Dubai property prices have continued to flourish and glow for 43 consecutive months by the end of September, according to real estate research and data platform Property Monitor, with figures showing an exceptional level of growth of 77.9% above the market’s low point in April 2009 and now significantly higher by 16% than the previous peak in September 2014. The continued boom in Dubai’s real estate market comes amid continued demand from investors, businessmen and wealthy individuals for high-quality luxury properties in the emirate. This reinforces Dubai’s position as a leading global investment destination, as the city continues to attract attention with its diverse and innovative projects.
The research platform added that the September 2024 figures confirm that the emirate’s real estate market continues to grow, with property prices continuing to rise to an all-time high of AED 1,448 per square foot, compared to AED 1,431 per square foot in August. This rise puts prices at a growth level of 77.4% above the market low in April 2009 and even 16% above the previous market peak in September 2014.
The platform continued, “In September 2024, the institution’s Dynamic Price Index (DPI) in the emirate reached its highest level ever at 202 points, up 3 points from 199 points last August, equivalent to a growth of 1.14%, and also increased compared to 195 points in July, 193 points in June, 189.91 points in May 2024 and 188.61 points in April 2024.”
The platform stated that prices witnessed an increase of 16.5% in September, on an annual basis, which led to extending the upward trend for 43 consecutive months, and on a quarterly basis, prices also witnessed an increase of 4.92%.
These price increases recorded since the beginning of this year come in parallel with the exceptional demand for real estate in the emirate, as the value of real estate sales exceeded the AED 374 billion barrier during the first 9 months of this year, with a growth of 35% compared to the same period in 2023, and constitutes 93% of last year’s historical sales at AED 401 billion, and is expected to exceed it before the end of this October.
Emaar Properties continues to account for the largest share of sales under construction in Dubai, as it sold 2,276 units last September with a market share of 20.6%, followed by Damac Properties, which sold 1,932 units with a market share of 17.5%, and Sobha Real Estate came in third with 1,134 units with a share of 10.3%, while off-plan sales represented an increasing market share at the expense of ready-made property sales, as under-construction sales represented 72.8% of last month’s sales.