Downtown Dubai Q3 2024 Resale Report
(1st July - 30th September 2024)
AED 2,583
Average price per sq.ft.
Compared to Q3 2023
580 transactions
AED 1.976B total resale value
Apartments in Downtown Dubai Q3 2024 Resale Report
Executive Summary
Two-bedroom apartments led resale activity in Downtown Dubai during Q3 2024 with 258 transactions at an average price of AED 3,787,876, though transaction volume declined 10.0% year-over-year. One-bedroom units recorded 217 transactions at an average price of AED 2,003,439, down 7.0% year-over-year, while three-bedroom apartments saw 70 transactions at an average price of AED 5,557,819, up 1.0% year-over-year. Four-bedroom units recorded 7 transactions at an average price of AED 18,744,555, a year-over-year decline of 30.0%, and studio apartments tallied 27 transactions at an average price of AED 1,033,123, with transaction count up 17.0% year-over-year. The off-plan primary market in Downtown Dubai recorded 445 transactions totaling AED 2,062,666,735 during Q3 2024.
Key Facts
- In Q3 2024, the average resale price per square foot for apartments in Downtown Dubai reached AED 2,583, representing a 9.0% year-over-year increase.
- Downtown Dubai recorded 580 resale apartment transactions in Q3 2024, a decline of 7.2% compared to the same quarter in 2023.
- The total value of resale apartment transactions in Downtown Dubai during Q3 2024 was AED 1,975,671,805, up 1.5% year-over-year.
- Ready properties accounted for 87.2% of resale transactions in Downtown Dubai during Q3 2024, while off-plan completions represented 12.8%.
- Two-bedroom apartments led resale activity in Downtown Dubai during Q3 2024 with 258 transactions at an average price of AED 3,787,876, though transaction volume fell 10.0% year-over-year.
- One-bedroom apartments recorded 217 resale transactions in Downtown Dubai during Q3 2024 at an average price of AED 2,003,439, with transaction counts declining 7.0% year-over-year.
- Studio apartments in Downtown Dubai saw 27 resale transactions in Q3 2024 at an average price of AED 1,033,123, with transaction volume rising 17.0% year-over-year.
Key Performance Indicators
Key Performance Indicators
Resale - Q3 2024
Rental - Q3 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
Price Trend
Price Trend - Downtown Dubai Apartments
Average Price per Sq. Ft - Downtown Dubai Apartments
| Period | Average Price per Sq. Ft (AED) |
|---|---|
| Q3 2023 | 2,370 |
| Q4 2023 | 2,488 |
| Q1 2024 | 2,503 |
| Q2 2024 | 2,640 |
| Q3 2024 | 2,582 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did Downtown Dubai Apartments transactions split between off-plan and ready in Q3 2024?
In Q3 2024, ready apartment transactions dominated Downtown Dubai's market, accounting for 87.2% of all deals and 81.4% of total transaction value, while off-plan sales comprised 12.8% of transactions and 18.6% of value. The higher value share relative to transaction count for off-plan properties indicates that the average off-plan deal size exceeded the average ready property transaction during this period. This completion-status split reflects buyer preference patterns in Downtown Dubai apartments for Q3 2024, with ready units constituting the clear majority of market activity by both deal count and dirham volume.
Which Apartments bedroom configurations recorded the highest resale activity in Downtown Dubai during Q3 2024?
In Q3 2024, two-bedroom apartments dominated transaction activity in Downtown Dubai with 258 sales, followed closely by one-bedroom units at 217 transactions. Average prices across reportable bedroom configurations ranged from AED 1,033,123 for studios to AED 18,744,555 for four-bedroom units, with studio apartments recording a notable 17.0% year-on-year increase in transaction count. One-bedroom and two-bedroom segments both experienced year-on-year declines of 7.0% and 10.0% respectively, while three-bedroom units remained relatively stable at 1.0% growth.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 1,033,123 | -12.5% | 27 | +17% |
| 1 B/R | AED 2,003,439 | +11.3% | 217 | -7% |
| 2 B/R | AED 3,787,876 | +18.1% | 258 | -10% |
| 3 B/R | AED 5,557,819 | +2.3% | 70 | +1% |
| 4 B/R | AED 18,744,555 | +30.9% | 7 | -30% |
| 5 B/R | AED 15,500,000 | -72.8% | 1 | 0% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - Q3 2024
| Bedroom Type | Transactions |
|---|---|
| Studio Bed | 27 |
| 1 B/R Bed | 217 |
| 2 B/R Bed | 258 |
| 3 B/R Bed | 70 |
| 4 B/R Bed | 7 |
| 5 B/R Bed | 1 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in Downtown Dubai perform in Q3 2024?
