Dubai’s property market is set to reach nearly 126,000 new units launched in 2024, with approximately 40,000 additional units expected in the last four months alone. Nearly 200 more projects are in the pipeline from various developers, signaling a robust year for the real estate sector. The first eight months of 2024 have already seen around 86,000 units introduced, with a total sales value of Dh213.7 billion, positioning the market to surpass last year’s Dh272 billion, according to a recent Property Monitor report by Cavendish Maxwell. This surge includes diverse developments across different communities and price segments, particularly in areas like Dubai Islands, Jumeirah Garden City, and The Valley. Foreign developers have also entered the market to capitalize on high demand, driving prices to a record Dh1,431 per square foot, an 82.4% increase from the market’s trough in April 2009 and 16.03% above the peak of September 2014.
In August alone, Dubai recorded 16,145 sales transactions, marking the highest August volume on record and the second-highest month overall. The report notes that every month in 2024, except April, has set a new record for transaction volumes compared to previous years. Year-on-year prices surged by 17.7% in August, marking 42 consecutive months of increases. Overall, prices have grown 11.5% in 2024 compared to 10.9% in 2023. High transaction volumes and steady price growth reflect strong buyer confidence, while the split between Oqood and Title Deed transactions has shifted in favor of Oqood, accounting for 64.8% of all deals—a 6.5% increase from the previous month.
Source: Khaleej Times
