Dubai Real Estate Market Heats Up in Q3 2024

The Dubai residential resale market demonstrated remarkable resilience in Q3 2024, with total transaction values reaching AED 53 billion, marking a 4.6% increase compared to the same period last year. This growth comes amid expectations of a 3.7% expansion in the UAE economy for 2024, despite global macroeconomic uncertainties.

The average resale price per square foot across all property types increased by 8.7% to AED 1,564, with 15,631 transactions completed during the quarter. Notably, while apartments dominated the market with 77% of all resale transactions, they accounted for only 49% of the total value, highlighting the premium commanded by villas and townhouses.

Property type appreciation rates showed interesting variations:

• Apartments: +7.5% year-over-year
• Villas: +14.1% year-over-year
• Townhouses: +20.7% year-over-year

Ready properties continued to dominate the resale market, representing 85% of transactions. This trend reflects a shift from renting to buying, driven by rising rental prices and stable interest rates. The undersupply of villas and townhouses has contributed to their faster value appreciation compared to apartments.

The market has shown particular strength in luxury properties, with several notable transactions:

• AED 288.7M villa sale in Dubai Hills Estate (Address Hillcrest)
• AED 275M apartment transaction in The One at Palm Jumeirah
• AED 223M villa sale in District One West, Mohammed Bin Rashid City

The continued price appreciation across all property types, combined with strong transaction volumes, suggests sustained market confidence. The higher growth rates in villa and townhouse segments indicate particular opportunity in these sectors, especially given current supply constraints.

Metropolitan Premium Properties has released comprehensive Q3 2024 resale reports for Dubai’s key communities, now available here.

These detailed reports cover:

• Price per square foot trends
• Transaction volumes and values
• Year-over-year comparisons
• Rental yield analysis
• Market sentiment indicators

For investors, property owners, and real estate professionals, these reports provide essential insights for navigating Dubai’s dynamic real estate market. Whether you’re considering selling, investing, or simply staying informed about market conditions, our Q3 reports offer the detailed analysis you need to make informed decisions.

Learn more in the reports here.

You can also contact our team of expert property consultants to discuss how these market trends might affect your property portfolio or investment strategy.