Dubai Real Estate: Discover the areas setting records in residential sales! 2024

The Dubai real estate market continues to reach new heights, recording an impressive AED 141.9 billion ($38.6 billion) in Q3 2024, setting an all-time high for a single quarter. With 50,423 transactions, a 37.9% year-on-year increase in volume, Dubai’s property sector remains a beacon for investors and homebuyers alike. Here, we explore the top-performing residential areas contributing to this remarkable growth.

1. Jumeirah Village Circle (JVC)

• Total Transactions: AED 5.33 billion from 4,467 sales

• Known for its affordability, modern amenities, and strategic location, JVC is a favorite among families and young professionals. The community offers a mix of apartments, villas, and townhouses, making it a versatile choice for buyers.

2. Dubai South

• Total Transactions: AED 8.25 billion from 2,910 sales

• Dubai South has emerged as a growing hub, thanks to its proximity to Expo City Dubai and Al Maktoum International Airport. This area appeals to investors and end-users looking for affordable yet promising properties.

3. Business Bay

• Total Transactions: AED 7.22 billion from 2,651 sales

• Renowned as a commercial and residential hotspot, Business Bay attracts professionals seeking luxurious apartments with stunning views of the Dubai Canal and Burj Khalifa.

4. Wadi Al Safa 5

• Total Transactions: AED 5.3 billion from 2,382 sales

• A quieter community, Wadi Al Safa 5 is ideal for families desiring spacious homes and a serene lifestyle away from the city’s bustle.

5. Dubai Hills Estate

• Total Transactions: AED 7.38 billion from 2,358 sales

• Combining luxury living with green spaces, Dubai Hills Estate is a premium location offering world-class amenities, golf courses, and top-tier schools.

Market Trends and Insights

• Price Bands: Properties priced between AED 1-2 million accounted for 31% of total sales, with another 29% below AED 1 million. This highlights the demand for mid-range properties.

• Apartments vs. Villas: Apartments dominated the market, contributing 77% of total transactions. However, villa sales also grew, reflecting a balanced demand across property types.

• Developer Sales Lead: First-time sales from developers represented 68% of all transactions, emphasizing the appetite for new builds over secondary market properties.