Dubai Real Estate Market Reaches Record Sales in October 2024
In October 2024, Dubai’s real estate market achieved a groundbreaking milestone with an unprecedented 20,460 sales transactions. This record-breaking surge underscores Dubai’s thriving property sector, driven by continued investor interest and an attractive mix of off-plan properties. Let’s explore the highlights of Dubai’s real estate success in October, including top-performing developers, sales figures, and trends in the market.
October 2024 Sales at a Glance
- 20,460 total sales transactions
- 13% increase from September 2024
- 95% of transactions were in the residential sector
Dubai’s property market recorded over 20,460 sales transactions in October 2024, marking a 13% increase from the previous month. This historic month exemplifies the rising demand and investment appeal of Dubai’s real estate, particularly within the off-plan segment.
Growing Popularity of Off-Plan and Under-Construction Properties
Off-plan and under-construction properties represented a staggering 73% of all transactions in October, reflecting investor confidence in Dubai’s long-term growth.
- Continued demand for properties under construction or yet to be developed
- Rising interest rates globally, but Dubai offers competitive rates
- Developers continue to launch new projects, attracting both local and international buyers
Off-Plan Sales Trends:
- Off-plan properties accounted for 73% of all October transactions
- Investors are drawn to flexible payment plans and future property appreciation
- Property Monitor highlights the sustained demand for off-plan investments
Top Developers in October 2024
Prominent developers Emaar, DAMAC, and Sobha led the market with the highest number of sales, demonstrating their strong position and trust within the industry.
Developer Highlights:
- Emaar: Leading the market with a 16.3% share, totaling 2,053 sales
- DAMAC: Close behind with 14.8% and 1,863 registrations
- Sobha: Secured 11.6% with 1,463 transactions
Top Transactions in October
- Most expensive completed property sale: AED175 million villa at Jumeirah Bay
- Top off-plan transaction: AED170.5 million villa at Palm Jumeirah’s western crescent
Factors Fueling Dubai’s Real Estate Boom
Dubai’s real estate market is not only booming due to its global appeal but also because of several supportive factors driving the market.
Market Drivers:
- Interest Rates: Favorable financing conditions with lower interest rates
- Investment-Friendly Policies: Government initiatives supporting foreign investments
- Infrastructure Growth: Expanding residential and commercial developments
Outlook for Dubai’s Real Estate Sector
With the upward trend in both off-plan sales and completed transactions, Dubai’s property market shows no signs of slowing down. Investors can expect new project launches, stable growth, and ample opportunities for both luxury and mid-market segments.
Final Notes and Facts:
- Dubai property sales in October 2024: 20,460, a record high
- Nearly 95% of sales were residential transactions
- Top developers: Emaar (16.3%), DAMAC (14.8%), Sobha (11.6%)
Dubai’s record-breaking real estate sales in October 2024 are a testament to the city’s booming property sector and investor-friendly environment. As off-plan projects continue to draw significant interest, and with leading developers setting benchmarks, the outlook remains positive for continued growth and investment opportunities in Dubai.
