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Commercial property sales in Dubai climbed to AED 23.16 bn in 3Q 2024 despite a slight dip in the volume of sales, marking a 28.7% y-o-y increase, according to Engel & Völkers Middle East’s latest commercial market report (pdf). Sales transactions fell 6.5% y-o-y during the quarter to just 2.8k transactions, dominated mostly by secondary transactions.
Both offices and retail units were popular during the quarter, with sales of the former up 12.6% y-o-y and the latter up 16.8% y-o-y. Business Bay dominated the lion’s share of transactions, with 422 trades made at an average price of AED 5.6 mn.
Rental transactions were down in 3Q: The emirate logged approximately 48.9k transactions in the commercial rental market during the quarter, falling 1.9% y-o-y. Still, average rental prices increased, growing 4% for office and retail spaces and 19% for warehouse rents.
By the district: Deira remained the leading destination for both office and retail spaces, recording 16k retail transactions and 4k office transactions. Meanwhile, Business Bay and Jumeirah Lakes Towers were top choices for Grade A office rentals.
THE LUXURY MARKET-
Dubai’s luxury market is on track for a record-breaking year, despite a 6% y-o-y decline in sales over AED 10 mn during 3Q, Engel & Völkers Middle East said in a separate residential market report (pdf). Activity levels in the luxury market are still significantly higher than 2H 2023, driven by “an ongoing influx of high-net-worth individuals to the emirate.”
The breakdown: Palm Jumeirah topped the market with 110 sales priced at over AED 10 mn recorded, including three transactions exceeding AED 200 mn and a penthouse sold for AED 275 mn. The Oasis came second with 101 units sold, followed by Nad Al Sheba (91) and Mohammed Bin Rashid City (78).
ICYMI- Dubai’s real estate market achieved record-breaking sales in 3Q 2024, with a 38.2% y-o-y increase to over 50.4k transactions. The 50.4k transactions reeled in AED 142 bn for the sector, up 30.1% y-o-y. Off-plan sales accounted for 63% of total transactions, surging 58.7% y-o-y and drawing in AED 67.45 bn.
OVER IN AJMAN-
Ajman’s property market reeled in AED 5.52 bn across over 4k transactions in 3Q 2024, reflecting a 22.7% y-o-y increase, Wam reports. Sales value for the quarter exceeded AED 3.69 bn from 3.1k trades, with Al Rumaila 3 logging the highest sales at AED 100 mn. A total of 649 mortgages were recorded, totalling AED 1.21 bn.
