Dubai Harbour Apartments Q3 Resale Report
(1st July - 30th September 2024)
AED 3,562
Average price per sq. ft
Compared to Q3 2023
131 resale transactions
AED 587.8M total resale value
Apartments in Dubai Harbour Q3 2024 Resale Report
Executive Summary
The one-bedroom segment led resale activity in Dubai Harbour during Q3 2024 with 53 transactions at an average price of AED 2,679,976. Two-bedroom units followed with 49 transactions at an average price of AED 4,846,919 in Q3 2024. Three-bedroom apartments accounted for 24 transactions at an average price of AED 6,552,022 in Q3 2024, while four-bedroom units recorded 5 transactions at an average price of AED 10,200,000 in the same period. Off-plan primary market sales in Dubai Harbour totaled 131 transactions valued at AED 840,455,986 during Q3 2024, matching the resale transaction count for the quarter.
Key Facts
- In Q3 2024, Dubai Harbour apartments recorded an average resale price of AED 3,562 per square foot, representing a 4.8% year-over-year increase.
- Dubai Harbour saw 131 resale apartment transactions in Q3 2024, a decline of 35.5% compared to the same quarter in 2023.
- The total value of resale transactions in Dubai Harbour during Q3 2024 reached AED 587,786,253, down 38.1% year-over-year.
- Ready properties accounted for 56.5% of resale transactions in Dubai Harbour in Q3 2024, while off-plan completions represented 43.5%.
- One-bedroom apartments were the most actively traded segment in Dubai Harbour during Q3 2024, with 53 resale transactions at an average price of AED 2,679,976.
- Two-bedroom apartments in Dubai Harbour recorded 49 resale transactions in Q3 2024 at an average price of AED 4,846,919, a 30.0% decrease in transaction count year-over-year.
- Three-bedroom units in Dubai Harbour saw 24 resale transactions in Q3 2024 at an average price of AED 6,552,022, reflecting a 35.0% decline in transaction volume compared to Q3 2023.
Key Performance Indicators
Key Performance Indicators
Resale - Q3 2024
Rental - Q3 2024
Source: Property Monitor, Metropolitan Premium Properties Analysis
Price Trend
Price Trend - Dubai Harbour Apartments
Average Price per Sq. Ft - Dubai Harbour Apartments
| Period | Average Price per Sq. Ft (AED) |
|---|---|
| Q3 2023 | 3,399 |
| Q4 2023 | 3,356 |
| Q1 2024 | 3,460 |
| Q2 2024 | 3,552 |
| Q3 2024 | 3,562 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did Dubai Harbour Apartments transactions split between off-plan and ready in Q3 2024?
In Q3 2024, Dubai Harbour apartment transactions tilted toward ready properties, which captured 56.5% of all deals compared to 43.5% for off-plan units. By transaction value, ready properties accounted for 56.9% of total consideration (AED terms) against 43.1% for off-plan, reflecting a near-identical split. The negligible 0.4 percentage-point gap between volume share and value share indicates that average deal sizes for ready and off-plan apartments in Dubai Harbour during Q3 2024 were broadly similar.
Which Apartments bedroom configurations recorded the highest resale activity in Dubai Harbour during Q3 2024?
In Q3 2024, one-bedroom apartments led transaction activity in Dubai Harbour with 53 sales, followed by two-bedroom units at 49 transactions. Average prices across bedroom configurations ranged from AED 2,679,976 for one-bedroom apartments to AED 10,200,000 for four-bedroom units. All bedroom segments recorded year-on-year transaction declines, with four-bedroom apartments experiencing the sharpest contraction at -58.0% and one-bedroom units declining -37.0%.
