Dubai’s real estate market continues to soar, surpassing milestones and setting new benchmarks for sales and transactions. By the end of October 2024, total property sales reached AED435.6 billion ($118.6 billion) from 150,651 transactions, outpacing the previous record of AED409.8 billion ($111.6 billion) in 2023. This remarkable performance highlights Dubai’s enduring appeal to both local and international investors.

With a projected annual total exceeding AED500 billion ($136.1 billion), Dubai real estate is on track for its best year ever, showcasing the city’s robust market dynamics and global desirability.

Record-Breaking Sales in 2024

October Sales Surge

In October 2024 alone, Dubai witnessed property sales worth AED61.1 billion ($16.6 billion) across 20,461 transactions. This represents a staggering 798% increase in value compared to October 2020.

Notably:

• Villas: 3,830 sales worth AED20.5 billion ($5.6 billion), a 102% rise in volume from 2023.
• Apartments: AED28.1 billion ($7.7 billion) from 15,662 transactions, up 67.2% in volume year-on-year.
• Commercial Properties: AED916.2 million ($249.5 million) from 424 transactions, with average prices per square foot increasing by 7.1% to AED1,585 ($432).

Top-Performing Areas in October 2024

The following areas led Dubai’s real estate boom last month:

• Jumeirah Village Circle (JVC): 1,487 transactions worth AED1.5 billion ($408.4 million)
• Business Bay: 1,135 transactions worth AED2.6 billion ($708 million)
• Dubai Hills Estate: 867 transactions worth AED2.1 billion ($572 million)
• Dubai South: 847 transactions worth AED877.6 million ($239 million)
• Motor City: 819 transactions worth AED973.4 million ($265 million)

These areas are attracting both investors and residents due to their modern infrastructure, prime locations, and lucrative growth potential.

Off-Plan and Ready Properties Drive Growth

Best-Selling Off-Plan Projects

• Greenridge Villas: 332 sales worth AED1.18 billion ($321.3 million).
• Sobha Orbis Apartments: 761 units sold for AED891.6 million ($242.7 million).

Top Ready Property Sales

• Canal Front Residences: 92 ready apartments sold for AED258.9 million ($70.5 million).
• Shams Townhouses: 16 ready villas sold for AED42.4 million ($11.5 million).

Dubai Real Estate Growth Over Five Years

Dubai’s real estate market has shown exponential growth over the past five years, with October sales increasing significantly:

• 2020: AED6.8 billion ($1.9 billion) from 3,300 transactions.
• 2021: AED13.1 billion ($3.6 billion) from 5,300 transactions.
• 2022: AED25.2 billion ($6.9 billion) from 8,700 transactions.
• 2023: AED39.48 billion ($10.7 billion) from 12,100 transactions.
• 2024: AED61.1 billion ($16.6 billion) from 20,461 transactions.

This upward trajectory reflects sustainable demand and increasing investor confidence in Dubai’s real estate sector.

Market Trends and Insights

Price Segmentation

Dubai’s property sales in 2024 show diverse price points:

• 33%: AED1-2 million ($272,000-$544,000).
• 27%: Below AED1 million ($272,000).
• 19%: AED2-3 million ($544,000-$817,000).
• 13%: AED3-5 million ($817,000-$1.4 million).
• 8%: Above AED5 million ($1.4 million).

Demand for Off-Plan Properties

Off-plan properties dominated the market, accounting for 69% of transaction volume and 66% of value, compared to 31% and 34% for re-sales.

Sustained Demand Despite High Supply

Firas Al Msaddi, CEO of fäm Properties, attributes this surge to a “clear trend of sustainable demand.” Dubai’s appeal lies in its strong economy, investor-friendly policies, and high-quality developments catering to diverse buyer needs.

Dubai’s Real Estate Future: Key Drivers

Strategic Growth Plans

Dubai’s growth is closely aligned with the Dubai 2040 Urban Master Plan and Dubai Economic Agenda D33, emphasizing sustainability, infrastructure development, and economic diversification.

Attracting International Investors

Dubai remains a preferred destination for global investors due to its:

• Tax-free environment.
• Robust regulatory framework.
• High rental yields.

Dubai’s real estate market continues to break records, driven by high investor demand, strategic growth plans, and diverse property offerings. Whether you’re looking for luxury villas in Dubai Hills Estate or affordable apartments in JVC, the city provides a wealth of opportunities for buyers and investors.

With a focus on sustainability and innovation, Dubai real estate is set to remain a global leader in property development and investment.