Dubai’s real estate market continues to defy expectations, setting a new benchmark in September 2024 with an astounding 18,038 transactions. This marks nearly 900 more transactions than the previous record of 17,139 set in May, showcasing the sector’s unstoppable momentum and investor confidence.
An impressive 95% of these transactions were residential, totaling 17,151 sales. EMAAR Properties led the charge in off-plan sales, accounting for a remarkable 73% of the total. Close behind were DAMAC Properties and SOBHA, securing second and third places, respectively.
With the emirate hitting an all-time high in monthly transactions, the first nine months of 2024 have seen sales figures that are nearly on par with the entire previous year. According to Property Monitor, from January to September 2024, over 131,000 sales were recorded, just under 2% shy of 2023’s total. Experts forecast a tremendous year-end boost, with expectations of a 30% year-over-year growth, pushing total unit sales to a staggering 170,000 by December.
Unprecedented Growth Continues to Propel Dubai’s Market
“To put this into perspective,” says Property Monitor, “by the end of 2024, Dubai will have achieved a level of sales activity four times greater than pre-Covid levels. This phenomenal growth isn’t merely a recovery—it’s a global market-leading surge, fueled by the unwavering commitment of the UAE and Dubai governments’ forward-thinking strategies and initiatives.”
September was particularly remarkable, as noted by Henry Bacha, CEO of Property Monitor. “This month set new records not just in transactions but in property prices as well. We’re seeing the market’s evolution continue at an astonishing rate, with projections of ending the year on another high note—30% growth compared to 2023. A solid pipeline of new projects and favorable mortgage conditions are keeping demand for both off-plan and ready properties strong.”
Price Trends and Mortgage Surge
Property prices saw a modest uptick in September, with the average price per square foot reaching Dh1,448, a 1.14% rise from August. The median price for townhouses stood at Dh2.76 million, villas at Dh7 million, and apartments at Dh1.3 million, according to Property Monitor’s findings.
Moreover, mortgage activity surged, with monthly transactions spiking by 16.6% as investors took advantage of reduced interest rates, resulting in nearly 4,200 mortgage registrations in September alone.
A Bright Future for Dubai’s Real Estate Market
Looking ahead, Dubai’s real estate market is poised for continued expansion. With a robust pipeline of new homes set for delivery, fäm Properties estimates that a record-breaking 90,000 units will hit the market over the next two years. Over 1,034 projects are already in development, adding 288,020 units to the growing supply. With 41,800 units set for delivery in 2025, and another 48,400 in 2026, Dubai’s real estate market is on track to sustain its incredible growth trajectory.
Firas Al Msaddi, CEO of fäm Properties, comments, “The sector’s rapid growth is placing increased pressure on developers and contractors to optimize procurement processes. We’re navigating logistics challenges, rising shipping costs, and the impact of geopolitical risks on trade routes, but the resilience of the Dubai real estate market is undeniable.”
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