first nine months of this year. This marks the highest sales value ever recorded for this period, according to a survey conducted by “Emarat Al Youm” based on data from the Dubai Land Department.
According to the survey, the sales value increased by 35% from January to September compared to approximately 277 billion dirhams during the same period last year, while the number of transactions rose by 41% compared to 92,330 transactions.
Mortgage transactions increased by 47.5% to reach 132.23 billion dirhams compared to approximately 89.7 billion dirhams. Gifts amounted to about 36.16 billion dirhams compared to 21.21 billion dirhams.
Thus, the total real estate transactions (sales + mortgages + gifts) during the first nine months of this year increased by 39.8%, surpassing the half-trillion dirham mark for the first time, reaching about 542.56 billion dirhams. This represents the highest transactions ever in the history of the Dubai real estate market, distributed across 165,990 transactions, compared to 388 billion dirhams from 115,883 transactions during the same period last year, an increase of 43.2%.
The third quarter of this year witnessed total transactions amounting to 199.2 billion dirhams, resulting from 64,300 transactions, compared to 133 billion dirhams from 41,048 transactions during the same period last year, representing a growth of approximately 49.8% in value.
Sales achieved the highest quarterly value ever, recording 144.99 billion dirhams, distributed over 50,350 transactions, compared to sales of 97.2 billion dirhams (31,085 transactions) during the same period in 2023, showing a growth of 67.7% in value. This surpassed the previous record set in the second quarter of 2024, which was 124.4 billion dirhams. Mortgages amounted to 41.87 billion dirhams from 11,700 transactions, while gifts recorded 15.34 billion dirhams through 2,250 transactions.
In September 2024, total transactions reached approximately 66.29 billion dirhams, resulting from 22,172 transactions. This represents a growth of 79% in value and 91% in number compared to the same month in 2023, which recorded 37 billion dirhams through 11,605 transactions.
Record-breaking September
The same month saw record sales worth 43.3 billion dirhams from 17,450 transactions, reflecting a 42% growth in value. The real estate sales in September are the highest ever for that month and the fifth-highest monthly sales in the market’s history.
Meanwhile, mortgages in September amounted to approximately 15.83 billion dirhams, and gifts recorded 3.58 billion dirhams from 582 transactions.
Promising Phase
Waleed Al Zarooni, Chairman of W Capital Real Estate Brokerage, stated that 2024 has experienced a promising phase of growth in the sector since the beginning of the year. He confirmed that the growth continues, with sales exceeding all expectations and reaching record levels and unprecedented historical figures.
Al Zarooni added that the future of Dubai real estate market is bright, with unprecedented demand from all over the world. This demand is driven by the emirate’s attractiveness to new residents, investors, and individuals seeking property. Dubai is considered home to some of the world’s most luxurious and highly sought-after properties, offering rental yields higher than many other global real estate markets.
Position of Strength
Dounia Fadi, the CEO of EXP in Dubai, stated that “the last quarter of this year is a critical period for assessing the performance of the Dubai real estate market, especially after the remarkable growth we have witnessed in previous months. Given the current economic and dynamic shifts, I believe that Dubai real estate market remains in a position of strength and is poised to break new records by the end of the year, as the value and number of real estate transactions for the current period have surpassed those of the same period last year.”
Fadi added that Dubai, as a global destination, is distinguished by its ability to quickly adapt to economic changes, along with the continuous inflow of foreign investments. These factors enhance momentum in Dubai real estate market. With every new challenge, Dubai has proven its resilience in maintaining its appeal to investors worldwide, whether in the luxury residential categories or commercial projects.
She expected the positive momentum to continue in the last quarter of the year, especially given the strong demand for luxury and commercial properties, along with significant transactions that contribute to increasing average sale and rental prices. She noted that demand for major residential and commercial properties could exceed market expectations, particularly in light of government policies and support encouraging long-term investments.
Unprecedented demand
The CEO of Elio Properties, Zahi Qashou, stated that “the Dubai real estate market is experiencing its most prosperous era, with unprecedented demand for ownership and investment in the sector. This is supported by factors such as advanced infrastructure, strong economic growth, incentives to attract investors, the provision of residence visas for foreigners, and the creation of an ideal environment for living and working.” He added that the momentum of demand has contributed to breaking the previously recorded sales records, predicting that this growth rate will continue and will not slow down soon, given the ongoing supportive factors.
