Dubai’s buoyant real estate market is on course to surpass annual sales of more than AED500 billion for the first time following another record-breaking month.
Total sales in 2024 up to the end of October amount to AED435.6 billion from 150,651 transactions, eclipsing the previous high of AED409.8 billion from 132,628 property sales set last year.
Based on average monthly sales for the year to date of AED43.56 billion, the final value of sales in 2024 could soar past the AED500 billion milestone as Dubai real estate continues to attract waves of local and international investors.
A market update issued today by fäm Properties underlined the huge increase in Dubai real estate activity over the last five years, with a record AED 61.1 billion in sales from 20,461 transactions in October representing an 798% increase in value over the same month in 2020.
The total of 3,830 villa sales for AED20.5 billion last month was 102% up in volume on October 2023, while apartment sales worth AED28.1 billion rose 67.2% in volume to 15,662 compared with the same month last year.
The 424 commercial property transactions last month amounted to AED 916.2 million, a slight drop of 1.9% in volume compared to October 2023, although the average price per sq ft rose 7.1% to AED1,585.
“In a market where supply is at an all-time high alongside record transaction volumes, we are witnessing a clear trend of sustainable demand,” said Firas Al Msaddi, CEO of fäm Properties.”
Dubai property sales for the month of October over the last five years have now risen from AED6.8 billion (3,300 transactions) in 2020 to AED13.1 billion (5,300) in 2021, AED25.2 billion (8,700) in 2022, AED39.48 billion (12,100) in 2023 to last month’s new peak.
The top five performing areas in October were:
- Jumeirah Village Circle – 1,487 transactions worth AED1.5 billion.
- Business Bay – 1,135 transactions worth AED2.6 billion
- Dubai Hills Estate – 867 transactions worth AED2.1 billion
- Dubai South – 847 transactions worth AED877.6 million
- Motor City – 819 worth AED973.4 million
The best-selling off-plan project in terms of value in October was Greenridge, where 332 villas sold for AED 1.18 billion. The top-selling off plan apartments project was Sobha Orbis, with 761 units fetching AED891.6 million.
Canal Front Residences topped sales of ready apartments with 92 transactions worth AED258.9 million, while Shams Townhouses led the way in ready villa sales, with 16 properties selling for AED42.4 million.
Overall, first sales from developers significantly outnumbered re-sales in the secondary market – 69% over 31% in terms of volume, and 66% against 34% in value.
With properties worth more than AED5 million accounting for 8% of total sales, 33% came in the AED1-2 million range, 27% below AED1 million, 19% between AED2-3 million and 13% between AED3-5 million.
