In October, the Dubai real estate market’s monthly transactions topped 20,000 for the first time, indicating that the market’s momentum is still robust.
According to new data released by Property Monitor, 20,460 sales transactions were recorded last month, up 13% from the previous month, demonstrating the continued strong demand for residential and commercial properties, which is driving up prices and rents.
“After a record-breaking September, the Dubai real estate sector reached another new high in October. Once again, off-plan and under-construction properties accounted for the majority of sales, highlighting continued investor confidence in the sector,” said Zhann Jochinke, chief operating officer, Property Monitor.
He added, “With reduced interest rates, a surge in new projects, and more people choosing to buy rather than rent, Dubai’s property market shows no sign of slowing down.”
One of the main causes of this demand is Dubai’s fast population growth, which has accelerated since the pandemic. Due to the city’s yearly influx of more than 100,000 new residents, demand has consistently outpaced supply in recent years.
According to Property Monitor’s October report, nearly three quarters (73%) of transactions involved off-plan or under-construction properties. Over 19,400 transactions, or almost 95% of sales, were residential in nature.
The sale of a villa in Jumeirah Bay for Dh175 million was the most costly transaction of October. The most costly off-plan sale was a villa at Eome in the western crescent of Palm Jumeirah, which sold for Dh170.5 million.
Emaar Properties maintained its lead in October’s most off-plan sales, followed by Damac Properties and Sobha.
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