The October edition of our monthly report provides a detailed analysis of key trends and metrics of the real estate sales performance, that shaped the market demand during this period, offering valuable insights for property investors.
Dubai real estate market continued its impressive growth trajectory in October 2024, setting up new records in transactions.
Another Record-Breaking month of sales volume
Almost 21 thousand sales transactions were recorded last month, representing an 18% increase from the prior month and 71% rise compared to last year. This was by far the highest volume month this year.
Record-Breaking Sales values as well
61.49 billion AED (or 16.75 billion USD) in total sales value representing a 41% increase in value compared to last month and 56% higher than last year.
Market Trends
Fueled by ongoing new project releases by property developers, we witnessed a 14% rise in total sales transaction value with off-plan properties, compared to the previous month, resulting in a 34% surge from the same period last year.
Developers reported strong pre-sales figures, particularly for projects in emerging areas such as Palm Jebel Ali, Dubai South and Mohammed Bin Rashid City. The off-plan segment’s resilience highlights investor confidence in Dubai’s long-term growth prospects.
Sales value for ready properties, saw a 23% increase from previous month and an 8% increase compared to same month last year.
We recently published our research on key considerations for buying off-plan vs ready properties in Dubai.
Jumeirah Village Circle (JVC) and Business Bay were the top choices for investors, with a notable increase in sales volume in these areas.
Dubai Hills Estate and Dubai South were also among the top preferred areas for last month.
The percentage share of overall transactions volume by asset class* for October was as follows:
Apartments 77 %
Villas and Townhouses 19 %
Commercial properties 2 %
Land plots 3 %
For foreign investors, Dubai remains a compelling destination offering a blend of benefits, such as:
Freehold property ownership and Zero property tax
Zero personal income tax or capital gains tax, or withholding tax
lowest corporate income tax rate of 9%
100% foreign business ownership
100% repatriation of capital investment and total profit earned
10-year investor Golden Visa
Investor-friendly policies providing foreign investment protection
One of the world’s top tourist centers
Following the announcement in the beginning of October, about The Dubai Real Estate Sector Strategy 2033 His Excellency Engineer Marwan Ahmed bin Ghalita, Director General of Dubai Land Department, emphasized that the strategy is solidifying Dubai’s role as a regional and global leader in real estate.
Investing in Dubai extends beyond property acquisition; it offers a high-quality lifestyle, further enhancing market appeal and attracting long-term investment.
Key Performance Indicators (KPI's) included in the strategy:
doubling the real estate sector’s contribution to Dubai’s GDP to approximately 73 Billion AED
increasing home ownership rates to 33%
growing real estate transactions by 70%
raising the market value to 1 Trillion AED
expanding the value of Dubai’s real estate portfolios 20 times to 20 Billion AED
Gov of Dubai, Dubai Media Office
Conclusion
Looking ahead, the Dubai real estate market sales performance is poised for continued growth and very much exceeding last year performance. The sustained economic growth and ongoing projects will likely support the market’s upward trajectory.
Staying informed about market trends and leveraging professional advice will be key to making strategic investment decisions in this dynamic market.
Source: Dubai Land Department; DXB Interact, Dubai Media Office
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