In a historic achievement, Dubai’s real estate market recorded over 20,000 transactions in October, setting a new monthly high. This milestone underscores the city’s ongoing momentum in property sales, driven largely by strong investor demand for residential and commercial properties.
Property Monitor’s October report confirms 20,460 transactions last month, marking a 13 per cent increase from September. Much of this demand is fuelled by Dubai’s rapid population growth, with the city welcoming over 100,000 new residents each year, resulting in consistently high demand that outpaces supply. Off-plan or under-construction properties accounted for 73 per cent of all transactions, while residential sales dominated with nearly 95 per cent of the total, amounting to over 19,400 deals.
Zhann Jochinke, chief operating officer at Property Monitor, remarked on the sustained growth, saying, “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.” He added, “With reduced interest rates, a surge in new projects, and more people choosing to buy rather than rent, Dubai’s property market shows no sign of slowing down.”
October also saw significant high-value transactions, with the month’s most expensive sale being a villa on Jumeirah Bay for AED 175 million. Additionally, a villa at Eome on Palm Jumeirah’s western crescent achieved the highest off-plan sales price, at AED 170.5 million.
Among developers, Emaar Properties led the market in off-plan sales, followed by Damac Properties and Sobha Realty, demonstrating strong positions in Dubai’s rapidly evolving property market.
Article reference: Khaleej Times.
