Dubai’s property market posts record-breaking results in October
Dubai Property Investment Market Growth
Dubai’s property investment market continued its record run in October, with the sector reporting a 69% year on year (YoY) rise in transactions and a 55% YoY increase in sales value.
Monthly Performance
The market recorded 23,791 transactions during the month worth AED 54.6 billion (US$14.9bn) in total, representing a 13.4% increase in volume and a 17.4% rise in value compared to September.
According to Dubai Land Department (DLD) data published by Property Finder, off-plan sales accounted for 59% of all transactions.
Third Quarter Highlights
October’s results built on what was a remarkable third-quarter performance for the property market, with 50,439 deals recorded for a total value of AED 142 billion ($38.67 billion) in the three months to September. These results marked a 15% increase in sales volumes and 14.5% in values.
Off-plan sales accounted for 63% of total transactions during this period, according to Property Finder’s Market Watch digest report, representing YoY volume growth of 58.7%, equating to a record-breaking 31,800 transactions.
Off-Plan Market Growth
The quarter also set a new record for off-plan transactions, with values reaching AED 67.45 billion ($18.36 billion), up 42.3% YoY. The result also surpassed Dubai’s previous 2009 off-plan sales peak by 19.4%.
Pre-Owned Properties
Pre-owned properties also attracted strong investor interest, with transactions climbing 13.3% YoY to reach 18,639, accounting for 37% of all sales. Even more striking, the value of these deals surged by 20.8% to AED 74.53 billion ($20.28 billion).
Industry Commentary
Commenting on the record-breaking results, Cherif Sleiman, chief revenue officer at Property Finder, said: “Q3, 2024 [marked] significant milestones for Dubai’s real estate market, reflecting a robust surge in activity... This transformative trend underscores the growing appeal of off-plan properties, which are increasingly resonating with buyers.”