{"id":96669,"date":"2024-10-10T00:00:00","date_gmt":"2024-10-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubai-sales-eclipse-previous-record-in-3q-2024-while-abu-dhabi-sales-fell\/"},"modified":"2024-10-10T00:00:00","modified_gmt":"2024-10-10T00:00:00","slug":"dubai-sales-eclipse-previous-record-in-3q-2024-while-abu-dhabi-sales-fell","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/10\/dubai-sales-eclipse-previous-record-in-3q-2024-while-abu-dhabi-sales-fell\/","title":{"rendered":"Dubai sales eclipse previous record in 3Q 2024, while Abu Dhabi sales fell"},"content":{"rendered":"

Dubai's real estate market achieved record-breaking sales in 3Q 2024<\/strong>, with a 38.2% y-o-y increase to over 50.4k transactions, according to Property Finder\u2019s Market Digest report (pdf)<\/a>. The 50.4k transactions reeled in AED 142 bn for the sector, up 30.1% y-o-y.<\/p>\n

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

Dubai\u2019s off-plan market surpassed its 2009 high in 3Q 2024<\/strong>, 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.<\/p>\n

Transactions in existing properties climbed 13.3% y-o-y to some 18.6k transactions<\/strong>, 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.<\/p>\n

\n

ABU DHABI-<\/p>\n

Property sales down in Abu Dhabi in 3Q: <\/strong>Abu Dhabi\u2019s 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.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Abu Dhabi\u2019s property sales fell 54.7% y-o-y during the quarter<\/p>\n","protected":false},"author":1,"featured_media":96670,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1565],"tags":[1360,87,7,863,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-abu-dhabi","tag-dubai","tag-enterpriseam-uae","tag-property-finder","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"f5da43f5-16c1-4ec9-8928-235725ef6443","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/824.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai sales eclipse previous record in 3Q 2024, while Abu Dhabi sales fell","related_issue":[96659],"teaser":"Abu Dhabi\u2019s property sales fell 54.7% y-o-y during the quarter","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.8959906a-945f-4390-bbd3-4657e3638f2e.mp3"},"yoast_head":"\nDubai sales eclipse previous record in 3Q 2024, while Abu Dhabi sales fell - 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