October 2024 Sees Dubai Selling Over 20,000 Properties, a New Monthly Record

For the first time, monthly transactions in the Dubai real estate market surpassed 20,000 in October, demonstrating that the market’s momentum is still strong.

Strong demand for residential and commercial properties continues to push prices and rents upward, as evidenced by the 20,460 sales transactions that were recorded last month, up 13% from the previous month, according to new data released by Property Monitor.

“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,” said Zhann Jochinke, chief operating officer, Property Monitor.

He added, “With reduced interest rates, a surge in new projects, and more people choosing to buy rather than rent, Dubai’s property market shows no sign of slowing down.”

The rapid population growth in Dubai, which has increased since the pandemic, is a major factor driving this demand. Demand has continuously exceeded supply in recent years due to the city’s annual influx of over 100,000 new residents.

Nearly three quarters (73%) of transactions were for off-plan or under-construction properties, according to Property Monitor’s October report. Residential transactions accounted for nearly 95% of sales or more than 19,400 deals.

The most expensive deal of October was the Dh175 million sale of a villa in Jumeirah Bay. At Dh170.5 million, a villa at Eome in the western crescent of Palm Jumeirah was the most expensive off-plan sale.

When it came to the most off-plan sales in October, Emaar Properties remained in the lead, followed by Damac Properties and Sobha.