The Dubai real estate market has set a new milestone, with AED 61.5 billion ($16.7 billion) in transactions recorded in October, marking a 56% increase over the same period in 2023. This surge in activity represents the highest monthly transaction value ever recorded in the city, supported by 20,670 transactions—a significant 71% increase from October of last year, according to Property Finder.
Rising demand for apartments and villas
In its October report, Property Finder highlighted a growing preference among investors and homeowners for one- and two-bedroom apartments, with 32% of prospective buyers showing interest in one-bedroom units, 36% in two-bedroom apartments, and 14% in studio properties.
For investors seeking villas or townhouses, three-bedroom units topped the list, representing 38% of demand, while 49% of buyers showed a preference for four-bedroom or larger options.
The most sought-after areas for apartment ownership were:
- Dubai Marina
- Downtown Dubai
- Jumeirah Village Circle
- Business Bay
- Palm Jumeirah
Among villa and townhouse buyers, the top locations included:
- Dubai Hills Estate
- Al Furjan
- Palm Jumeirah
- Dubai Land
- Mohammed Bin Rashid City
Record-breaking performance in off-plan and ready markets
Dubai’s off-plan market showed remarkable growth in October, recording a 109% year-on-year increase in transaction volume. Around 13,530 off-plan transactions took place, reaching a value of AED 27.7 billion ($7.5 billion), up from AED 13.7 billion ($3.7 billion) in October 2023—a 102.4% increase.
Similarly, Dubai’s ready property market had a record-breaking month with 7,140 transactions valued at AED 33.7 billion ($9.2 billion), surpassing the previous peak recorded in July 2024 by 11%. This rise reflects both local and international investor confidence in Dubai’s property sector, with particular momentum in the luxury and mid-market segments.
Cherif Sleiman, Chief Revenue Officer at Property Finder, stated, “As we move into the final quarter of the year, the market remains poised for further expansion, driven by both local and international investor confidence. October has highlighted the resilience of both off-plan and existing properties, continuing the upward trend across volume and value of transactions seen year-on-year.”
Sleiman credited recent initiatives by UAE’s leadership, including the Dubai Real Estate Sector Strategy 2033, as instrumental in building a sustainable, transparent market that aims to double its contribution to Dubai’s GDP over the coming decade.
The changing dynamics in the rental market
The Property Finder report also revealed insights into Dubai’s rental market. Furnished apartments were a popular choice among tenants, with 65% of apartment seekers preferring furnished properties, while 34% opted for unfurnished options. However, for villas and townhouses, 53% of tenants sought unfurnished units, compared to 46% who preferred furnished residences.
The breakdown of rental demand by unit type highlighted that:
- 35% of apartment tenants sought one-bedroom units
- 32% looked for two-bedroom options
- 23% preferred studios
- For villas and townhouses, 41% of tenants were interested in three-bedroom units, and 38% preferred four-bedroom or larger residences.
The most popular areas for renting apartments included:
- Dubai Marina
- Downtown Dubai
- Business Bay
- Jumeirah Village Circle
- Jumeirah Lake Towers
For villa and townhouse rentals, the leading neighbourhoods were:
- Jumeirah
- Dubai Hills Estate
- Damac Hills 2
- Al Barsha
- Umm Suqeim
October’s record-setting figures highlight Dubai’s continuing rise as a global real estate powerhouse, with robust demand across both off-plan and ready markets. Property Finder’s data not only highlights the city’s diverse investment appeal but also signals sustained growth momentum for Dubai’s property sector as it moves into 2025.
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