Dubai’s real estate market is experiencing unprecedented growth as we move into 2025, driven by a combination of a thriving local economy, world-class infrastructure, and a shifting demographic landscape. According to the latest Dubai Real Estate Market Overview for Q3 2024 by DXB Interact, total sales transactions reached 50,423, marking a 37.9% increase compared to the same period last year. The average price per square foot stands at Dh1,511, a 7.5% year-on-year rise, and the market’s quarterly sales turnover hit Dh141.9 billion, up 30.1% from 2023.
This surge in property sales is supported by a strong housing supply, with nearly 100,000 new homes expected to be delivered in 2024. In the third quarter alone, 45% of promised units were completed, focusing on high-demand areas like Jumeirah Village Circle and Dubai Marina. While supply chain and construction challenges persist, the market remains resilient, with developers actively adjusting costs and improving operational efficiency to meet the increasing demand.
The trends in consumer preferences reveal two key shifts: a rise in demand for affordable housing and an even stronger appetite for luxury properties. Mid-income groups are seeing more affordable options, while ultra-high-net-worth individuals continue to dominate the luxury market, with Palm Jumeirah recording 110 transactions above Dh10 million in Q3 2024. Notably, a penthouse sold for a staggering Dh275 million, underscoring the ongoing appeal of Dubai’s exclusive waterfront properties.
With investment inflows surpassing $100 billion last year and expected to continue, Dubai’s real estate market is set for a promising future, offering both growth potential and unparalleled opportunities for investors and homebuyers alike.
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