Dubai added around 7,000 new residential units in Q3 2024, with apartments comprising 84% of completions
Land Sterling, a premier real estate consultancy, has released its Q3 2024 Dubai Property Watch report, capturing unprecedented growth in the emirate’s real estate market. The report highlights substantial increases in transaction volumes and property values, reflecting the city’s sustained appeal as a prime destination for real estate investments.
In Q3 2024, Dubai delivered approximately 7,000 new residential units, with apartments making up 84% of completions. The highest number of handovers occurred in Jumeirah Village Circle (JVC), followed closely by Mohammed Bin Rashid (MBR) City and Dubai Harbor. The report also noted a trend toward larger units, with an uptick in two- and three-bedroom apartment completions.
Said El Haouasli, CEO of Land Sterling, commented, “Our Q3 report underscores Dubai’s position as a resilient and attractive real estate market, showing remarkable growth in both transaction volumes and values. This reflects the strength of investor confidence and the sustained interest in Dubai as a global investment hub.”
Dubai recorded over 47,300 transactions valued at approximately AED 116.8 billion—an impressive 42% increase in volume and a 33% rise in value compared to the previous year. Off-plan sales dominated, accounting for 71% of transaction volumes, a testament to the continuous influx of new projects and flexible payment plans attracting investors. The Q3 2024 report highlights the top five transaction volume and value areas.
Jumeirah Village Circle (JVC) led in transaction volume, followed by Dubai Hills Estate, Business Bay, Dubai South, and Sobha Hartland 2. Dubai Hills Estate topped the list regarding transaction value, with Dubai South, Palm Jumeirah, Business Bay, and The Valley following closely. These areas continue attracting strong interest from local and international investors, reflecting Dubai’s position as a premier real estate destination.