Performance by Bedroom Type
Price Insights by Bedroom
| Bedrooms | Avg Price | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 2,679,976 | -0.6% | 53 | -37% |
| 2 B/R | AED 4,846,919 | +8.3% | 49 | -30% |
| 3 B/R | AED 6,552,022 | -5.6% | 24 | -35% |
| 4 B/R | AED 10,200,000 | -19.7% | 5 | -58% |
Transaction Distribution by Bedroom
Transaction Volume by Bedroom Type - Q3 2024
| Bedroom Type | Transactions |
|---|---|
| 1 B/R Bed | 53 |
| 2 B/R Bed | 49 |
| 3 B/R Bed | 24 |
| 4 B/R Bed | 5 |
Source: Property Monitor, Metropolitan Premium Properties Analysis
How did off-plan primary-market sales of Apartments in Dubai Harbour perform in Q3 2024?
In Q3 2024, off-plan apartment transactions in Dubai Harbour totaled 131 sales worth AED 840,455,986, representing an 81.6% year-on-year decline in volume and an 82.9% decline in value. The off-plan primary market matched the resale sector in transaction count during the quarter, with both recording 131 deals. However, off-plan sales generated AED 840.5 million compared to AED 587.8 million in resale activity, indicating higher average transaction values in the primary market segment.
Rental Summary
Rental Contract Distribution - Q3 2024
Contract Types
Rental Insights by Bedroom
| Bedrooms | Avg Rent | Price YoY | Transactions | Trans. YoY |
|---|---|---|---|---|
| 1 B/R | AED 143,922 | +1.8% | 90 | +246% |
| 2 B/R | AED 238,622 | +8.9% | 70 | +204% |
| 3 B/R | AED 417,189 | +6.7% | 22 | +69% |
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 substantially exceeding sales volumes. In the sales segment, initial sales accounted for 68.6% of transactions while resales comprised 31.4% across Dubai in Q3 2024. The rental market showed 60.7% of contracts in Q3 2024 were renewals and 39.3% were new leases across Dubai, indicating a market where existing tenancies dominated over fresh lettings.
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 Dubai Harbour in Q3 2024?
How many resale apartment transactions occurred in Dubai Harbour during Q3 2024?
What was the total transaction value for resale apartments in Dubai Harbour in Q3 2024?
What was the average price for a 2-bedroom resale apartment in Dubai Harbour in Q3 2024?
What percentage of Dubai Harbour apartment resales were ready properties versus off-plan in Q3 2024?
What was the average sale price for a 1-bedroom resale apartment in Dubai Harbour during Q3 2024?
How much did 3-bedroom resale apartments average in Dubai Harbour in Q3 2024?
Methodology
This analysis draws on transaction data from Property Monitor, which aggregates Dubai Land Department resale registrations for apartments in Dubai Harbour during Q3 2024 (July 1 to September 30, 2024). The reported average price per square foot of AED 3,562 reflects a 4.8 percent year-on-year increase, while the resale transaction count of 131 units represents a 35.5 percent decline compared to the same quarter in 2023. Off-plan transactions for the same period totaled 131 units with a combined value of AED 840,455,986, indicating comparable transaction volumes across both segments. One important limitation is that resale registrations may be subject to administrative lag between initial agreement and formal registration with the Dubai Land Department, meaning some transactions completed late in the quarter may appear in subsequent reporting periods, potentially affecting period-to-period comparability.
Glossary
- PSF
- Price per square foot. A standardized metric used to compare property values across different unit sizes by dividing the total sale price by the property's area in square feet.
- 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 are sold between individual owners rather than purchased directly from the original developer.
- Ready property
- A completed and habitable property available for immediate occupancy, as opposed to off-plan units still under construction.
- Resale
- A transaction where an existing owner sells a property to a new buyer, regardless of whether the property was originally purchased off-plan or ready.
- Resale Off-Plan Origin
- A property that was originally purchased off-plan from a developer and is now being resold by the buyer before or after completion.
- AED/sqft
- Price expressed in UAE dirhams per square foot, the standard currency and area measurement for Dubai real estate transactions.
- Dubai Harbour
- A waterfront development located between Dubai Marina and Palm Jumeirah, featuring residential towers, marina facilities, and cruise terminal infrastructure.
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