Dubai Property Market on Track for 30% Growth in 2024 as Sales and Prices Hit Record Highs

Dubai's real estate market continues to thrive, with 20,460 sales transactions recorded in October, marking a 13% increase compared to September, according to a report by real estate intelligence provider Property Monitor.

The sector is poised for a 30% year-on-year growth by the end of 2024, fueled by surging demand, rising prices, and record-breaking transactions.

Henry Bacha, CEO of Property Monitor, highlighted the market's remarkable momentum:

“Dubai’s property market continues to gather pace. Records have been broken, reflecting sustained confidence from local and international investors.”

The luxury segment saw standout transactions, including a Dh175 million villa at Jumeirah Bay – the highest-priced sale for October. Off-plan sales also hit new heights with a Dh170.5 million villa at Palm Jumeirah’s western crescent.

Mortgage transactions reached record levels, rising 3.2% month-on-month. October also witnessed 48 new project launches, adding 15,000 units, bringing 2024's total to over 100,000 units across 343 developments.

Real estate prices continued their upward trajectory, with October’s average set at Dh1,473 per square foot – nearly 20% higher than the previous market peak a decade ago. The median costs for properties were Dh1.271 million for apartments, Dh2.885 million for townhouses, and Dh7.298 million for villas.

As Dubai's property sector continues to break records, experts express cautious optimism about sustained growth into 2025, further solidifying the city’s global appeal as a real estate powerhouse.

News Source: Khaleej Times