Dubai’s real estate market has hit new highs with total transaction values reaching AED 54.6 billion in October 2024, marking a 55% year-on-year increase. The market saw 23,791 transactions reflecting a 13% monthly rise in volume and a 17% increase in value compared to September.

Off-plan sales continue to dominate making up 59% of all transactions with strong demand for luxury developments in areas like Dubai Hills Estate, Business Bay and Sobha Hartland 2. Established communities such as Business Bay and Palm Jumeirah also saw significant activity in ready properties.

Apartments lead the market comprising 77% of transactions and 58% of total value while villas and townhouses represent 19% of volume and 38% of value. Business Bay’s average sales price rose to AED 2.3 million while Dubai Hills Estate saw an average of AED 3.47 million.

The rental market also experienced robust growth with rental values up 16% and volumes up 6% compared to October 2023. Prime locations like Palm Jumeirah and Dubai Hills Estate continue to see high demand for villas.

The rise in off-plan luxury sales signals growing international investor confidence in Dubai’s long-term prospects. The launch of high-profile projects such as Vida Club Point and Velora 2 has further bolstered this momentum, catering to a range of buyer needs.

With new project launches continued infrastructure development and strong demand across all segments, Dubai’s real estate market is set for continued growth with emerging areas like Dubai South and Expo City expected to lead the next wave of activity.