Dubai’s real estate market recorded 18,038 transactions in September, the highest monthly figure ever, surpassing the previous record of 17,139, achieved in May this year by about 900 transactions, highlighting continued growth and confidence in the sector.
With 17,151 residential sales transactions, residential transactions accounted for more than 95% of September’s total transactions. Off-plan sales accounted for 73% of total sales in September, led by Emaar, followed by Damac and Sobha.
In the first nine months of 2024, real estate market sales are close to matching last year’s level, with the emirate recording a record number of monthly transactions in September.
According to the Property Monitor report, real estate sales during the period from January to September 2024 exceeded 131,000 transactions, which is 2% less than the total sales in 2023. With three months remaining in the year, the market is expected to witness an annual increase of nearly 30%, bringing the number of transactions to 170,000 units.
The report said: “By the end of 2024, we will have reached a level of sales activity that quadruples the pre-Covid level. This tremendous growth does not represent a mere recovery after the pandemic, but is different from any other market in the world, and reflects the commitment of the government and Dubai to strategic planning, initiatives and a proactive vision for the development of the market.”
Henry Basha, CEO of Property Monitor, said that September 2024 was another exceptional month for the Dubai real estate market, recording new records in both transactions and prices. He added: “Our results confirm the continued success and development of the real estate market, which continues to flourish and looks set to end the year on a new high of 30%, compared to last year. This is due to the continued demand for both ready properties and new projects, thanks to the decline in interest rates.”
Real estate prices rose by 1.14% in September, compared to August, with an average price of AED 1,448 per square foot. The average price for an apartment was AED 1.3 million, AED 2.76 million for a townhouse, and AED 7 million for a villa, according to Property Monitor.
The report also showed an increase in mortgage activity, with transactions increasing by 16.6%, compared to the previous month. Nearly 4,200 transactions were recorded in September, with investors taking advantage of lower interest rates.
Amid a large number of projects launched in the post-pandemic period, Dubai’s real estate market is expected to witness a strong delivery of new residential units, reaching 90,000 units over the next two years. The data showed that there are around 1,034 projects under construction, adding 288,020 units to the existing inventory. The total units launched in 2024 are expected to surpass the record of 101,654 units, set in 2023, with the total number to date standing at 99,779 units and still growing.