Dubai Real Estate Market Hits Record $16.7 Billion in October Transactions
Dubai’s real estate market achieved a historic milestone in October 2024, recording AED 61.5 billion ($16.7 billion) in transactions—the highest monthly total ever. This reflects a 71% year-on-year increase in transaction volume, driven by growing demand for luxury and off-plan properties. Dubai continues to solidify its position as a global hub for real estate investment, attracting both local and international buyers.
Key Trends in Apartments and Villas
Apartments and villas remained the most sought-after property types. One- and two-bedroom units dominated apartment sales, while three- and four-bedroom homes led the villa market. Popular neighborhoods for apartments included Dubai Marina, Downtown Dubai, and Palm Jumeirah, while villas saw high demand in Dubai Hills Estate, Palm Jumeirah, and Al Furjan.
Off-Plan and Ready Markets Break Records
October witnessed remarkable growth in both off-plan and ready property sectors. Off-plan transactions surged by 109% year-on-year, totaling AED 27.7 billion ($7.5 billion). The ready market also reached new heights, with 7,140 transactions valued at AED 33.7 billion ($9.2 billion). These achievements are a testament to the confidence investors place in Dubai’s Real Estate Sector Strategy 2033.
Shifting Rental Market Preferences
Dubai’s rental market showcased evolving trends. Apartment renters favored furnished units, while villa tenants opted for unfurnished options. High-demand rental areas included Dubai Marina, Jumeirah, and Business Bay, underscoring tenant interest in prime locations.
With record-breaking transactions and strong investor confidence, Dubai’s property market enters 2025 as a premier global destination for real estate, offering diverse opportunities supported by innovative strategies and world-class infrastructure.
