As the Dubai real estate sector break records in October it is set to end the year on a high
Dubai real estate transactions are set to grow 30 per cent year-on-year by the end of 2024 as the sector continues to break all records for sales, prices, mortgages and launches, according Property Monitor’s October 2024 report
The Property Monitor research shows four records were broken last month:
- Prices per square foot surpassed the previous all-time high, set in September 2014, by 20 per cent
- 20,460 transactions took place in a single month
- More than 4,300 mortgages were secured
- 15,000 new off plan units came to market
Henry Bacha, CEO at Property Monitor, said: “Dubai’s property market continues to gather pace. Once again, records have been broken and new milestones have been reached, reflecting sustained confidence from local and international investors and cementing Dubai’s position as a force to be reckoned with on the global scene.
“As the end of the year draws near, we can say with confidence that 2024 is likely to close with 30 per cent year-on-year sales growth, and with cautious optimism that the market is set to grow further as we move into 2025.”
Dubai real estate’s Incredible October shatters records
October sales, which passed 20,000 for the first time in history, beat September’s by 13 per cent, while mortgage transactions rose 3.2 per cent month-on-month to their highest levels yet, according to Property Monitor’s findings.
October also saw 48 new project launches with 15,000 units between them, bringing the total number of new-to-market units in 2024 to more than 100,000 across 343 developments, according to preliminary figures.
Real estate prices were up 1.73 per cent compared to September, with October prices at AED1,473 ($401) per square foot, nearly 20 per cent above the previous all-time high and market peak a decade ago.
The median cost of an apartment was AED1.271m ($346,000); a townhouse AED2.885m ($786,000) and a villa AED7.298m ($2m).
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