Dubai’s property market reached an all-time high in October 2024, with nearly 20,460 transactions, marking the first time monthly sales surpassed 20,000. This represents a 13% increase from September, according to Property Monitor’s latest data.
Preliminary findings from Property Monitor’s October report reveal that nearly 73% of transactions involved off-plan or under-construction properties. The residential sector dominated sales, accounting for almost 95%, with over 19,400 transactions.
Zhann Jochinke, COO of Property Monitor, commented, “After a record-setting September, Dubai’s real estate sector hit another milestone in October. Off-plan and under-construction properties continue to make up the majority of sales, showing ongoing investor confidence. With lower interest rates, numerous upcoming projects, and more buyers opting to purchase instead of rent, Dubai’s property market remains robust.”
The most expensive completed property transaction in October was for a villa in Jumeirah Bay, sold for AED175 million. The highest off-plan sale was a villa at EOME on Palm Jumeirah’s western crescent, valued at AED170.5 million, according to Property Monitor.
Emaar, DAMAC, and Sobha recorded the highest number of off-plan sales in October, with Emaar leading at 16.3% (2,053 sales), DAMAC at 14.8% (1,863 sales), and Sobha at 11.6% (1,463 sales).
The full Property Monitor October report will be released later this month.
