Dubai Real Estate Market Set for 30% Sales Growth by End of 2024

Dubai's real estate market has never been more dynamic—2024 has proven to be a transformative year, paving the way for even greater success in 2025. With the year yet to end, annual sales volume is already 13.4% higher than the total sales recorded in 2023, according to Property Monitor's October 2024 report. Dubai Real Estate is on track for 30% sales growth by year-end, shattering records for transactions, prices, mortgages, and new project launches. Explore the insights behind this extraordinary growth and what it means for the future of Dubai’s property market.

Key Insights

Here’s a look at the standout figures from Property Monitor’s October 2024 report:

• Dubai real estate is projected to achieve 30% year-on-year growth in 2024, with 175,000 transactions expected by the end of the year.
• October 2024 marked a record-breaking month with 20,460 property transactions, 94.9% of which were residential.
• Property prices have reached AED 1,473 per square foot, a remarkable 19.4% increase above the previous peak in 2014.
• The off-plan market has seen the addition of 99,000 units in 2024, with 15,000 introduced in October alone.
• Mortgage activity has surged, with 4,318 loans registered in a single month, fueled by eased interest rates.

Dubai Real Estate On Track for 30% Sales Growth by Year-End

This year has been one for the history books as Dubai real estate sales have reached unparalleled heights. With 151,000 Dubai property transactions already recorded, the sector is on track to achieve a historic milestone. Forecasts suggest that 2024 will close with 175,000 transactions, marking a 30 percent year-on-year sales growth.

Commenting on the upward trajectory of the real estate market, Henry Bacha, CEO of Property Monitor, said: “Dubai’s property market continues to gather pace. Once again, records have been broken, and new milestones have been reached, reflecting sustained confidence from local and international investors and cementing Dubai’s position as a force to be reckoned with on the global stage.”

This remarkable performance positions the Dubai property market for long-term success, laying a strong foundation for the Dubai Real Estate Sector Strategy 2033, which aims to boost sales transactions by 70% and increase the market’s value to AED 1 trillion.

Record-Breaking Sales in October 2024

In October, Dubai’s real estate market recorded a staggering 20,460 sales, setting a new record for the highest October sales volume ever. The total sales achieved in 2024 so far are 13.4% higher than the entire sales volume recorded for the whole of 2023.

Residential transactions dominated the market, accounting for 94.9% (17,151 transactions) of all deals, with apartments, townhouses, and villas leading the charge. The most commercial properties sold were office spaces, hotel apartments, and plots.

Dubai Property Prices Continue The Upward Trend

Property prices also reached new heights, with a 1.73% increase in October alone, pushing the average price to AED 1,473 per square foot—a remarkable 19.4% above the previous market peak in September 2014. 

According to Provident’s property experts, the last 48 months reflect more stability and broader confidence in the market.
“As the end of the year draws near, we can say with confidence that 2024 is likely to close with 30 percent year-on-year sales growth – and with cautious optimism that the market is set to grow further as we move into 2025,” Henry Bacha added.

With prices 19.4% higher than the previous market peak a couple of years ago, Dubai real estate is attracting both global investors and local buyers seeking value in a stable, high-growth market.

Off-Plan Market: 99,000 New Units Added

Dubai’s off-plan segment continues to dominate the market with a staggering 99,000 new units introduced across 343 projects in 2024 so far. This includes the launch of 48 new residential projects in October, adding over 15,000 off-plan units to the market. Notably, developers are diversifying their offerings to include mid-range and family-friendly properties alongside luxury and ultra-luxury options.

This diversity has been instrumental in meeting the needs of Dubai's growing population, aligning with government goals to support sustainable urban growth and cater to a broader demographic. With over 250 new projects in the pipeline, 2025 promises to sustain this momentum.

Mortgage Activity Surges in 2024

Dubai real estate boomed this year, with mortgage activity reaching an all-time high. In 2024, over 4,318 loans were registered in a single month, signaling increased accessibility to financing. Easing interest rates have encouraged buyers to secure their dream homes while investors leverage loans to maximize returns.

What Makes Dubai Real Estate the Best Bet for 2025?

By the end of 2025, nearly 135,000 new residential units are projected to enter the market for sale. This record-breaking pace will require corresponding growth in both population and economic activity, aligning perfectly with Dubai's 2040 Urban Master Plan. 

The plan aims to increase the population to 5.8 million and further strengthen the economy by enhancing infrastructure, boosting tourism, and fostering sustainable development. These strategic initiatives make Dubai’s real estate sector an unparalleled investment opportunity for those seeking to capitalize on a thriving and future-ready market.