In Q3 2024, Dubai’s real estate market shattered previous records, marking its highest volume of quarterly transactions to date. With a staggering 50,439 deals valued at AED 142 billion ($38.67 billion), the emirate outpaced the peak set in Q2 2024 by 15% in transaction volume and 14.5% in transaction value. According to data from Property Finder’s Market Watch digest report, this surge was primarily driven by an unprecedented boom in off-plan sales, which accounted for 63% of the total transactions.
Meanwhile, Abu Dhabi’s residential real estate market also saw significant growth, with 1,813 transactions contributing AED 4.92 billion ($1.34 billion) in value. This represents 63% of the total transaction volume in the capital, reaffirming its growing momentum within the UAE’s real estate sector.
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Off-plan market: A driving force in Dubai and Abu Dhabi
Dubai continued to demonstrate increased demand for off-plan properties in Q3 2024, with a year-on-year volume growth of 58.7%, reaching a record-breaking 31,800 off-plan transactions. This marked the highest volume ever recorded for a quarter, with transaction values reaching AED 67.45 billion ($18.36 billion)—a 42.3% year-on-year surge. The numbers also surpassed Dubai’s previous off-plan peak in 2009, reflecting a 19.4% increase compared to that period.
In Abu Dhabi, off-plan properties accounted for 746 transactions, contributing to 41% of total market activity. These transactions amounted to AED 2.56 billion ($696.9 million), representing 52% of the total value for the quarter. This strong demand highlights the growing interest in off-plan developments in the UAE’s capital.
Existing/ready property market: Growth across the board
The existing property market also showed impressive gains in Q3 2024. In Dubai, existing property transactions grew by 13.3% year-on-year, computing around 18,639 transactions—representing 37% of the total market volume. The value of these transactions increased by 20.8% to AED 74.53 billion ($20.28 billion), highlighting continued investor confidence in ready properties.
In Abu Dhabi, existing property transactions reached 1,067 in Q3 2024, marking a significant 42.8% year-on-year growth. This represented the highest transaction volume and value recorded in the last eight quarters. The total value of these deals was AED 2.37 billion ($645.5 million), a 44.8% jump compared to AED 1.6 billion ($435.6 million) in Q3 2023.
Shifting trends and future outlook
Dubai’s real estate market has been evolving, with a clear shift towards owner-occupancy, driven by the increasing appeal of off-plan properties. According to Cherif Sleiman, Chief Revenue Officer at Property Finder, “Q3 2024 achieved significant milestones for Dubai’s real estate market, reflecting a robust surge in activity and a clear shift towards owner-occupancy. This transformative trend underscores the growing appeal of off-plan properties, which are increasingly resonating with buyers.”
The trend of buy-to-live transactions has also been on the rise, with an uptick in mortgage applications through Property Finder’s Mortgage Finder advisory service. Dubai’s newly launched Real Estate Strategy 2033, which aims to boost real estate transactions to AED 1 trillion ($272 billion) by 2033, is expected to further fuel growth in this thriving sector.
Abu Dhabi’s real estate landscape is also set for steady growth, with the recent launch of the Abu Dhabi Real Estate Centre’s Rental Index aimed at increasing transparency for tenants and landlords. This initiative is expected to support stable property growth in the capital, complementing the ongoing positive momentum.
Overall, off-plan properties continue to dominate, offering buyers and investors opportunities to secure high-value assets in prime locations. At the same time, the ready property market remains robust, providing diverse options for those looking to buy and live in completed properties. As the market continues to evolve, industry experts predict further growth, driven by strategic investments, innovation, and government initiatives that aim to enhance resilience within the sector.