Dubai property transactions to grow 30% by end of 2024 amid record-breaking sales, prices – Khaleej Times
Sat, Jan 04, 2025 | Rajab 4, 1446 | DXB 
0°C
A total of 20,460 sales transactions were recorded last month, an increase of 13 per cent compared to September
Published: Wed 20 Nov 2024, 3:42 PM
Updated: Wed 20 Nov 2024, 4:21 PM
Dubai real estate transactions are set to grow by 30 per cent year-on-year by the end of 2024 as the property sector continues to break all records for sales, prices, mortgages, and launches, according to a report released on Wednesday by a real estate intelligence provider.
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.
Henry Bacha
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
A total of 20,460 sales transactions were recorded last month, an increase of 13 per cent compared to September, as strong demand for residential and commercial properties continues to drive prices and rents upward.
The highest-priced transaction for October was a villa at Jumeirah Bay sold for Dh175 million. Meanwhile, a villa at Eome in Palm Jumeirah’s western crescent topped the off-plan sales price, at Dh170.5 million.
October mortgage transactions also rose 3.2 per cent month-on-month to their highest levels yet, according to Property Monitor’s findings.
October also saw 48 new project launches with 15,000 units between them, bringing the total number of new-to-market units in 2024 to over 100,000 across 343 developments, based on initial figures.
Meanwhile, real estate prices were up 1.73 per cent compared to September, with October prices set at Dh1,473 per square foot – nearly 20 per cent above the previous all-time high and market peak a decade ago.
The median cost of an apartment was Dh1.271 million; Dh2.885 million for a townhouse; and Dh7.298 million for a villa.
ALSO READ:
Angel Tesorero is Assistant Editor and designated funny guy in the newsroom, but dead serious about writing on transport, labour migration, and environmental issues. He's a food lover too.
Be in the know. Get the latest breaking news delivered straight to your inbox.
©2024 Galadari Printing and Publishing LLC. All rights reserved.
About The Author
