UAE Q3 2024, Market Watch Quarterly Residential Real Estate Insights
Abu Dhabi Highlights
• Abu Dhabi experienced a significant decrease in total sales transactions (both residential and commercial) in Q3 2024.
• Cumulative transactions for the third quarter totalled approximately 2,877, compared to 4,406 in Q3 2023, reflecting a decline of 34.7%. Meanwhile, the total transaction value decreased by 50.5%, reaching AED 8.8 billion compared to AED 17.8 billion, primarily due to the significant drop in residential transactions, which accounted for 63% of the transaction volume and 56% of the transaction value.
• Residential transactions witnessed a notable year-on-year decline for the second consecutive quarter in 2024, falling by 42% to 1,813 transactions from 3,149 in Q3 2023. This led to a 55% decrease in residential transaction value, which dropped to AED 4.9 billion compared to AED 10.8 billion.
• Abu Dhabi experienced a significant decrease in total sales transactions (both residential and commercial) in Q3 2024.
• Cumulative transactions for the third quarter totalled approximately 2,877, compared to 4,406 in Q3 2023, reflecting a decline of 34.7%. Meanwhile, the total transaction value decreased by 50.5%, reaching AED 8.8 billion compared to AED 17.8 billion, primarily due to the significant drop in residential transactions, which accounted for 63% of the transaction volume and 56% of the transaction value.
• Residential transactions witnessed a notable year-on-year decline for the second consecutive quarter in 2024, falling by 42% to 1,813 transactions from 3,149 in Q3 2023. This led to a 55% decrease in residential transaction value, which dropped to AED 4.9 billion compared to AED 10.8 billion.
Dubai Highlights:
• Dubai witnessed a significant surge in total sales transactions in Q3 2024. The market surpassed previous records, marking the highest quarter ever recorded, with a transaction volume of 50,439. Q3 outperformed the market peak set in Q2 2024 by 16% in volume, largely driven by off-plan transactions, which accounted for 63% of total transactions, compared to 55% in Q3 2023.
• In Q3 2024, the off-plan market surpassed its 2009 peak, with 31,800 transactions compared to 26,629 in 2009, reflecting a 19.4% increase. This strong performance continues to drive Dubai’s real estate market, positioning it to surpass all historical peaks by the end of 2024.
• Compared to Q3 2023, the off-plan market experienced remarkable year-on-year growth of 58.7% in Q3 2024, representing 63.1% of the total transaction volume—its highest proportion
for off-plan transactions in the past decade.
• The existing/ready market recorded approximately 18,639 transactions in Q3 2024, forming a new peak for the existed/ready market, reflecting a 13.3% increase from around 16,450 transactions in Q3 2023. This accounted for 37% of total transactions in Q3 2024. The market also experienced a notable volume growth of 7.9% compared to Q3 2024.
• In Q3 2024, the off-plan market surpassed its 2009 peak, with 31,800 transactions compared to 26,629 in 2009, reflecting a 19.4% increase. This strong performance continues to drive Dubai’s real estate market, positioning it to surpass all historical peaks by the end of 2024.
• Compared to Q3 2023, the off-plan market experienced remarkable year-on-year growth of 58.7% in Q3 2024, representing 63.1% of the total transaction volume—its highest proportion
for off-plan transactions in the past decade.
• The existing/ready market recorded approximately 18,639 transactions in Q3 2024, forming a new peak for the existed/ready market, reflecting a 13.3% increase from around 16,450 transactions in Q3 2023. This accounted for 37% of total transactions in Q3 2024. The market also experienced a notable volume growth of 7.9% compared to Q3 2024.
