According to the latest survey conducted by a real estate information company, Dubai property transactions will grow 30% annually by the end of 2024. This is after the real estate industry continued to break records in project launches, sales priced mortgage deals.
Henry Bacha, chief executive of Property Monitor, said:
“Dubai’s real estate market continues to advance. Records have been broken, and new milestones achieved, reflecting the sustained confidence of both domestic and international investors, solidifying Dubai’s position as a global powerhouse.”
He further emphasized:
While we approach the year’s end, it is safe to say that 2024 will close with a 30% increase in sales compared to last year. With cautious optimism, we foresee further growth as we head into 2025.”
In October, there were 20,460 sales transactions, up 13% from September. Strong demand for residential and commercial property resulted in a price and rent increase.
The most expensive deal in October was a sale in Jumeirah Bay for AED 175 million. The most valuable pre-sale transaction took place in Eome on the western crescent of Palm Jumeirah, which was sold for AED 170.5 million.
Mortgage transactions also surged by 3.2% month-on-month in October to an all-time high, according to Property Monitor data.
According to preliminary data 48 new projects with 15,000 units were launched in October. Almost 100,000 new units were introduced in 2024, across 343 developments thus far.
Meanwhile, the average price of a property in Dubai reached AED 1,473 per square foot in October, which is almost 20% higher than during the previous peak a decade ago. This constitutes a month-on-month increase of 1.73% compared to September.
The average townhouse price was AED 2.885 million, villas averaged AED 7.298 million while apartments averaged AED 1.271 million.
The Dubai real estate market saw unprecedented growth in 2024, recording a 30 percent increase in transactions and reaching new highs in sales, prices, and mortgages. With high demand recorded for both residential and commercial properties, coupled with the launch of new and luxury projects, significant price growth has been realized.
This upward graph means that the Dubai real estate market is going to further its growth into 2025, therefore delineating it as one of the major investment destinations within the world.
Source: https://www.propertynews.ae