Off-plan apartment transactions in Downtown Dubai totaled 445 units during Q3 2024, representing a 50.3% increase year-over-year, with a combined value of AED 2,062,666,735, up 135.0% year-over-year. During the same period, resale activity in the community recorded 580 transactions valued at AED 1,975,671,805. Off-plan sales represented approximately 43.4% of total transaction volume in Downtown Dubai apartments for Q3 2024, while accounting for just over half of the combined transaction value.
Rental Summary
Rental Contract Distribution - Q3 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| Studio | AED 74,862 | +13.8% | 131 | -20% |
| 1 B/R | AED 114,825 | +9.9% | 908 | -9% |
| 2 B/R | AED 180,721 | +10.1% | 753 | +3% |
| 3 B/R | AED 271,535 | +8.1% | 273 | +32% |
| 4 B/R | AED 671,846 | -24.3% | 8 | -20% |
| 5 B/R | AED 1,045,417 | +56% | 3 | +50% |
Source: Property Monitor, Metropolitan Premium Properties Analysis
Dubai Apartments Market Context -- Q3 2024
## Dubai Market Overview
During Q3 2024, Dubai recorded 47,203 sale transactions and 119,904 rental transactions across all property types and communities. Initial sales represented 68.6% of the Dubai sales market, while resale transactions accounted for 31.4% of total sale volume in the quarter. In the rental segment, contract renewals made up 60.7% of Dubai's rental transaction activity, compared to 39.3% for new rental contracts during the same period.
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 Downtown Dubai in Q3 2024?
How many resale apartment transactions occurred in Downtown Dubai during Q3 2024?
What was the total transaction value for resale apartments in Downtown Dubai in Q3 2024?
What was the average price for a two-bedroom resale apartment in Downtown Dubai in Q3 2024?
What percentage of Downtown Dubai apartment transactions were ready properties versus off-plan in Q3 2024?
What was the average price for a one-bedroom resale apartment in Downtown Dubai in Q3 2024?
How many off-plan primary market apartment transactions occurred in Downtown Dubai in Q3 2024?
Methodology
This analysis draws on Property Monitor's aggregation of Dubai Land Department resale transaction registrations for apartment units in Downtown Dubai between 1 July and 2024-09-30, with year-on-year comparisons calculated against the corresponding quarter in 2023. The dataset captured 580 resale transactions valued at AED 1,975,671,805, yielding an average price per square foot of AED 2,583, alongside 445 off-plan transactions totaling AED 2,062,666,735 during the same period. Readers should note that registration dates may lag actual sale agreement dates by several weeks, meaning some transactions closed late in Q2 2024 could appear in this quarter's figures, while late-Q3 closings may register in Q4, affecting period-to-period comparability.
Glossary
- PSF
- Price per square foot; the sale price of a property divided by its total area in square feet, used as a standardized metric to compare property values across different sizes and locations in Dubai.
- Off-plan
- Properties sold by developers before construction is complete, typically purchased through payment plans during the building phase.
- Secondary market
- The resale market where properties change hands between private owners after the initial developer sale, encompassing both off-plan assignments and ready properties.
- Ready property
- A completed, habitable property with issued completion certificate that is available for immediate occupancy or rental.
- Resale
- Any property transaction between private parties after the original developer sale, whether the unit is off-plan or completed.
- Resale Off-Plan Origin
- A subcategory of resale transactions where the property being sold was originally purchased off-plan from a developer but is now being resold before completion.
- Off-Plan Developer Sale
- The initial sale of an uncompleted property directly from the developer to the first buyer, typically involving staged payments tied to construction milestones.
- AED/sqft
- The price expressed in United Arab Emirates Dirhams per square foot of built-up area, the standard pricing unit for Dubai real estate transactions.
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