Property Monitor’s statistics have indicated that Dubai’s sale transactions hit a record high in October 2024.
In total, 20,460 sales transactions took place, taking monthly transactions to over 20,000 for the first time in history. The figure is 13% greater than the number of September sales.
Around 73% of transactions were for off-plan or under-construction properties. The residential sector accounted for almost 95% 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.”
Zhann Jochinke, Chief Operating Officer, Property Monitor
The most expensive transaction for a completed property in October was for a villa at Jumeirah Bay for AED 175m.
Additionally, a villa at EOME on Palm Jumeirah’s western crescent topped the off-plan sales price at AED 170.5m.
Emaar, DAMAC and Sobha secured the largest number of off-plan sales in October. Emaar took the biggest share of 16.3% with 2,053 sales, DAMAC accounted for 14.8% with 1,863 registrations, and Sobha accounted for 11.6% with 1,463.
“September 2024 was yet another ground-breaking month for Dubai’s real estate sector, setting new records in both sales transactions and prices.
“A robust pipeline of new projects and easing mortgage rates continue to drive demand for both off-plan and ready properties.”
Henry Bacha, CEO, Property Monitor
As interest rates decline, several new projects are underway and more people are choosing to buy rather than rent.
The analysis also expects Dubai’s real estate market to record a 30% year-on-year growth this year. This data comes as an increasing number of millionaires are migrating to UAE.
