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Published on 10/22/2024

Dubai Property Market Hits Record 18,038 Transactions in September 2024

Property Sales Approached Last Year's Total, Projected 30% Growth by Year-End

Dubai's property market achieved a record high of 18,038 transactions in September 2024, surpassing May's previous peak by nearly 900 sales. Residential transactions made up over 95% of this total with off-plan sales comprising 73% led by Emaar, Damac Properties and Sobha.

For the first nine months of 2024, property sales approached last year's total with projections suggesting a nearly 30% increase by year-end potentially reaching 170,000 sales. This growth reflects a significant recovery from pre-COVID levels, supported by UAE government initiatives.

3-construction week online

Property prices rose 1.14% from August, averaging Dh1,448 per sq ft. The median apartment price was Dh1.3 million with townhouses at Dh2.76 million and villas at Dh7 million. Mortgage activity also surged increasing 16.6% month-on-month as investors capitalized on lower interest rates.

The market is set to see a record 90,000 new home deliveries over the next two years with nearly 1,034 projects currently under construction. 41,800 new units are expected in 2025 highlighting a robust pipeline to meet growing demand despite challenges in logistics and procurement faced by developers.