The sales of the homes in renowned UAE sites like Dubai also showed a decent increase in the third quarter of 2024. The third quarter in Dubai was good for the property market because a huge number of properties were sold.
Seeing this demand, the builders have started to work on the new projects according to the needs of the people who are looking for modern houses. For two years people from other countries have been coming to UAE in big numbers and are also interested in living in cities like Dubai.
There were total sales of around AED 141.9 billion which is a new high for a single quarter in Q3 2024. This shows Dubai's real estate being a stunning market. This number also shows a 30.1% annual year-on-year rise in pricing that is more than the quarterly record of AED 124.07 billion from Q2 2024. The big builders are now trying to attract the rich people from all around the world to buy luxury properties from them. Properties that are being planned in 2024 to be provided after three to five years have attracted a number of investors because the price of these houses will increase.
A market report from a company tells that 50,424 total sales transactions in Q3 show a 37.9% year-on-year growth in numbers and a 16.6% increase over Q2. Comprising 77% of all Q3 transactions, apartment sales saw 39,058 transactions touching AED 70.5 billion, showing a 43.9% rise in volume for the same time in the last year. These big sales were done because of the attractive payment plans that are being provided by the builders where they can pay for the properties with ease.
Properties sold for AED 39.2 billion were 8,156 villas, a 16.6% increase in numbers than Q3 2023 and an 18.4% growth than the last quarter. With a price per square foot of AED 1511, which shows a market of increasing property prices than AED 1017 in Q3 2021, AED 1179 in 2022, and AED 1405 last year. Sales included 2102 plots for AED 29.9 billion, a 45.9% increase from Q2 and a 42.3% growth from Q3 2023. In the commercial market, 1112 transactions of AED 2.3 billion showed a 12.1% year-on-year rise in numbers.
According to Dubai Housing these numbers highlight the resilience of the Dubai property market and the good growth that have seen, which continues to boost the interest of the people. Some brokers also say that Dubai's popularity as a top real estate investment destination can be seen by this growing demand which draws more and more buyers from other countries.
From AED 18.1 billion (8,600) in 2020 to AED 42.4 billion (15,900) in 2021, AED 69.5 billion (25,500) in 2022, and AED 109.2 billion (36,700). Dubai's Q3 property sales have increased more than the last five years. Jumeirah Village Circle (4,467 transactions - AED 5.33 billion), Dubai South (2,910 transactions - AED 8.25 billion), Business Bay (2,651 transactions - AED 7.22 billion), Wadi Al Safa 5 (2,382 transactions - AED 5.3 billion), Dubai Hills Estate (2,358 transactions - AED 7.38 billion), and Dubai South also seeing good growth.
At Palm Jumeirah, a luxury apartment grabbed AED 275 million which is among the expensive property sold in Dubai. The Q3 has sales included 31% of properties priced between AED 1-2 million; followed by 29% under AED 1 million; 18% between AED 2-3 million; 14% between AED 3-5 million; and 8% over AED 5 million. With 68% of the numbers and 63% of the pricing compared to 32% and 37% for re-sales, new sales from developers was more than re-sales in the secondary market.
The huge sales numbers in Dubai's Q3 2024 real estate market showed its good comeback and continuous attractiveness as a top investing location. The change towards new plans points to a better situation with growing demand for all types of properties. Rising property prices seen in Dubai makes investors buy more properties in the location where they can get good ROI or better rental yields.
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