Dubai sets a new record in October 2024, selling over 20,000 property units, marking an all-time monthly high.

In October, Dubai’s real estate market hit a historic milestone, surpassing 20,000 transactions in a single month for the first time. Property Monitor reported 20,460 sales transactions, a 13% increase over the previous month, as high demand for residential and commercial properties pushed prices and rents upward.

“After a record-breaking September, the Dubai real estate sector reached another new high in October,” said Zhann Jochinke, Chief Operating Officer of Property Monitor. “Once again, off-plan and under-construction properties accounted for the majority of sales, highlighting continued investor confidence in the sector. With reduced interest rates, an influx of new projects, and more people opting to buy rather than rent, Dubai’s property market shows no sign of slowing down."

Dubai’s rapid population growth—adding over 100,000 new residents annually—continues to fuel demand, which has consistently outpaced supply in recent years. The October report from Property Monitor indicated that off-plan and under-construction properties made up nearly 73% of transactions, with residential sales comprising 95% of total deals, amounting to over 19,400 transactions.

The month’s highest-priced transaction was a villa on Jumeirah Bay, sold for AED 175 million, while an off-plan villa at Eome on Palm Jumeirah’s western crescent fetched AED 170.5 million. Emaar Properties led the market in off-plan sales, followed by Damac Properties and Sobha.

Source from khaleej times