Dubai’s real estate sector saw a record-breaking month in October 2024 with AED 61.5 billion ($16.7 billion) in transactions, up 56% compared to the previous year. The market recorded 20,670 transactions, a 71% increase from October 2023 driven by a significant boost in off-plan sales.

Off-plan transactions surged by 109% year-on-year totaling AED 27.7 billion ($7.5 billion). In contrast, the ready property market saw AED 33.7 billion ($9.2 billion) in sales up 11% from July 2024, marking its highest ever value.

Key trends show high demand for one and two-bedroom apartments with popular ownership areas including Dubai Marina, Downtown Dubai and Palm Jumeirah. For villas, Dubai Hills Estate, Palm Jumeirah and Al Furjan are leading choices.

The rental market also remains strong with 65% of apartment tenants preferring furnished units while 53% of villa renters sought unfurnished properties. Top rental areas for apartments included Dubai Marina, Downtown Dubai and Business Bay while villa renters favored Jumeirah, Dubai Hills Estate and Damac Hills 2.

The continued growth of the market is fueled by both local and international investor confidence. With initiatives like the Dubai Real Estate Sector Strategy 2033, the sector is on track to double its contribution to the economy, supporting sustained growth and transparency in the market.