Dubai’s real estate market is on track to surpass AED 500 billion in sales for the first time in 2024, following a record-breaking month in October. Total sales up to October reached AED 435.6 billion from 150,651 transactions, surpassing last year’s high of AED 409.8 billion.

With average monthly sales of AED 43.56 billion, 2024 is expected to finish strong exceeding the AED 500 billion mark as investor demand continues to surge, both locally and internationally.

The market has seen a dramatic surge over the past five years with October 2024 alone recording AED 61.1 billion in sales, an 798% increase compared to October 2020. Villa sales totaled AED 20.5 billion up 102% in volume year-on-year while apartment sales reached AED 28.1 billion, up 67.2%. Commercial property transactions slightly dropped by 1.9% in volume but saw a 7.1% rise in price per square foot.

Key areas driving sales include Jumeirah Village Circle, Business Bay and Dubai Hills Estate. The most popular off-plan developments were Greenridge (AED 1.18 billion in sales) and Sobha Orbis (AED 891.6 million) while Canal Front Residences and Shams Townhouses led ready property sales.

Overall, new sales from developers outpaced resales with 69% of transactions being first-time sales. The majority of properties sold were in the AED 1-2 million range (33%) with 8% of total sales exceeding AED 5 million.

This strong market activity reflects a sustained demand for Dubai real estate with a clear trend toward new developments, prime locations and a growing appetite for luxury and affordable properties.