A survey released Wednesday by a leading real estate intelligence firm predicts that Dubai’s real estate transactions will rise by 30% annually by the end of 2024. This growth comes as the property sector continues to set records in launches, sales, prices, and mortgages. Notably, Dubai’s GDP growth 3.3% to Dh116 billion in Q2 2024, further supporting this optimistic outlook for the real estate market.
Henry Bacha, CEO of Property Monitor, remarked: “Dubai’s property market is accelerating rapidly, breaking records and achieving new milestones.” This reflects unwavering confidence from both local and international investors, solidifying Dubai’s global standing in the real estate sector.
“As we approach the end of the year, we can confidently project 30% year-on-year sales growth for 2024, with cautious optimism for further expansion as we enter 2025,” he added.
In October, there were 20,460 sales transactions, an increase of 13% compared to September, driven by strong demand for both residential and commercial properties, which continues to push up prices and rental rates.
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Record-Breaking Deals & Launches
The most expensive transaction in October was a Dh175 million villa sale in Jumeirah Bay, followed by a Dh170.5 million off-plan property sale in the western crescent of Palm Jumeirah. October also saw mortgage transactions grow by 3.2% month-over-month, reaching record highs.
Preliminary data shows that October marked the launch of 48 new projects, adding 15,000 units. This brings the total number of new units introduced in 2024 to nearly 100,000 across 343 developments.
Price trends
The average real estate price in October reached Dh1,473 per square foot, almost 20% higher than the previous market peaks a decade ago and a 1.73% rise from September. Median prices for key property types were:
- Townhouses: Dh2.885 million
- Villas: Dh7.298 million
- Apartments: Dh1.271 million