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Dubai United Arab Emirates
* 9 exceptional months of sales topped AED 374 billion
* Highest quarterly sales ever during Q3 2024 exceeding AED 142 billion
* The highest sales ever for September at about AED 43.3 billion
Walid Al Zarooni:
= Dubai real estate sector turned challenges into unprecedented achievements
= The real estate sector continues to break sales records on daily, weekly and monthly bases
= Dubai 57 months cumulative real estate sales make AED 1.3 trillion
A new survey by the Dubai-based W Capital Real Estate Brokerage showed that real estate sales in Dubai reached an unprecedented record level in the first nine months of 2024, increasing by 35% to AED 374.44 billion, resulting from 130,412 transactions, compared to AED277 billion, the result of 92,330 transactions.
The survey based on data from the Dubai Land Department DLD, showed that the real estate market continues to make higher sales figures daily, weekly and monthly, which prove the strong momentum within the market.
Data show that mortgage transactions increased by 47.5% to AED132.2 billion during the first nine months of the year, compared to AED89.7 billion in the same period of 2023.
Grants jumped to AED36.2 billion compared to AED21.2 billion in the same period of the previous year.
Q3 sales
Real estate sales in the Emirate of Dubai recorded the highest quarterly value ever at AED142.26 billion in the third quarter of 2024, compared to AED97.2 billion for the same period of the previous year, an increase of 46.3%.
The number of sales transactions during the third quarter increased to 50,403 transactions, compared to 31,085 transactions in the third quarter of 2023.
The sales of the third quarter of this year exceed the record numbers of the previous second quarter, with AED 124.4 billion.
The third quarter of the year recorded total real estate transactions (sales + mortgages + grants) topped AED 199.53 billion, resulting from 62,955 transactions, compared to AED 133 billion resulting from 41,048 transactions during the same quarter last year, with a growth rate of 49.8% in terms of value.
W Capital’s survey indicated that mortgages recorded AED 41.93 billion, resulting from 10,302 transactions, while grants recorded AED 15.34 billion through 2,250 transactions.
September record sales of AED 43.3 billion, resulted from 17,450 transactions, a growth of 42% in terms of value. Real estate sector sales in September are the largest for the same month, and the fifth highest monthly sales the market recorded.
"The record numbers by the real estate sector confirm that things are moving in the right direction, and prove the success of the emirate’s policies in solving economic problems and taming challenges to get better results in all fields, especially the real estate and tourism sectors," said Walid Al Zarooni, W Capital CEO.
Al Zarooni stated that real estate sales for the first nine months of the year are the highest ever for such a period, having recorded a value of nearly AED 375 billion, compared to AED 277 billion in the same period in 2023, AED 183.5 billion in 2022, AED 102.6 billion in 2021, and AED 50.62 billion in 2020.
Walid Al Zarooni added that the real estate sector benefited from the Dubai positive economic conditions, the advantages of granting residence visas, and the attractive tax system for establishing and launching new businesses, in addition to cultural diversity with the embrace of about 200 nationalities from all over the world.
He pointed out that the Dubai real estate market has been on an upward trajectory since recovering from the Covid-19 pandemic, recording sales exceeding AED 1.260 trillion in 57 months (January 2020 to September 2024), rising from AED 69.8 billion in 2020 to AED 149 billion in 2021, then to AED 265.5 billion in 2022, and finally AED 401 billion last year, and AED 374.4 billion in the first nine months of 2024.
The CEO stated that Dubai has become the real estate capital of the world in recent years, with high returns on investments boosted by secure and safe investing environment, which has become the most positively influential element in light of the escalation of geopolitical tensions globally and the state of uncertainty surrounding the global economy.
He stressed that Dubai real estate has solved the hard equation by maintaining the momentum of growth and record sales over the past years, amid an unprecedented strong demand that continues to exceed expectations.
W Capital’s survey revealed that 10 Dubai areas accounted for 32% of total sales during the first nine months of the year, amounting to AED 119 billion. The Business Bay area came first with sales value exceeding AED 20.5 billion. It was followed by Jumeirah Village Circle with sales value of AED 14.8 billion, followed by Burj Khalifa in third place with a value of AED 13.75 billion.
Palm Jumeirah came in the fourth place with AED 13.55 billion, and Airport City in the fifth place with a value of AED 11.53 billion. The Dubai Hills area came in sixth place with a value of AED 10.5 billion, followed by Dubai Marina in seventh place with AED 9.2 billion, then Al Yufrah1 with sales value of AED 8.9 billion.
The ninth place went to “Dubai Islands” with a value of nearly AED8 billion, and “Wadi Al Safa 5” came last with sales value of AED7.3 billion.
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Dubai real estate sales for the first nine months of 2024 ( billion dirhams)
2024
374.44
2023
277
2022
183.5
2021
102.6
2020
50.62
Source: Dubai Land Department data
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Highest monthly sales of Dubai real estate( billion dirhams)
July 2024
50.78
August 2024
46.94
May 2024
45.8
June 2024
44.9
September 2024
43.3
November 2023
42
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Highest quarterly sales of Dubai real estate ever ( billion dirhams)
Q3 2024
142.26
Q2 2024
124.4
Q4 2023
112.7
Q1 2024
110.6
Dubai real estate sales for September over the past 5 years ( billion dirhams)
September 2024
43.3
September 2023
25.84
September 2022
24.27
September 2021
16.26
September 2020
8.79
Source: Dubai Land Department data
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