October 2024 Market Report
A snap shot of Dubai's Real Estate Market as of October 2024
11/22/20241 min read
Key Market Updates October 2024
Property Prices and Appreciation:
Dubai property prices grew by 1.73% in October, reaching an average of AED 1,473 per sq. ft.
Year-on-year price increase stands at 17.2%, with a 60% appreciation since the market's trough in 2019.
The market shows signs of stability compared to previous cycles, with moderate monthly growth of 1.24%.
Sales Transactions:
Record-breaking 20,460 transactions in October, a 13.4% increase month-on-month.
Total transactions for 2024 are on track to exceed 175,000, reflecting a 30% year-on-year growth.
Off-Plan Market:
Over 15,000 new off-plan units were launched in October, contributing to a year-to-date total of 100,000+ units.
Off-plan transactions accounted for 72.6% of the market share after adjustments.
Mortgage Activity:
Registered loans reached an all-time high of 4,318, marking a 3.26% increase from September.
Mortgage penetration for completed properties grew to 36.3% compared to 28.3% in 2023.
Price Segments:
Properties in the AED 1M–1.5M range saw the fastest growth, increasing their market share to 21.3%.
High-end properties (AED 10M+) reached record transaction volumes with notable villa sales.
Top Developments:
Jumeirah Village Circle (JVC) led initial sales, while Business Bay and Dubai Marina were prominent in resales.
Developer Highlights:
Emaar, DAMAC, and Sobha Group dominated off-plan transactions with projects in Dubai Hills, DAMAC Lagoons, and Motor City.
Market Outlook:
Continued growth is anticipated, with caution regarding potential oversupply as nearly 135,000 units are expected to enter the market by year-end.
Final Summary
Dubai's real estate market demonstrated remarkable resilience and growth in October 2024, with record-high transactions, steady price appreciation, and an influx of new developments. The market's stability is bolstered by strong buyer confidence and increased mortgage accessibility. However, the rapid introduction of new inventory raises concerns about potential oversupply, highlighting the importance of aligning population growth and economic activity with development. Overall, Dubai remains a leading global real estate hub with robust market dynamics.