Dubai’s property market recorded another record high in October 2024, with around 20,460 sales transactions. According to new data from Property Monitor, October sales, which took monthly transactions to over 20,000 for the first time in history, were 13 percent greater than September figures.
Early findings from the report on Dubai’s property market also indicate that 73 percent of transactions were for off-plan or under-construction properties. The residential sector accounted for almost 95 percent of sales, with over 19,400 transactions.
“After a record-breaking September, the Dubai real estate sector reached another new high in October. Once again, off-plan and under-construction properties accounted for the majority of sales, highlighting continued investor confidence in the sector,” stated Zhann Jochinke, chief operating officer of Property Monitor.
Lower interest rates encourage buying
As interest rates decline, several new projects are underway and more people are choosing to buy rather than rent. Therefore, Dubai’s property market shows no sign of slowing down any time soon.
The most expensive transaction for a completed property in October was for a villa at Jumeirah Bay for AED175 million. Meanwhile, a villa at EOME on Palm Jumeirah’s western crescent topped the off-plan sales price at AED170.5 million, according to Property Monitor.
Emaar, DAMAC and Sobha secured the largest number of off-plan sales in October. Emaar took the biggest share of 16.3 percent with 2,053 sales, DAMAC accounted for 14.8 percent with 1,863 registrations, and Sobha accounted for 11.6 percent with 1,463.
Off-plan sales surge
Dubai’s property market had recorded 18,038 transactions in September 2024, an all-time monthly high with 73 percent of properties under construction selling as off-plan, according to previous insight from Property Monitor. The monthly analysis of Dubai’s property market revealed that September’s transactions surpassed the previous record of 17,139 in May this year by almost 900, highlighting continued growth and confidence in the sector.
“September 2024 was yet another ground-breaking month for Dubai’s real estate sector, setting new records in both sales transactions and prices,” stated Henry Bacha, CEO of Property Monitor.
The analysis also expects Dubai’s real estate market to record a 30 percent year-on-year growth this year. As of September, sales in 2024 passed 131,000, just under 2 percent less than the full year of 2023.
The September report noted a surge in mortgage activity, with transactions up 16.6 percent month-on-month. Almost 4,200 registrations took place in September as investors took advantage of lower interest rates. “A robust pipeline of new projects and easing mortgage rates continue to drive demand for both off-plan and ready properties,” added Bacha.
Read: Sharjah real estate sees 69,078 transactions worth $7.62 billion in 9 months
Dubai Real Estate Sector Strategy 2033
The surge in property sales to all-time highs comes following the recent launch of the Dubai Real Estate Sector Strategy 2033. The strategy presents a targeted plan designed to enhance the sector’s economic influence within the emirate. This involves a significant increase in transaction volumes and reinforces Dubai’s status as a leading destination for international investors.
Reflecting its robust strength and resilience, Dubai’s property market achieved over 163,000 transactions, totaling more than AED544 billion in the first nine months of 2024. Real estate investments also witnessed notable growth, surpassing AED376 billion during this period, propelled by advanced infrastructure and a solid regulatory framework.
The Dubai Real Estate Sector Strategy 2033 aims to achieve its ambitious goals through a set of key performance indicators. These include doubling the real estate sector’s contribution to Dubai’s GDP to approximately AED73 billion, increasing homeownership rates to 33 percent, boosting real estate transactions by 70 percent, elevating the market value to AED1 trillion, and expanding the value of Dubai’s real estate portfolios twentyfold to AED20 billion.
For more news on real estate, click here.
