The Dubai real estate market recorded an all-time high of 18,038 transactions in September, with almost three quarters (73 per cent) for properties under construction having been sold off-plan, according to Property Monitor data.
Property Monitor’s monthly analysis of Dubai’s real estate market shows that September transactions surpassed the previous record of 17,139, set in May this year, by almost 900, highlighting continued growth – and confidence – in the sector.
The sector is on track for 30 per cent year on year growth by the end of the year as 2024 sales have now passed 131,000 – just under 2 per cent less than for the whole of 2023.
Dubai real estate data
With 17,151 sales, residential transactions accounted for more than 95 per cent of the September total.
Top of the off-plan sales charts was Emaar, with 2,343 registrations, followed by DAMAC Properties with 1,516 and Sobha with 810, according to the research.
September also set a new record for the highest priced apartment sale of 2024: AED275m ($75m) for a five-bedroom apartment at The One on Palm Jumeirah. The lowest recorded sale price was AED124,000 ($34,000) for a studio in Dubai South.
Property prices rose by 1.14 per cent in September compared to August, at an average AED1,448 ($394) per sq ft. The median price for an apartment was AED1.3m ($354,000), for a townhouse AED2.76m ($751,400) and a villa AED7m ($1.9m), according to Property Monitor’s insight.
The research also shows a surge in mortgage activity, with transaction up 16.6 per cent month-on-month. Almost 4,200 registrations took place in September as investors took advantage of lower interest rates.
Henry Bacha, Chief Executive Officer, Property Monitor, said: “September 2024 was yet another ground-breaking month for Dubai’s real estate sector, setting new records in both sales transactions and prices.
“Our findings underpin the ongoing success and evolution of the property market, which continues to flourish and looks set to end the year on another high, with 30 per cent growth compared to last year.
“A robust pipeline of new projects and easing mortgage rates continue to drive demand for both off-plan and ready properties.”
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