Dubai’s real estate sector is poised for a remarkable 30% year-on-year growth by the close of 2024, driven by record-breaking activity in sales, prices, mortgages, and new project launches, as reported by Property Monitor, a prominent real estate analytics provider.
According to Property Monitor’s October 2024 report, the market achieved several milestones during the month. Property prices per square foot surged 20% above the previous peak set in September 2014, while transaction volumes exceeded 20,000 for the first time. Additionally, over 4,300 mortgage deals were finalized, and 15,000 new off-plan units entered the market.
Commenting on these developments, Henry Bacha, CEO of Property Monitor, highlighted the enduring confidence of both local and international investors. He expressed optimism that the market would achieve a 30% growth rate by the end of the year and potentially maintain its upward trajectory into 2025.
October’s transaction volumes represented a 13% increase over September’s figures, while mortgage activity grew by 3.2%, reaching unprecedented levels. During the same period, the market saw the introduction of 48 new projects, collectively adding 15,000 units. This brought the year-to-date tally to over 100,000 units across 343 developments, based on preliminary estimates.
Property prices continued their upward trend, with a 1.73% month-on-month increase. October’s average price per square foot reached AED 1,473, nearly 20% above the previous market peak a decade earlier. Median prices stood at AED 1.271 million for apartments, AED 2.885 million for townhouses, and AED 7.298 million for villas, further underscoring the sector’s robust performance.
Article reference: Zawya.
