September sets new all-time record for Dubai real estate transactions, with 18,038 sales – Property Monitor
• Residential sales make up 95% of transactions. • Off-plan and under construction properties dominate at nearly 73%. • AED 275 million transaction on Palm Jumeirah property marks highest priced apartment sale of 2024.
Dubai, UAE, 21 October 2024: Dubai’s property market recorded 18,038 transactions in September 2024 – a new all-time monthly high – with almost three quarters (73%) for properties underconstruction having been sold off-plan, according to new insight from leading real estate intelligence and data authority, Property Monitor.
Property Monitor’s monthly analysis of Dubai’s real estate market shows that September transactions surpassed the previous record of 17,139 – set in May this year – by almost 900, highlighting continued growth – and confidence – in the sector, which is on track for 30% year on year growth by the end of the year. 2024 sales have now passed 131,000 – just under 2% less than for the whole of 2023.
With 17,151 sales, residential transactions accounted for more than 95% of the September total.
Top of the off-plan sales charts was Emaar, with 2,343 registrations, followed by DAMAC Properties with 1,516 and Sobha with 810, according to the research.
September also set a new record for the highest priced apartment sale of 2024: AED275 million for a five-bedroom apartment at The One on Palm Jumeirah.The lowest recorded sale price was AED124,000 for a studio in Dubai South.
Property prices rose by 1.14% in September compared to August, at an averageAED1,448 per sqft. The median price for an apartment was AED1.3 million, for a townhouse AED2.76 million and a villa AED7 million, according to Property Monitor’s insight.
The research also shows a surge in mortgage activity, with transaction up 16.6% month-on-month. Almost 4,200 registrations took place in September as investors took advantage of lower interest rates.
Henry Bacha, Chief Executive Officer, Property Monitor, said: “September 2024 was yetanother ground-breaking month for Dubai’s real estate sector, setting new records in both sales transactions and prices.Our findings underpin the ongoing success and evolution of the property market, which continues to flourish and looks set to end the year on another high, with 30 per cent growth compared to last year. A robust pipeline of new projects and easing mortgage rates continue to drive demand for both off-plan and ready properties.”
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Property Monitor is part of the Cavendish Maxwell Group.
