Dubai’s property market hit another all-time high in October 2024, with almost 20,460 sales transactions, according to new data from Property Monitor.
October sales, which took monthly transactions to more than 20,000 for the first time in history, were 13 per cent up on September figures, the company said.
Early findings from Property Monitor’s October report on Dubai’s real estate sector also indicate that nearly three quarters (73 per cent) of transactions were for off plan or under-construction properties.
Dubai real estate October 2024
The residential sector accounted for more almost 95 per cent of sales, with over 19,400 transactions.
Zhann Jochinke, Chief Operating Officer, Property Monitor, said: “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.”
The most expensive transaction for a completed property in October was for a villa at Jumeirah Bay, which fetched AED175m ($48m).
Meanwhile, a villa at EOME on Palm Jumeirah’s western crescent topped the off-plan sales price, at AED170.5m ($46m), according to Property Monitor.
Emaar, DAMAC and Sobha secured the largest number of off-plan sales in October:
- Emaar took the biggest share (16.3 per cent) with 2,053 sales
- DAMAC accounted for 14.8 per cent with 1,863 registrations
- Sobha 11.6 per cent with 1,463
Follow us on
