Property Monitor’s data has predicted that Dubai real estate transactions are set to grow 30% year-on-year by the end of 2024 as the sector continues to break records for sales, prices, mortgages and also launches.
Property Monitor’s October 2024 report shows that the property sector broke four records during the month. Prices per sq ft surpassed the previous all-time high, set in September 2014, by 20%.
Also, 20,460 transactions took place, over 4,300 mortgages were secured and 15,000 new off-plan units came to market.
“Dubai’s property market continues to gather pace. Once again, records have been broken and new milestones have been reached, reflecting sustained confidence from local and international investors and cementing Dubai’s position as a force to be reckoned with on the global scene.
“As the end of the year draws near, we can say with confidence that 2024 is likely to close with 30% year-on-year sales growth – and with cautious optimism that the market is set to grow further as we move into 2025.”
Henry Bacha, Chief Executive Officer, Property Monitor
October sales passed 20,000 for the first time in history, beating September by 13%, while mortgage transactions rose 3.2% month-on-month to their highest-ever level.
The autumn month also saw 48 new project launches with 15,000 units between them, bringing the total number of new-to-market units in 2024 to over 100,000 across 343 developments, according to preliminary figures.
Real estate prices were up 1.73% compared to September, with October prices at AED 1,473 per sq ft. This is almost 20% above the previous all-time high and market peak ten years ago.
The median cost of an apartment was AED 1.271m, a townhouse is AED 2,885m and a villa is AED 7.298m.
