Residential apartment sales in Dubai reached approximately AED 45 bn in the third quarter of 2023, accounting for the largest value in the emirate’s real estate market, according to Dubai Lands Department data.

Three deals topped AED 100 mn, headed by an AED 420 mn transaction in the Jumeirah Marsa Al Arab project. This was followed by an AED 116 mn apartment in Palm Jumeirah and another worth AED112 mn in the same area.

Land sales came in second at AED 42.4 bn, including two deals over AED 500 mn.

Villas and buildings recorded AED 10.3 bn in sales, with two transactions above AED100 mn in Palm Jumeirah valued at AED202 mn and AED 150 mn, respectively.

Overall, Dubai’s real estate market sales totalled approximately AED 97.6 bn in Q3.

Total transactions reached AED 388 bn from the start of 2023 through September via 115,883 deals, marking 37% and 35% annual growth in value and volume, respectively.

For the first nine months of 2023, property sales amounted to roughly AED 277 bn from 92,330 transactions, representing 51% and 49% yearly increases in value and number.