District One Apartments Q3 Resale Report
(1st July - 30th September 2024)
AED 2,166
Average price per sq. ft
Compared to Q3 2023
81 resale transactions
AED 194.8M total resale value
Apartments in District One Q3 2024 Resale Report
Executive Summary
One-bedroom units dominated resale activity with 53 transactions at an average price of AED 1,710,077 in Q3 2024, though transaction volume fell 46.0% year-over-year. Two-bedroom apartments recorded 21 transactions at an average price of AED 3,194,053, a decline of 36.0% in transaction count compared to Q3 2023, while three-bedroom units saw 5 transactions at an average price of AED 4,313,916 with no year-over-year change in volume. The off-plan primary market in District One Apartments registered 134 transactions totaling AED 329,971,400 in Q3 2024, compared to 81 resale transactions valued at AED 194,777,562 during the same period.
Key Facts
- In Q3 2024, the average resale price per square foot in District One Apartments reached AED 2,166, marking a 9.2% year-over-year increase.
- District One Apartments recorded 81 resale transactions in Q3 2024, a decline of 40.9% compared to the same quarter in 2023.
- The total resale transaction value for District One Apartments in Q3 2024 was AED 194,777,562, down 27.2% year-over-year.
- Ready properties accounted for 93.8% of resale transactions in District One Apartments during Q3 2024, while off-plan completions represented just 6.2%.
- One-bedroom units led resale activity in District One Apartments in Q3 2024 with 53 transactions at an average price of AED 1,710,077, though transaction count fell 46.0% year-over-year.
- Two-bedroom apartments in District One recorded 21 resale transactions in Q3 2024 at an average price of AED 3,194,053, a 36.0% decline in transaction count year-over-year.
- Three-bedroom units saw 5 resale transactions in District One Apartments during Q3 2024, with an average price of AED 4,313,916 and no year-over-year change in transaction count.
Key Performance Indicators
Key Performance Indicators
Resale - Q3 2024
Rental - Q3 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
Price Trend
Price Trend - District One Apartments
Average Price per Sq. Ft - District One Apartments
| Period | Average Price per Sq. Ft (AED) |
|---|---|
| Q3 2023 | 1,448 |
| Q4 2023 | 1,518 |
| Q1 2024 | 1,581 |
| Q2 2024 | 1,604 |
| Q3 2024 | 1,496 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did District One Apartments transactions split between off-plan and ready in Q3 2024?
In Q3 2024, ready properties dominated the District One Apartments market, accounting for 93.8% of all transactions and 88.7% of total transaction value, while off-plan units represented just 6.2% of deals and 11.3% of value. The off-plan segment's higher share of value relative to transaction count indicates that off-plan purchases in District One Apartments carried a larger average deal size than ready unit transactions during the quarter. This distribution reflects a market structure heavily oriented toward completed inventory, with off-plan activity representing a minor fraction of overall trading volume in the district.
Which Apartments bedroom configurations recorded the highest resale activity in District One during Q3 2024?
In Q3 2024, one-bedroom apartments dominated transactional activity in District One, Dubai, recording 53 sales at an average price of AED 1,710,077, though this represented a 46.0% year-on-year decline in transaction count. Two-bedroom units followed with 21 transactions averaging AED 3,194,053, while three-bedroom apartments recorded five sales at an average of AED 4,313,916. Average prices across the reportable bedroom segments spanned from AED 1,710,077 for one-bedroom units to AED 4,313,916 for three-bedroom configurations in District One during the quarter.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 1,710,077 | +9.1% | 53 | -46% |
| 2 B/R | AED 3,194,053 | +16% | 21 | -36% |
| 3 B/R | AED 4,313,916 | +0.3% | 5 | 0% |
| 4 B/R | AED 7,749,400 | N/A | 2 | N/A |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - Q3 2024
| Bedroom Type | Transactions |
|---|---|
| 1 B/R Bed | 53 |
| 2 B/R Bed | 21 |
| 3 B/R Bed | 5 |
| 4 B/R Bed | 2 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Rental Summary
Rental Contract Distribution - Q3 2024
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 106,659 | -4.3% | 145 | +326% |
| 2 B/R | AED 185,672 | -10% | 44 | +1000% |
| 3 B/R | AED 295,586 | +1.1% | 11 | +450% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- Q3 2024
Dubai's real estate market recorded 47,203 sale transactions and 119,904 rental transactions in Q3 2024, with rental activity significantly outpacing sales volume. Initial sales accounted for 68.6% of all sale transactions, while resale properties represented 31.4% of the market. In the rental sector, contract renewals dominated at 60.7% of the 119,904 rental transactions, compared to 39.3% for new rental contracts, indicating sustained tenant retention across Dubai's communities during the quarter.
Dubai Overall Market Context
Dubai Apartments Market Totals - Q3 2024
| Category | Percentage |
|---|---|
| Initial Sale | 68.6% |
| Resale | 31.4% |
| Category | Percentage |
|---|---|
| New | 39.3% |
| Renewal | 60.7% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Frequently Asked Questions
What was the average price per square foot for resale apartments in District One during Q3 2024?
How many resale apartment transactions occurred in District One in Q3 2024?
What was the total resale transaction value for apartments in District One in Q3 2024?
What percentage of District One apartment resales were ready properties versus off-plan in Q3 2024?
What was the average resale price for one-bedroom apartments in District One during Q3 2024?
What was the average resale price for two-bedroom apartments in District One in Q3 2024?
How many three-bedroom apartment resale transactions occurred in District One in Q3 2024?
What was the off-plan primary market transaction volume for apartments in District One in Q3 2024?
Methodology
The resale market data presented for District One apartments during Q3 2024 (July 1 through September 30, 2024) derives from Property Monitor's transaction register, which aggregates Dubai Land Department resale registrations recorded within that period. Year-on-year comparisons reference the equivalent quarter in 2023, with percentage changes calculated on a like-for-like basis across the same calendar window. Off-plan transaction counts and values are reported separately to distinguish pre-completion sales from completed-unit transfers, though readers should note that the timing of formal registration may lag the economic completion date of a resale transaction by several weeks, meaning some deals concluded late in Q3 could appear in subsequent reporting periods depending on administrative processing schedules at the Land Department.
Glossary
- PSF
- Price per square foot. A standardized metric used in Dubai real estate to compare property values by dividing the total sale price by the property's area in square feet.
- Off-plan
- Properties sold by developers before construction is complete, often purchased directly from the developer during the project's pre-construction or construction phase.
- Secondary market
- The resale market where properties are sold between private parties rather than directly from developers, encompassing both ready and incomplete off-plan units.
- Ready property
- A completed, habitable property with an issued occupancy certificate, available for immediate handover and occupancy.
- Resale
- A transaction where a property is sold by an owner who is not the original developer, regardless of whether the property is completed or still under construction.
- Off-Plan Developer Sale
- The initial sale of an incomplete property directly from the developer to the first buyer during the project's launch or construction period.
- Resale Off-Plan Origin
- A secondary-market transaction of a property that was originally purchased off-plan but is being resold before completion by an investor or buyer who is not the developer.
- AED/sqft
- United Arab Emirates dirham per square foot. The standard unit of measurement for property pricing in Dubai, expressing the cost per square foot in local currency.
- District One
- A master-planned residential community in Mohammed Bin Rashid City featuring villas, mansions, and apartments with lagoons, parks, and proximity to Downtown Dubai.
- Apartment
- A self-contained residential unit within a multi-story building, typically part of a larger development with shared facilities and common areas.
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