Dubai real estate market on track for 30% sales growth by year end – Property Monitor
Prices up nearly 20% on previous all-time high set in September 2014
Property sector continues to break all records for sales, prices, mortgages and launches
Dubai real estate transactions are set to grow 30% year-on-year by the end of 2024 as the sector continues to break all records for sales, prices, mortgages and launches, according to the latest analysis from leading real estate intelligence authority, Property Monitor.
Property Monitor’s October 2024 report shows that the property sector broke four records during the month. Prices per square foot surpassed the previous all-time high – set in September 2014 – by 20%; 20,460 transactions took place; more than 4,300 mortgages were secured and 15,000 new off plan units came to market.
Henry Bacha, Chief Executive Officer at Property Monitor, said: “Dubai’s property market continues to gather pace. Once again, 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% year-on-year sales growth – and with cautious optimism that the market is set to grow further as we move into 2025.”
October sales – which passed 20,000 for the first time in history – beat September’s by 13%, while mortgage transactions rose 3.2% month-on-month to their highest levels yet, according to Property Monitor’s findings.
October also saw 48 new project launches with 15,000 units between them, bringing the total number of new-to-market units in 2024 to over 100,000 across 343 developments, according to preliminary figures.
Real estate prices were up 1.73% compared to September, with October prices at AED1,473 per square foot – nearly 20% above the previous all-time high and market peak a decade ago. The median cost of an apartment was AED1.271 million; a townhouse AED2,885 million and a villa AED7.298 million.
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Property Monitor is the UAE’s leading real estate technology and market intelligence provider, offering solutions that empower our clients in the real estate ecosystem to make better and faster decisions
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Media contact: Rebecca Rees – Founder, Rebecomms – rebecca@rebecomms.com or +971 506587192