Dubai’s property market saw an 11.7% increase in sales, hitting a record of 18,038 deals in September
Dubai’s property market hit a record in September 2024 with 18,038 sales, which is 11.7% more than the same time last year, according to a report from Property Monitor.
Dubai Property Sales
- In May 2024, Dubai recorded its highest monthly real estate sales with 17,139 transactions, according to a report.
- Last month, 73% of the sales were for properties that are still being built and were sold before completion.
- In September 2024, residential units made up 95% of all properties sold, totaling 17,151 sales.
- Emaar led in off-plan sales with 2,343 registrations, followed by DAMAC Properties with 1,516 and Sobha with 810, as reported by Property Monitor.
- The real estate market in Dubai saw a significant sale in 2024 when a five-bedroom apartment at The One on Palm Jumeirah sold for $74.9 million (AED 275 million).
- The lowest sale in September was a studio priced at $33,760 (AED 124,000) in Dubai South.
- Property prices increased by 1.1% from the previous month, averaging $394.23 (AED 1,448) per square foot.
- The average price for an apartment was about $353,939 (AED 1.3 million), while townhouses or villas averaged $1.9 million (AED 7 million).
- Property Monitor also noted a 16.6% increase in mortgage activity in September, with 4,200 registrations, as more investors showed interest due to lower interest rates.
Important Quote
“Our research shows that the property market is doing really well and is expected to finish the year strong, with a 30% increase compared to last year,” said Henry Bacha, CEO of Property Monitor.
“A strong number of new projects and lower mortgage rates are helping people buy both new and ready homes.”
UAE Real Estate Market
The UAE real estate market is expected to reach $680 billion by 2024, according to Statista.
It is also expected to grow steadily at about 2.3% each year from 2024 to 2029, reaching a total of $760 billion by 2029.
Published: 22nd October 2024
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