Dubai Real Estate Achieves Highest Sales Ever in 9 Months!

The real estate market in Dubai witnessed a significant surge during the first nine months of 2024, with the value of real estate sales reaching 374.17 billion dirhams through 130,360 transactions, representing the highest sales value ever recorded during this period, according to data from the Dubai Land Department.
The data showed that the sales value increased by 35% compared to the same period last year, which was 277 billion dirhams, while the number of transactions rose by 41%, reaching 130,000 transactions compared to 92,330 transactions in the same period of 2023.

Mortgage transactions also recorded an increase of 47.5%, reaching 132.23 billion dirhams, compared to approximately 89.7 billion dirhams in the previous year. Meanwhile, the value of gifts amounted to 36.16 billion dirhams compared to 21.21 billion dirhams.

As a result, the total real estate transactions, which include sales, mortgages, and gifts, surpassed half a trillion dirhams for the first time in the history of the Dubai real estate market, reaching 542.56 billion dirhams through 165,990 transactions, an increase of 43.2% compared to the same period last year, which recorded 388 billion dirhams through 115,883 transactions.

In the third quarter of 2024, real estate transactions reached a value of 199.2 billion dirhams through 64,300 transactions, compared to 133 billion dirhams through 41,048 transactions in the same period of 2023, representing a growth rate of 49.8%.

Real estate sales in the third quarter recorded the highest quarterly value ever, amounting to 144.99 billion dirhams through 50,350 transactions, with a growth of 67.7% compared to the third quarter of 2023. The value of mortgages reached 41.87 billion dirhams through 11,700 transactions, while gifts amounted to 15.34 billion dirhams through 2,250 transactions.

In September 2024, real estate transactions totaled 66.29 billion dirhams through 22,172 transactions, an increase of 79% in value and 91% in the number of transactions compared to the same month last year. Real estate sales during September reached 43.3 billion dirhams through 17,450 transactions, achieving a growth rate of 42%.

Real estate experts confirm that the real estate market in Dubai remains strong and is expected to continue achieving new record numbers until the end of the year.

Data shows that real estate sales in Dubai for the month of September over the past five years have experienced steady growth, as shown in the following table:

Edited by: Imtilak Global©