As the real estate sector continues to set all-time records for launches, sales, prices, and mortgages, a poll published on Wednesday by a real estate intelligence firm predicts that by the end of 2024, Dubai real estate transactions would rise by 30% yearly.
Property Monitor CEO Henry Bacha said: “Dubai’s property market continues to gather pace. Records have been broken and new milestones have been reached, reflecting sustained confidence from local and international investors and cementing Dubai’s position as a force to be reckoned with on the global scene.
“As the end of the year draws near, we can say with confidence that 2024 is likely to close with 30 per cent year-on-year sales growth – and with cautious optimism that the market is set to grow further as we move into 2025,” he underscored.
Due to the strong demand for both residential and commercial real estate, which is driving up prices and rental rates, there were 20,460 sales transactions last month, up 13% from September.
Dh175-million villa sold
The sale of a Jumeirah Bay house for Dh175 million was the most costly transaction in October. The most costly off-plan transaction was a house in Eome in Palm Jumeirah’s western crescent, which sold for Dh170.5 million.
Data from Property Monitor shows that October mortgage transactions reached their highest levels to date, rising 3.2% month over month.
Preliminary data indicates that 48 new projects comprising 15,000 units were opened in October, bringing the total number of new-to-market apartments in 2024 to nearly 100,000 spread among 343 complexes.
Meanwhile, October real estate prices were Dh1,473 per square foot, over 20% higher than the previous peak and market peak of the previous decade. Compared to September prices, this is a 1.73 percent increase.
A townhouse cost Dh2.885 million, a villa Dh7.298 million, and an apartment Dh1.271 million on average.
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