With 18,038 transactions in September, Dubai’s real estate market set a new monthly high and nearly 900 more than the previous record of 17,139 set in May of this year, demonstrating the sector’s ongoing growth and confidence.
Residential transactions made up over 95% of the total sales in September, with 17,151 sales. Market leader Emaar led the off-plan sales, which made up 73% of total sales in September. Damac Properties and Sobha came in second and third, respectively.
With the emirate recording an all-time high monthly transaction in September, these real estate market sales in the first nine months of 2024 have nearly equaled those from the previous year.
Property Monitor reports that sales from January to September 2024 surpassed the 131,000 mark, which is less than 2% lower than the total sales figures for 2023.
It predicted that the market is expected to see a nearly 30% year-over-year increase, or 170,000 unit sales, with three months left.
“To put this into perspective, by year-end 2024 we will have reached a level of sales activity quadruple that of pre-Covid trading. This phenomenal growth is not simply a post-pandemic recovery, it is unlike that of any other market in the world and is a testament to the never-ending commitment of the UAE and Dubai governments’ strategic plans, initiatives, and proactive approach to the evolution of the market,” said Property Monitor.
According to Henry Bacha, CEO of Property Monitor, September 2024 was yet another ground-breaking month for Dubai’s real estate sector, setting new records in both sales transactions and prices. “Our findings underpin the ongoing success and evolution of the property market, which continues to flourish and looks set to end the year on another high, with 30 per cent growth compared to last year. A robust pipeline of new projects and easing mortgage rates continue to drive demand for both off-plan and ready properties,” he added.
At an average of Dh1,448 per square foot, property prices increased 1.14 percent in September over August. According to Property Monitor, the median price of a townhouse was Dh2.76 million, the median price of a villa was Dh7 million, and the median price of an apartment was Dh1.3 million.
The study also revealed a spike in mortgage activity, with monthly transactions up 16.6%. In September, investors took advantage of reduced interest rates, resulting in nearly 4,200 registrations.
Strong pipeline of new deliveries
According to fäm Properties, the Dubai real estate market will witness a robust pipeline of new home deliveries, hitting a record 90,000 over the next two years, thanks to a significant number of projects started in the post-pandemic period.
Nearly 1,034 projects were being built, according to the data, adding 288,020 units to an existing pipeline. With the total for 2024 already at 99,779 and growing, the record of 101,654 launched units annually set in 2023 appears to be surpassed.
In response to the post-pandemic demand for new tenants and property buyers, the Dubai real estate market has witnessed a significant influx of new residential projects.
“There are 41,800 new units set to enter the market in 2025 – a record for a single year – rising to 48,400 in 2026. Meanwhile, the number of units delivered in 2027 and beyond will likely be driven by projects launched in 2025 onwards, pointing towards continued activity in the years to come,” said Firas Al Msaddi, CEO of fäm Properties.
“With the rapid growth that we’re seeing, real estate developers and contractors are facing increasing pressure to streamline their procurement processes. The sector is grappling with significant logistics challenges, including availability and lead times of delivery, rising shipping costs, and the looming threat of global and regional geopolitical risks that could disrupt major trade routes,” he added.
