Dubai Real Estate Market Breaking Records by Selling over 20,000 Property Units in October
November 4, 2024
The Dubai real estate market has achieved a historic milestone, surpassing 20,000 property transactions for the first time ever in October. According to recent data from Property Monitor, a total of 20,460 sales transactions were recorded last month, marking a significant 13% increase compared to September. This surge reflects the strong demand for both residential and commercial properties, driving prices and rents upward across the city.
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Key Insights from October’s Performance
Zhann Jochinke, the Chief Operating Officer of Property Monitor, commented on this remarkable achievement:
“After a record-breaking September, the Dubai real estate sector reached another new high in October. Once again, off-plan and under-construction properties accounted for the majority of sales, highlighting continued investor confidence in the sector.”
The data reveals that nearly 73% of transactions involved off-plan or under-construction properties, with residential sales making up about 95% of all transactions—totaling over 19,400 deals. The continued growth in this segment is largely driven by reduced interest rates and a surge in new projects.
Factors Driving Demand
Much of the demand for properties in Dubai can be attributed to the city’s rapid population growth. Since the pandemic, Dubai has welcomed over 100,000 new residents each year, leading to a consistent increase in demand that outpaces supply.In October, the highest-priced transaction was a stunning villa at Jumeirah Bay sold for AED 175 million, while an off-plan villa at Eome in Palm Jumeirah’s western crescent sold for AED 170.5 million. Emaar Properties maintained its lead in off-plan sales, followed closely by Damac Properties and Sobha.
Conclusion
The record-breaking transactions in October signify that Dubai’s property market shows no signs of slowing down. With strong investor confidence and ongoing demand for both luxury and affordable housing options, including off-plan apartments and villas, the future looks promising for Dubai’s real estate sector. As more people choose to buy rather than rent, this momentum is expected to continue into the coming months.
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