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Dubai sells 18,000 property units in September, records new all-time monthly high in 2024

Property sales in first 9 months of 2024 have reached almost the same level as the entirety of 2023

Dubai’s property market recorded 18,038 transactions, a new all-time monthly high in September, surpassing the previous record of 17,139 set in May this year by almost 900, highlighting continued growth and confidence in the sector.

With 17,151 sales, residential transactions accounted for more than 95 per cent of the September total. The off-plan sales, which accounted for 73 per cent of total sales in September, were led by market leader Emaar, followed by Damac Properties and Sobha.

These property market sales in the first 9 months of 2024 have almost reached the same level as last year with the emirate recording an all-time high monthly transactions in September.

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According to Property Monitor, sales during January-September 2024 passed 131,000 level, which is just under 2 per cent less than the whole of 2023 sales figures.

With three months remaining, it projected that the market is on track to see a year-on-year increase of nearly 30 per cent or 170,000 unit sales.

“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.

Property prices rose by 1.14 per cent in September compared to August, averaging Dh1,448 per sq ft. The median price for an apartment was Dh1.3 million, Dh2.76 million for a townhouse and Dh7 million for a villa, according to Property Monitor’s insight.

The research also showed a surge in mortgage activity, with transactions up 16.6 per cent month-on-month. Almost 4,200 registrations took place in September as investors took advantage of lower interest rates.

Strong pipeline of new deliveries

On the back of a large number of projects launched in the post-pandemic period, the Dubai property market will see a strong pipeline of new home deliveries reaching a record 90,000 over the next two years, according to fäm Properties.

Data showed that nearly 1,034 projects were under construction, adding 288,020 units to an existing pipeline. The all-time high of 101,654 yearly launched units set in 2023 looks set to be eclipsed, with the total for 2024 currently standing at 99,779, and counting.

Dubai property market has seen massive launches of new residential projects in the post-pandemic period to meet demand for new tenants and property buyers.

“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.

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