1、Dubai Residential Market Review -Autumn 20241Dubai Residential Market ReviewQ3 2024Residential market special editionknightfrank.ae/researchDubai Residential Market Review -Autumn 2024Dubai Residential Market Review -Autumn 202423FOREWORDDuring 2024,residential values in Dubai have sustained their u

2、pward trajectory,with prices rising by 4.3%during Q3,leaving them 19.9%higher than this time last year.The total deal value in the first three quarters of 2024 exceeded AED 306.3bn a 36%increase over the same period in 2023.In Q3 alone,the sales value reached AED 116.8bn,a historical high.As we clos

3、e in on five full years of price increases in the citys third freehold residential market cycle,we wanted to reflect on the growth so far as well as the drivers underpinning the market.One of the critical influencing factors for Dubais residential property market has been the citys emergence as a ho

4、t-spot for global high-net-worth-individuals(HNWI),who continue to actively target the citys most luxurious homes for personal use.This has not only driven the volume of US$10 million+properties available for sale in the city down by 65%over the last 12-months,but it has also fuelled record-breaking

5、 transactions.The 22,000 sq ft Como Residences penthouse on the Palm Jumeirah which sold for AED 500 million(US$137 million)in December 2023,for instance,has claimed the title of the most expensive home ever sold in the city.Predicting house price increases in a market as young as Dubai is challengi

6、ng and the way our Residential Agency team has approached our 2025 predictions is by carefully examining all the key performance indicators that usually underpin house price growth,including,but not limited to:i.Transaction volumes;ii.The ratio of off-plan to secondary market sales;iii.The proportio