Dubai sales eclipse previous record in 3Q 2024, while Abu Dhabi sales fell

Dubai's real estate market achieved record-breaking sales in 3Q 2024, with a 38.2% y-o-y increase to over 50.4k transactions, according to Property Finder’s Market Digest report (pdf). The 50.4k transactions reeled in AED 142 bn for the sector, up 30.1% y-o-y.

The sector is also seeing q-o-q growth: This robust performance eclipsed the record transaction volumes set in 2Q 2024, which saw the market grow 45% y-o-y in volume and 37% y-o-y in value, according to the real estate platform.

Dubai’s off-plan market surpassed its 2009 high in 3Q 2024, surging 58.7% y-o-y to 31.8k transactions compared to the 26.6k sales of 2009. Off-plan sales accounted for 63% of total transactions, compared to 55% in 3Q last year. In terms of value, off-plan transactions drew in AED 67.45 bn, up 42.3% y-o-y.

Transactions in existing properties climbed 13.3% y-o-y to some 18.6k transactions, with total value increasing 20.8% y-o-y to AED 74.53 bn. Ready properties represented 52% of the total value of sales, down from 57% last year, signaling a shift towards off-plan demand.

ABU DHABI-

Property sales down in Abu Dhabi in 3Q: Abu Dhabi’s property sales slumped 54.7% y-o-y to AED 4.92 bn in 3Q 2024, while total transactions also fell 42.4% y-o-y to 1.8k transactions, mostly on the back of a decline in demand for off-plan properties.

Existing properties > off plan: Ready properties dominated demand, with transactions increasing 43% y-o-y to 1.1k worth AED 2.37 bn, making up 59% of total transactions during the quarter. On the flip side, off-plan sales fell 72% y-o-y in value to AED 2.56 bn on the back of growing demand for move-in ready homes in the emirate.