According to a survey released on Wednesday by a real estate intelligence company, Dubai real estate transactions are expected to increase by 30% annually by the end of 2024 as the property industry continues to establish records for launches, sales, prices, and mortgages.
Property Monitor CEO Henry Bacha said: “Dubai’s property market continues to gather pace. Records have been broken and new milestones have been reached, reflecting sustained confidence from local and international investors and cementing Dubai’s position as a force to be reckoned with on the global scene.
“As the end of the year draws near, we can say with confidence that 2024 is likely to close with 30 percent year-on-year sales growth – and with cautious optimism that the market is set to grow further as we move into 2025,” he underscored.
Last month saw 20,460 sales transactions, up 13% from September due to the high demand for both residential and commercial real estate, which is pushing up prices and rental rates.
Dh175-million villa sold
The most expensive deal in October was the Dh175 million sale of a property in Jumeirah Bay. At Dh170.5 million, a property at Eome in the western crescent of Palm Jumeirah was the most expensive off-plan sale.
According to Property Monitor’s data, October mortgage transactions also increased 3.2% month over month to reach their best levels to date.
According to preliminary data, October also saw the opening of 48 new projects totaling 15,000 units, increasing the total number of new-to-market units in 2024 to almost 100,000 across 343 complexes.
In the meantime, October real estate prices were Dh1,473 per square foot, which was almost 20% more than the previous all-time high and market top ten years prior. This is a 1.73 percent increase over September prices.
The median price of a townhouse was Dh2.885 million, a villa was Dh7.298 million, and an apartment was Dh1.271 million.
