UAE Q3 2024, Market Watch Digest Residential Real Estate Insights
• Abu Dhabi’s residential real estate market experienced a 42.4% year-on-year decline in sales transactions, with 1,813 transactions recorded in Q3 2024 compared to 3,149 in Q3 2023, driven largely by a decline in off-plan transactions.
• The value of these transactions dropped to approximately AED 4.92 billion, reflecting a year-on-year decrease of 54.7%.
• Existing property transactions saw year-on-year increase of approximately 43% in volume, with around 1,067 transactions.
However, the value of these transactions increased by 45% year-on-year, reaching AED 2.37 billion compared to AED 1.64 billion in Q3 2023.
• Off-plan transactions experienced lower demand, with a year-on-year decrease of approximately 69% in volume, resulting in 746 recorded transactions. The value of these transactions fell by around 72% year-on-year, dropping to approximately AED 2.56 billion from AED 9.23 billion in Q3 2023.
• The value of these transactions dropped to approximately AED 4.92 billion, reflecting a year-on-year decrease of 54.7%.
• Existing property transactions saw year-on-year increase of approximately 43% in volume, with around 1,067 transactions.
However, the value of these transactions increased by 45% year-on-year, reaching AED 2.37 billion compared to AED 1.64 billion in Q3 2023.
• Off-plan transactions experienced lower demand, with a year-on-year decrease of approximately 69% in volume, resulting in 746 recorded transactions. The value of these transactions fell by around 72% year-on-year, dropping to approximately AED 2.56 billion from AED 9.23 billion in Q3 2023.
Dubai Highlights:
• In Q3 2024, the market reached unprecedented heights, recording the highest ever volume and value of transactions.
• The total number of transactions increased by 38.2%, reaching 50,439 transactions compared to Q3 2023.
• The value of these transactions increased by 30.1%, totalling AED 141.98 billion. The market volume peaked, surpassing the previous high achieved in Q2 2024 by 16%, while the transaction value exceeded the previous peak recorded in Q4 2023 by 14.5%.
• The existing property transactions showed a year-on-year increase of approximately 13.3% in volume, with nearly 18,639 transactions. The value of these transactions surged by 20.8% year-on-year, reaching AED 74.53 billion compared to AED 61.7 billion in Q3 2023. Despite this strong performance, the market share of existing properties recorded its lowest share in the last decade, accounting for only 37% of the total sales transactions for the quarter.
• The off-plan transactions demonstrated increased demand, with a year-on-year volume increase of approximately 58.7%, reaching around 31,800 transactions. This marks the highest volume of transactions for a quarter ever recorded. In terms of value, there was a year-on-year surge of approximately 42.3%, reaching roughly AED 67.45 billion compared to AED 47.39 billion in Q3 2023.
• The total number of transactions increased by 38.2%, reaching 50,439 transactions compared to Q3 2023.
• The value of these transactions increased by 30.1%, totalling AED 141.98 billion. The market volume peaked, surpassing the previous high achieved in Q2 2024 by 16%, while the transaction value exceeded the previous peak recorded in Q4 2023 by 14.5%.
• The existing property transactions showed a year-on-year increase of approximately 13.3% in volume, with nearly 18,639 transactions. The value of these transactions surged by 20.8% year-on-year, reaching AED 74.53 billion compared to AED 61.7 billion in Q3 2023. Despite this strong performance, the market share of existing properties recorded its lowest share in the last decade, accounting for only 37% of the total sales transactions for the quarter.
• The off-plan transactions demonstrated increased demand, with a year-on-year volume increase of approximately 58.7%, reaching around 31,800 transactions. This marks the highest volume of transactions for a quarter ever recorded. In terms of value, there was a year-on-year surge of approximately 42.3%, reaching roughly AED 67.45 billion compared to AED 47.39 billion in Q3 2023.
