The Dubai real estate market reached a historic milestone in September with a record-breaking 18,038 transactions.
Nearly three-quarters (73%) of these transactions were for off-plan properties, ranging in price from $34,000 to $75 million, according to data from Property Monitor.
This surge in activity surpassed the previous high of 17,139 transactions set in May 2024 by nearly 900, underscoring the sector’s continued growth and investor confidence. The market is on pace to achieve 30% year-on-year growth by the end of 2024, with over 131,000 sales already recorded—just 2% shy of 2023’s total.
Residential properties dominated the market in September, accounting for over 95% of sales, with 17,151 transactions. Emaar led the off-plan sales, registering 2,343 deals, followed by DAMAC Properties with 1,516 and Sobha with 810.
The month also saw the highest apartment sale of the year, with a $75 million deal for a five-bedroom unit at The One on Palm Jumeirah. The lowest recorded sale was a $34,000 studio in Dubai South.
Property prices in Dubai increased by 1.14% in September, with an average of $394 per square foot. Median prices for various property types were recorded at $354,000 for apartments, $751,400 for townhouses, and $1.9 million for villas.
Mortgage activity also surged, with a 16.6% month-on-month increase, as investors capitalized on favorable interest rates.
Henry Bacha, Chief Executive Officer of Property Monitor, remarked: “September 2024 was yet another ground-breaking month for Dubai’s real estate sector, setting new records in both sales transactions and prices.
“Our findings underpin the ongoing success and evolution of the property market, which continues to flourish and looks set to end the year on another high, with 30 percent growth compared to last year.
“A robust pipeline of new projects and easing mortgage rates continue to drive demand for both off-plan and ready properties.”
