Dubai’s real estate market is experiencing unprecedented growth, with property transactions expected to increase by 30% year-on-year by the end of 2024. This surge is fueled by record-breaking sales, rising prices, booming mortgage activity, and a wave of new property launches, according to a recent report by Property Monitor, a leading real estate intelligence firm.
The property market in Dubai has continued to attract significant interest from local and international investors. Henry Bacha, CEO of Property Monitor, highlights the growing confidence in the market, stating:
“Dubai’s property market is gaining momentum like never before, breaking records and reaching new milestones. This reflects sustained confidence from both local and global investors, cementing Dubai’s position as a global real estate powerhouse.”
As the market approaches the end of 2024, analysts predict a robust 30% growth in transactions compared to 2023. Bacha added, “This growth positions Dubai as a leader in the global property market, and the momentum is likely to carry forward into 2025.”
The positive outlook for 2024 is supported by October’s performance, which saw a total of 20,460 sales transactions, marking a 13% increase compared to September. The rise in demand has pushed property prices and rents upward, reflecting the market's resilience and appeal.
In October, the average price per square foot for properties reached Dh1,473, a 1.73% increase from September and nearly 20% higher than the previous market peak a decade ago.
The luxury property segment has been particularly active, with several high-profile transactions:
A villa in Jumeirah Bay sold for Dh175 million, setting the highest price for October.
An off-plan villa in Palm Jumeirah’s western crescent fetched Dh170.5 million, topping off-plan sales for the month.
Such transactions underscore the enduring appeal of Dubai’s luxury real estate to high-net-worth individuals globally.
October also saw a significant rise in mortgage transactions, which increased by 3.2% month-on-month, setting new records. This growth reflects the strong financing support available to buyers, further fueling the market’s expansion.
The city’s development landscape continues to evolve with a wave of new project launches. October alone witnessed 48 new projects with 15,000 units entering the market. This brings the total number of new units launched in 2024 to over 100,000 across 343 developments, further diversifying options for investors and residents.
Dubai’s real estate market has seen steady price growth across all property types.
Apartments: Average price at Dh1.271 million.
Townhouses: Average price at Dh2.885 million.
Villas: Average price at Dh7.298 million.
These figures reflect a robust market where demand for diverse property options continues to grow.
Several factors contribute to Dubai’s thriving property market:
Investor Confidence: Local and international investors see Dubai as a safe and lucrative destination.
Expo 2020 Legacy: The infrastructure and global attention from the Expo continue to benefit the real estate sector.
Economic Stability: Dubai’s robust economic policies and rising population are driving demand for both residential and commercial properties.
Attractive Mortgage Offers: Competitive financing options have made property ownership more accessible.
Dubai’s real estate market is on a remarkable upward trajectory, with strong growth indicators expected to persist into 2025. The city’s strategic position, investor-friendly policies, and diverse property offerings make it a magnet for global investment.
As 2024 draws to a close, the market's performance underscores its resilience and potential. With record-breaking sales, rising prices, and a booming development sector, Dubai is well-positioned to remain a global leader in real estate.
For investors and buyers, now is the perfect time to explore opportunities in Dubai’s thriving property market. Whether you’re seeking luxury villas or affordable apartments, the city offers something for everyone in its ever-expanding real estate landscape.
