Dubai’s real estate sector is on track to achieve a 30% year-on-year growth by the end of 2024, fueled by record-breaking sales, rising property prices, and a surge in new project launches, according to a report released by real estate intelligence provider Property Monitor.
Record-Breaking Sales Transactions
In October alone, the emirate recorded 20,460 sales transactions, marking a 13% increase compared to September. The market’s momentum highlights robust demand for both residential and commercial properties, cementing Dubai’s position as a global real estate powerhouse.
“Dubai’s property market continues to gather pace. Records have been broken and new milestones have been reached, reflecting sustained confidence from local and international investors,” said Henry Bacha, CEO of Property Monitor.
High-Value Transactions: Jumeirah Bay Villa Tops the List
The luxury segment continues to thrive, with a villa on Jumeirah Bay selling for Dh175 million—October’s highest transaction. In the off-plan segment, a Dh170.5-million villa in Palm Jumeirah’s western crescent set the record for the month.
Mortgage Transactions Hit New Highs
October also witnessed a 3.2% rise in mortgage transactions month-on-month, reaching their highest levels yet, reflecting sustained buyer confidence and competitive financing options.
Surge in Real Estate Prices
Average property prices in October rose 1.73% from September, reaching an all-time high of Dh1,473 per square foot—a 20% increase over the market peak a decade ago. The median prices for key property types were:
- Apartments: Dh1.271 million
- Townhouses: Dh2.885 million
- Villas: Dh7.298 million
Over 100,000 Units Launched in 2024
The year has also been marked by a surge in new project launches. In October alone, 48 new projects comprising 15,000 units were unveiled. Year-to-date, Dubai has introduced over 100,000 units across 343 developments, showcasing the emirate’s ability to meet growing demand.
Looking Ahead to 2025
As 2024 nears its close, Henry Bacha expressed “cautious optimism” for the market’s continued growth into 2025. Dubai’s real estate sector, driven by investor confidence and strategic urban development, is expected to maintain its upward trajectory.
With record sales, high-value transactions, and increasing property prices, Dubai’s real estate market remains a focal point for global investors seeking unparalleled opportunities.
