Dubai’s property market achieved a remarkable milestone in October 2024, with over 20,000 property units sold—marking an all-time high for monthly sales. According to Property Monitor’s latest report, the majority of these transactions were off-plan or under-construction properties, accounting for 73% of the total activity. This surge demonstrates the market’s sustained momentum and highlights continued confidence among investors and buyers.
The report revealed 20,460 sales transactions for October, reflecting a 13% increase from the previous month. This growth is driven by robust demand across both residential and commercial sectors, contributing to ongoing increases in property prices and rental rates. Following a record-breaking September, October’s figures further reinforce the resilience of Dubai’s real estate sector.
Off-Plan Properties Lead the Market
Investor interest remains concentrated in off-plan and under-construction developments, underscoring optimism in the market’s future potential. Favorable factors such as lower interest rates, an influx of new projects, and a shift towards property ownership over renting continue to fuel this trend. The demand for real estate in Dubai shows no signs of abating as the market benefits from these supportive conditions.
A key driver of Dubai’s booming property market is the city’s fast-growing population. With over 100,000 new residents arriving each year post-pandemic, demand for housing has consistently exceeded supply. This rapid population increase has further bolstered property sales, sustaining high levels of market activity over the last few years.
Breakdown of Sales and Top Transactions
In October, approximately 95% of sales transactions involved residential properties, totaling over 19,400 deals. Among the highest-priced sales, a villa in Jumeirah Bay fetched Dh175 million, setting a new benchmark for the month. Meanwhile, in the off-plan market, a villa on the western crescent of Palm Jumeirah achieved the highest sale price, closing at Dh170.5 million.
Emaar Properties maintained its leading position in October’s off-plan sales, followed closely by Damac Properties and Sobha. These developers continued to attract significant buyer interest, reinforcing their strong presence in Dubai’s competitive real estate market.
Dubai’s real estate sector continues to exhibit robust growth indicators, bolstered by strong demand, attractive financing options, and an expanding population. As new projects enter the market, Dubai’s property landscape is expected to evolve further, driven by investor confidence and market resilience.
Published on: 4 Nov 2024
Source: https://www.khaleejtimes.com/business/realty/dubai-sells-over-20000-property-units-in-october-records-new-all-time-monthly-high-in-2024
