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Dubai sells over 20,000 property units in October, records new all-time monthly high in 2024

Seventy-three per cent of transactions were for off-plan or under-construction properties, according to Property Monitor’s October report

Published: Mon 4 Nov 2024, 7:52 PM

Updated: Mon 4 Nov 2024, 9:10 PM

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Dubai real estate market saw monthly transactions surpass over 20,000 mark for the first time in history in October, indicating that the market's momentum shows no sign of slowing down.

According to new data released by Property Monitor 20,460 sales transactions were recorded last month, an increase of 13 per cent over the previous month, as strong demand for residential and commercial properties continues to drive prices and rents upward.

“After a record-breaking September, the Dubai real estate sector reached another new high in October. Once again, off-plan and under-construction properties accounted for the majority of sales, highlighting continued investor confidence in the sector," said Zhann Jochinke, chief operating officer, Property Monitor.

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He added, "With reduced interest rates, a surge in new projects, and more people choosing to buy rather than rent, Dubai’s property market shows no sign of slowing down."

Zhann Jochinke

Zhann Jochinke

Much of this demand is fuelled by Dubai's rapid population growth, which has surged in the post-pandemic period. With over 100,000 new residents joining the city each year, demand has consistently outpaced supply for the past few years.

Property Monitor’s October report also revealed that nearly three quarters – 73 per cent – of transactions were for off-plan or under-construction properties, with residential transactions making up nearly 95 per cent of sales, totalling over 19,400 deals.

The highest-priced transaction for October was a villa at Jumeirah Bay sold for Dh175 million. Meanwhile, a villa at Eome in Palm Jumeirah’s western crescent topped the off-plan sales price, at Dh170.5 million.

Emaar Properties continued to maintain the lead followed by Damac Properties and Sobha in terms of the highest number of off-plan sales in October.

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