Dubai real estate sector hits record high with transactions ranging from $34,000 to $75m.
The Dubai property market saw 18,038 transactions in September, with 73% of them being off-plan sales, according to Property Monitor data.
Property Monitor’s analysis reveals that September surpassed the previous record of 17,139 transactions set in May, underscoring sustained growth and confidence in the market.
The sector is set for 30% year-on-year growth by the end of 2024, with sales exceeding 131,000, just under 2% less than the total for 2023.
Dubai real estate insights.
With 17,151 sales, residential transactions made up more than 95% of the September total.
Emaar led off-plan sales with 2,343 registrations, followed by DAMAC Properties with 1,516, and Sobha with 810.
September also set a record for the highest apartment sale of 2024, with a five-bedroom unit on Palm Jumeirah selling for AED275m ($75m), while the lowest sale was AED124,000 ($34,000) for a studio in Dubai South.
Property prices increased by 1.14% in September compared to August, averaging AED1,448 ($394) per square foot. Median prices were AED1.3m ($354,000) for apartments, AED2.76m ($751,400) for townhouses, and AED7m ($1.9m) for villas, according to Property Monitor.
Mortgage activity surged by 16.6% month-on-month, with almost 4,200 registrations in September as investors took advantage of lower interest rates.
Henry Bacha, CEO of Property Monitor, stated: “September 2024 was another record-breaking month for Dubai’s real estate, setting new highs in both transactions and prices.”
“Our data reflects the ongoing success and growth of the market, which is poised to close the year with 30% growth over last year.”
“A solid pipeline of new projects and favorable mortgage rates continue to fuel demand for both off-plan and ready properties.”
