Dubai property's record run continues in third quarter

Dubai’s property market is showing a steady shift towards end-users, as increasing numbers of property buyers opt to live in the units they buy, data showed on Wednesday.

According to data from Property Finder, a leading real estate portal, the emirate's real estate market continued to create new records in the third quarter, with a total of 50,439 transactions valied at Dh142 billion. The figures represent a 15 per cent in volume and 14.5 per cent in value over the second quarter.

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Off-plan transactions accounted for 63 per cent of the total transactions, compared to 55 per cent in Q3 2023.

Off-plan sales in Dubai demonstrated increased demand, with a year-on-year volume growth of roughly 58.7 per cent, touching 31,800 transactions. “This marked the highest volume for a quarter ever recorded. In terms of values, there was a year-on-year surge of around 42.3 per cent, amounting to Dh67.45 billion, compared to Dh47.39 billion in Q3 2023,” a statement said.

The market also surpassed its 2009 peak, with 31,800 transactions compared to 26,629 in 2009, reflecting a 19.4 per cent increase.

Existing property related transactions showed a year-on-year increase of around 13.3 per cent in volume, with nearly 18,639 transactions compared to 16,450 during the same quarter last year.

This accounted for 37 per cent of the total transactions in Q3 2024. The market also experienced a notable volume growth of 7.9 per cent from Q2 2024. The value of these transactions increased by 20.8 per cent year on year , touching Dh74.53 billion, compared to Dh61.7 billion in Q3 2023.

This contributed to 52 per cent of the total sales transaction values, compared to 57 per cent in Q3 2023.

“Q3 2024 achieved significant milestones for Dubai’s real estate market, reflecting a robust surge in activity and a clear shift towards owner-occupancy. This underscores the growing appeal of off-plan properties, which are increasingly resonating with buyers. We’ve observed an uptick in buy-to-live transactions, evidenced by the increase in mortgage processing through our Mortgage Finder advisory service. In this vein, we further recognise the positive momentum in Abu Dhabi’s market, which further enriches the regional landscape. The Abu Dhabi Real Estate Centre’s newly launched Rental Index also promises greater transparency for tenants and landlords, supporting a stable growth for property in the emirate,” said Cherif Sleiman, chief revenue officer, Property Finder.