Fasih Uddin
Founder I Sales Director
Key Market Insights: October 2024
Sales Volume and Price Trends
- Total Sales Volume: The Dubai property market recorded 20,461 transactions, marking a 68.5% increasecompared to October 2023. This growth underlines a significant upswing in investor interest.
- Average Price per Sqft: The price per square foot increased to AED 1,585, up 7.1% from last year, showing stable demand and value increase for several property types.
- Sales Value: Total sales value reached AED 61.1 billion, representing a remarkable 54.5% increase from October 2023. This indicates Dubai’s ongoing attraction as an international investment place.
Analysis by Property Type
Apartments
- Apartments sales volume was 15,662 units, rising 67.2% from October 2023.
- The total sales value of apartments was AED 28.1 billion, with an average price of AED 1.3 million per unit, raising 5% from the last year.
Villas
- Villa sales were 3,830 units, a 102% increase year over year, and their value was AED 20.5 billion.
- Average villa prices reached AED 3.1 million, a 1.1% increase compared to last year.
Commercial Properties
- The commercial sector recorded 424 transactions, showing a slight 1.9% decrease in sales volume but achieving a sales value of AED 916.2 million.
- The average price for commercial properties rose by 13.5%, reaching AED 1.4 million.
Buildings and Plots
- Buildings: A quick increase in sales volume, with 12 buildings sold, reflecting a 300% increase and a total value of AED 501.1 million.
- Plots: There were 533 plot transactions, marking a 21.1% rise from October 2023, totaling AED 11.1 billion.
Rental Market Overview
Apartments
Average annual rent climbed to AED 80,000, up 14.3% from October 2023.
Villas
Villa rentals average AED 180,000, a 10.5% increase.
Commercial Areas
Commercial property rentals experienced a 21% decrease, with an average rental of AED 60,000 annually.
Top-Performing Areas and Properties
In October 2024, demand was primarily concentrated in Dubai’s prime areas, with the highest interest in luxury and high-value properties. Some highlights include:
- Luxury Apartments:
- Six Senses Residences, Dubai Marina recorded the highest apartment sale, closing at AED 101 million.
- Other high-value apartment projects included Bulgari Lighthouse on Island 2 (AED 78 million) and Orla Infinity by Omniyat at Palm Jumeirah (AED 72 million).
- Exclusive Villas:
- Some, Palm Jumeirah took the lead for villa transactions with an astonishing AED 171 million sales.
- The Mohammed Bin Rashid Al Maktoum City – District One project saw villa sales reaching AED 53 million, emphasizing the area’s appeal to high-net-worth investors.
Off-Plan and Ready Projects in Demand
The real estate sector’s vibrancy in October was further illustrated by high demand for both off-plan and ready properties:
- Off-Plan Apartments:
- Sobha Orbis led with 761 units sold, amounting to AED 891.6 million.
- Other popular projects included Damac Hills 2 – Elo 2 & Elo 3 with 433 units and Cilia with 310 units.
- Off-Plan Villas:
- Greenridge stood out with 332 units sold, reaching a total value of AED 1.1 billion.
- Damac Riverside – Lush and Damac Riverside – Ivy also reported strong sales volumes.
- Ready Apartments:
- Canal Front Residences recorded 922 units sold at a total value of AED 258.9 million, followed closely by Remraam with 755 units.
- Ready Villas:
- Shams Townhouses led the segment with 164 units sold at a value of AED 42.4 million.
Mortgage Market Growth
Dubai’s mortgage market also displayed substantial growth.
- Mortgage Transactions: A total of 4,323 mortgage transactions were recorded, an increase of 59.9% from October 2023.
- Total Mortgage Value: The value of mortgage transactions rose by 41.9% to reach AED 16.2 billion.
Outlook for Q4 2024
The fourth quarter of 2024 is expected to continue this boosting trend, with ongoing demand for off-plan and high-end residential properties while growth may slow due to global factors such as higher interest rates. However, due to government initiatives, visa program modifications, and working growth in infrastructure, Dubai’s real estate market continues to attract international investors and buyers.
Conclusion
October 2024 once again shows the viability and diversity of Dubai’s real estate market. Dubai’s market is a hotspot for foreign and local investors, with higher sales volume and value, and also strong demand in the residential, commercial, and luxurious segments. As the city develops, Dubai’s property market highlights its growing value as a vibrant investment-friendly hub with exceptional lifestyle and business opportunities.
Looking to find out more? Contact us to discuss specific needs and explore the latest developments in Dubai’s real estate market.
