In October 2024, Dubai’s real estate market achieved a remarkable milestone, recording over 20,000 property sales in a single month for the first time in its history. This surge underscores the ongoing strength and vibrancy of the market, which shows no signs of slowing down despite previous records being shattered.
New data from Property Monitor reveals that a total of 20,460 sales transactions were executed in October, marking a significant 13% increase compared to the previous month. This impressive performance follows a record-breaking September, further solidifying Dubai’s position as a dynamic hub for real estate investment.
The sustained demand for both residential and commercial properties is a key driver behind rising prices and rents across the emirate. As investors look to capitalize on opportunities in a thriving market, off-plan and under-construction properties have consistently dominated sales figures, accounting for a staggering 73% of transactions in October. This trend reflects strong investor confidence, as buyers are increasingly attracted to the prospect of securing properties in high-demand developments.
Several factors contribute to this robust market environment. Lower interest rates are making property ownership more accessible, while a wave of new construction projects is enhancing the attractiveness of buying over renting. Additionally, the rapid population growth in Dubai—accelerated by an influx of over 100,000 new residents annually since the pandemic—has led to a persistent imbalance where demand consistently outpaces supply.
Residential properties accounted for nearly 95% of the transactions in October, translating to more than 19,400 sales. Among these, a standout transaction was the sale of a luxury villa in Jumeirah Bay for an astonishing Dh175 million, marking it as the most expensive property sold that month. Additionally, in the realm of off-plan sales, a villa in Eome on the western crescent of Palm Jumeirah fetched Dh170.5 million, establishing itself as the priciest off-plan sale recorded.
Emaar Properties emerged as the frontrunner for off-plan sales in October, further solidifying its reputation as a leading developer in the region. It was closely followed by Damac Properties and Sobha, showcasing the competitive landscape of Dubai’s real estate sector.
As the market continues to expand and attract both local and international investors, the future looks promising for Dubai’s real estate industry. With a blend of innovative projects, a growing population, and an increasing preference for property ownership, the emirate is poised for continued growth in the months to come.
