The Dubai real estate market is poised to end 2024 on an extraordinary high note, with sales growth expected to surge by 30% year-on-year. This marks a historic milestone as the property sector shatters records across sales, prices, mortgages, and project launches, according to the latest insights from Property Monitor, a leading authority in real estate intelligence.
Breaking Records Across the Board
Property Monitor’s October 2024 report paints a vibrant picture of Dubai’s dynamic property market:
- Prices Per Square Foot: Surpassed the previous peak (set in September 2014) by an impressive 20%, reaching AED 1,473 per square foot.
- Sales Transactions: Over 20,460 deals closed in October, a historic first, reflecting a 13% increase compared to September.
- Mortgage Transactions: Up by 3.2% month-on-month, reaching unprecedented levels.
- New Launches: October alone saw 48 new projects with 15,000 units, contributing to over 100,000 new units launched across 343 developments in 2024.
Investor Confidence Soars
Henry Bacha, CEO of Property Monitor, attributes this remarkable growth to sustained confidence from local and international investors. “Dubai’s property market continues to gather pace. Records have been broken, milestones reached, and the city’s global standing as a real estate powerhouse has been further cemented,” he remarked.
With apartment prices averaging AED 1.271 million, townhouses at AED 2.885 million, and villas commanding AED 7.298 million, the market reflects robust demand across all segments.
A Bright Outlook for 2025
As 2024 draws to a close, the property sector shows no signs of slowing down. Bacha expressed cautious optimism for continued growth heading into 2025, buoyed by sustained investor interest and a stream of new project launches.
The Role of Technology and Insights
At the heart of Dubai’s real estate success lies the role of market intelligence and data-driven decision-making. Property Monitor’s advanced tools provide stakeholders with unparalleled insights, helping lenders, developers, and brokers navigate a rapidly evolving market landscape.
What This Means for Buyers and Investors
Dubai’s record-breaking performance offers a wealth of opportunities for buyers and investors alike. With mortgage rates climbing, prospective homeowners can leverage robust financing options. Meanwhile, off-plan launches provide early access to some of the most sought-after developments in the region.
As Dubai’s skyline continues to expand, the city solidifies its position as a global hub for real estate innovation, luxury, and opportunity.
Stay Informed
For more insights and updates on Dubai’s thriving real estate market, keep an eye on Property Monitor’s authoritative reports.
Conclusion
Whether you’re a seasoned investor or a first-time buyer, 2024 has been a landmark year for Dubai real estate, and the best may yet be to come.
For tailored real estate insights and market updates, visit Property Monitor or contact their team directly.
