Dubai's real estate market is poised for a 30 percent year-on-year growth by the end of 2024, as the sector continues to shatter records in sales, prices, mortgages, and new launches, according to a report from a real estate intelligence provider released on Wednesday.
Henry Bacha, CEO of Property Monitor, stated: “Dubai’s property market is gaining momentum. Records have been surpassed, and new benchmarks have been established, reflecting enduring confidence from both local and international investors, solidifying Dubai’s status as a major player on the global stage.” He added, “As the year draws to a close, we can confidently predict that 2024 will conclude with a 30 percent year-on-year increase in sales—and with cautious optimism, we anticipate further growth as we head into 2025.”
Last month, a total of 20,460 sales transactions were recorded, marking a 13 percent increase from September, driven by robust demand for both residential and commercial properties, which continues to push prices and rents higher.
The most expensive transaction in October was a villa at Jumeirah Bay, sold for Dh175 million. Meanwhile, a villa at Eome in Palm Jumeirah’s western crescent led the off-plan sales with a price tag of Dh170.5 million.
Mortgage transactions also saw a 3.2 percent month-on-month increase to their highest levels yet, according to Property Monitor’s data. Additionally, October witnessed 48 new project launches with 15,000 units, bringing the total number of new-to-market units in 2024 to over 100,000 across 343 developments, based on preliminary figures.
Real estate prices rose by 1.73 percent compared to September, with October prices averaging Dh1,473 per square foot—nearly 20 percent higher than the previous all-time high and market peak from a decade ago. The median cost for an apartment was Dh1.271 million; for a townhouse, Dh2.885 million; and for a villa, Dh7.298 million.
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