The Allsopp & Allsopp Q3 property market snapshot has arrived!

Increased affordability continues to drive Dubai’s property market in Q3 2024

As Q3 comes to an end, Dubai’s property market continues to set new benchmarks, showing strong growth and significant investor interest. The total sales value reached AED 113BN, marking an impressive 28% increase from Q3 2023.

The market, fuelled by over 400 days without an increase in interest rates, has seen the reduced cost of borrowing money for property in Dubai increase affordability for potential home buyers. As a result, total sales transaction volume (46,219) surged by a historic 42% in comparison to the same period last year.

Apartment sales (37,165) increased 48% compared to Q3 2023 and accounted for 80% of all Dubai sales transactions.

Villa and townhouse sales made up the remaining 20% of sales transaction volume and accounted for 42% of total market sales value in Q3 2024, with demand continuing to outweigh supply across residential communities. The imbalance between demand and supply could suggest potential price increases over the coming months.

As developers continue to try and meet the levels of demand across the market, we have seen the launch of 22,555 off-plan units, an 8% increase from last year.

With overall demand for properties consistently exceeding supply, and low interest rates increasing affordability, the Dubai residential market is expected a further boost, leading to a strong year-end finish

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