Dubai real estate market recorded over AED 623.1 billion in transactions in the first 10 months of 2024. This included sales worth AED 435.6 billion from 150,940 transactions. Meanwhile, real estate sales in October, amounting to AED 61.35 billion, surpassed the previous record of AED 50.78 billion set in July.
A survey conducted by “Emarat Al Youm,” based on data from the Dubai Land Department, showed that real estate sales in Dubai grew by 42% compared to AED 306.5 billion recorded during the same period last year.
Meanwhile, mortgages amounted to AED 148.10 billion from 29,720 transactions, compared to AED 114.6 billion during the same period last year from 27,510 transactions, reflecting an increase of 29.23%.
Gifts recorded AED 39.4 billion through 7,000 transactions, compared to a total of AED 23.6 billion during the same period last year from 5,890 transactions, showing a growth of 66.9%.
Thus, Dubai real estate market has experienced unprecedented growth, with increasing demand for various types of residential and commercial properties, confirming Dubai’s continuous attractiveness as a global investment destination.
October Transactions
In October alone, Dubai’s real estate sales achieved the highest monthly performance ever, amounting to AED 61.35 billion from 20,600 transactions, compared to AED 39.2 billion in October 2023 from 71,080 transactions, reflecting a growth of 56.5% in value.
The “Emarat Al Youm” survey showed that real estate sales in Dubai in October 2024 surpassed the previous record for a single month (July 2024), which recorded AED 50.78 billion.
The continued prosperity of the real estate sector in Dubai comes amid high demand from investors, businessmen, and wealthy individuals for luxury and ultra-luxury properties in the Emirates. According to data from the real estate research and data platform Property Monitor, this has bolstered the city’s reputation as a premier investment destination.
Dubai real estate market has continued to achieve record numbers since the beginning of this year, with expectations indicating that the market is poised to reach new peaks in sales and prices by the end of 2024. This will surpass the results achieved at the end of last year, which was considered the best for the market with AED 401 billion in sales. In addition, the most expensive real estate transaction in the market’s history was recorded at AED 500 million.
An Exceptional Year
The Chairman of W Capital Real Estate Brokerage, Walid Al Zarooni, stated that Dubai real estate market is still in an upward cycle.
He added, “Sales have set a new record every day since the beginning of last October, surpassing 2023 levels in the first few days of the month, while there are still two months left until the end of the year.”
He continued, “Dubai real estate market is progressing steadily and rapidly, while the market peak is still ongoing. This means that the market is not only on track to register unprecedented exceptional sales but also to achieve a significant increase compared to last year, 2023.”
Al Zarooni confirmed that the market continues to benefit from the positive economic conditions in the emirate, the advantages of residence visa grants, the attractive tax system for establishing and launching new businesses, and the cultural diversity of nearly 200 nationalities from around the world.
Read also, the growth of Dubai real estate is set to deliver 90,000 new homes in the next two years.
Attractive Opportunities
For his part, Zahi Qassouh, CEO of Elio Real Estate, said that Dubai real estate market is showing great confidence from both foreigners and citizens, along with the attractive investment opportunities the sector provides.
Qassouh confirmed that demand still exceeds supply in the market, which has encouraged many developers to launch dozens of projects this year. He pointed out that many of them have plans for expansion in the short and medium term.
Qassouh affirmed that Dubai has maintained its position as one of the best destinations for real estate investment, attracting investors from all over the world and providing the desired real estate products, especially luxury properties.
