Dubai real estate is continuously thriving with residential and commercial sales worth AED138.8bn in Q3, according to Engel & Volkers Middle East. Residential transactions increased by 40.8% YOY adding AED115.6bn while commercial market contributed AED23.2bn in sales, 28% increase in total transactions compared to last year.

Dubai real estate is booming due to strong economic factors, rising foreign investment, HNWIs and businesses.

UAE’s projected growth of 3.9% in 2024, improving to 6.2% next year, driven due to tourism, real estate and international trade. City’s vision, business-friendly environment, and infrastructure attract buyers globally. In Q3, total transaction volume increased by 40.8% YOY totalling AED115.6bn where off-plan property made more than 65% in transactions where 30,000 off-plan units were sold, 62.5% increase from last year.

Jumeirah Village Circle, Dubai Hills Estate, Business Bay ranked as top areas, Dubai Creek Harbour, Sobha Hartland II came up as new developments.

Despite a slight decline compared to Q3 2023, Dubai’s real estate market remains on track for a record-breaking year.