The Dubai real estate market achieved a historic milestone in October, surpassing the 20,000 mark in monthly transactions for the first time ever. This surge indicates that the market's momentum remains robust and shows no signs of decelerating.
According to recent data from Property Monitor, approximately 20,460 sales transactions were recorded in October, marking a 13% increase from the previous month. This growth is driven by sustained high demand for both residential and commercial properties, which continues to push prices and rents upwards.
Zhann Jochinke, Chief Operating Officer at Property Monitor, noted, “Following a record-setting September, the Dubai real estate sector reached yet another new peak in October. Off-plan and under-construction properties once again dominated sales, underscoring ongoing investor confidence in the market.” He further added, “With interest rates reduced, a surge in new project launches, and a growing preference for buying over renting, Dubai’s property market is poised for continued growth.”
Much of this heightened demand is attributed to Dubai's rapid population expansion, which has accelerated post-pandemic. With over 100,000 new residents arriving annually, demand has consistently outstripped supply over the past few years. Property Monitor’s October report also highlighted that nearly 73% of transactions were for off-plan or under-construction properties, with residential transactions accounting for nearly 95% of total sales, amounting to over 19,400 deals.
The highest-priced transaction in October was a villa at Jumeirah Bay, sold for Dh175 million. Meanwhile, the most expensive off-plan sale was a villa at Emaar’s Palm Jumeirah’s western crescent, priced at Dh170.5 million. Emaar Properties maintained its lead in off-plan sales, followed by Damac Properties and Sobha.
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