Reportedly, the sales in the Dubai real estate market for Q3 reached $9.7 billion, with a transaction volume of 31,181, indicating a 22.76% YoY growth. These figures showcase the highest levels in both transaction volume and off-plan sales value in the past ten years.

Specifically, residential values in Dubai saw a 5% increase in the third quarter, maintaining the upward trend for 11 consecutive quarters. The latest surge has led to a 30% price increase compared to the first quarter of 2020 and a 19% annual increase.

Apartment prices rose by 5.1%, exceeding AED 1,300 per square foot, a 26% increase from the first quarter of 2020. Villa prices increased by 4.5%, averaging AED 1,580 per square foot, showing an 18% YoY growth and an impressive 57% increase compared to the first quarter of 2020.

The apartment market in the southern part of Dubai, particularly in Jumeirah Palm Island, has shown remarkable performance, with apartment prices soaring to AED 3,390 per square foot. This represents a staggering 292% increase since 2020. This growth is mainly driven by the sustained demand from international elites for luxury second homes. In fact, 66% of affluent individuals globally express interest in purchasing a second home in Dubai.

Additionally, Dubai has been ranked as the sixth "most livable and prosperous" city globally, attracting more homebuyers. With continuous demand growth, the Dubai real estate market faces challenges due to a shortage of supply. It is anticipated that by the end of 2028, 81,300 residential units will be delivered. However, the long-term pressure on rising prices is expected as the supply growth lags behind the demand surge.

According to forecasts, the mainstream property prices in Dubai are expected to continue growing by 3.5% in 2024, with Chinese investors and buyers playing a significant role in Dubai's international buyer market.