Dubai's real estate market reached an unprecedented milestone in October 2024, with sales transactions crossing the 20,000 threshold for the first time, as highlighted in the latest report from Property Monitor.
The total of 20,460 transactions marks a 13% increase from September, signalling robust demand across the sector. Nearly 95% of these transactions were in the residential segment, with over 19,400 units sold, indicating sustained investor confidence amidst a dynamic market environment.
Zhann Jochinke, Chief Operating Officer of Property Monitor, noted, “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. With reduced interest rates, a plethora of new projects on the way and more people choosing to buy rather than rent, Dubai’s property market shows no sign of slowing down.”
Off-Plan and Under-Construction sales
Of the total sales in October, 73% comprised off-plan or under-construction properties, underscoring a consistent preference for new developments. Leading developers Emaar, DAMAC, and Sobha played a significant role, contributing the highest volumes of off-plan sales. Emaar captured the largest share with 2,053 transactions, while DAMAC and Sobha followed closely with 1,863 and 1,463 registrations, respectively.
High-value transactions
The most expensive transaction for a completed property in October involved a Jumeirah Bay villa, sold for AED175 million, showcasing Dubai’s thriving luxury market. Meanwhile, an off-plan villa at EOME on Palm Jumeirah’s western crescent led in terms of off-plan sales, with a transaction value of AED170.5 million.
Driving factors
Reduced interest rates and an influx of new project launches are propelling Dubai’s real estate market. Additionally, Dubai’s growing population is fuelling housing demand, especially in the off-plan segment, where developers benefit from attractive terms for early investors. This momentum reflects Dubai's strategic focus on strengthening its position as a global hub for investment and residency, with well-planned infrastructure and a resilient real estate ecosystem.
The final quarter is set to continue this growth trajectory, backed by favourable mortgage terms and a steady influx of new residents. However, experts note that a sustainable balance of price appreciation and transaction volume will be crucial to maintaining long-term market stability.
The full details of October’s property performance will be available in Property Monitor’s comprehensive report, expected later this month.