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Dubai real estate market surges 55% YoY, reaching AED 54.6bln in October 2024

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Farooq Syed, CEO of Springfield Properties. Image Courtesy: Springfield Properties

Over 23,700 transactions completed in October, up 13% month-on-month, reflecting robust market activity

Press Release

November 6, 2024

Dubai, UAE — Dubai’s real estate sector has reached unprecedented heights in October 2024, with total transaction values soaring to AED 54.6 billion across 23,791 transactions. This marks a 13.42% increase in volume and a 17.42% rise in value compared to September 2024. Year-on-year, transaction volumes have surged by 69.03%, and total value has escalated by 55.11%.

Off-plan sales have dominated the market, accounting for 59% of total transactions. Luxury developments in areas such as Dubai Hills Estate, Business Bay, Sobha Hartland 2, Ghaf Woods, and Damac Lagoons have been particularly attractive to investors. Ready properties have also seen significant activity, especially in established communities like Business Bay, Dubai Marina, Downtown Dubai, and Palm Jumeirah.

Apartments continue to lead both in volume and value, representing nearly 77% of transactions and 58% of the total value. Villas and townhouses contribute 19% to the volume and 38% to the total value, indicating a robust demand across various property types.

إعلان

The average sales price in Business Bay has risen to AED 2.3 million, reflecting a 7.14% month-on-month and 16.16% year-on-year increase. In Dubai Hills Estate, the average sales price stands at AED 3.47 million, while Jumeirah Village Circle offers more affordable options with an average price of AED 1.01 million, marking a 7.18% month-on-month and 4.93% year-on-year increase.

The rental sector has experienced substantial growth, with rental values increasing by 16% and volumes by 6.13% compared to October 2023. High demand persists in popular areas such as Jumeirah Village Circle, International City, and Business Bay. Villas in prime locations like Palm Jumeirah and Dubai Hills Estate continue to command premium rental rates.

Farooq Syed, CEO of Springfield Properties, said: “October’s figures reflect Dubai’s enduring appeal and strength in the global property market. The sharp rise in off-plan transactions, especially in the luxury segment, signals growing trust from international investors in Dubai’s long-term vision. Buyers today are not only seeking luxury; they are investing in a city known for its forward-thinking approach and reliable returns”.

October 2024 marked several high-profile projects launches that have quickly attracted attention from both local and international buyers. Vida Club Point by Emaar, located in Dubai Hills Estate, offers 1–3-bedroom apartments starting at AED 1.61 million, with an expected handover in Q1 2029, supported by an 80/20 payment plan. Meanwhile, Velora 2 by Emaar in The Valley Phase 2 caters to family living with 3–4-bedroom townhouses, available from AED 2.93 million and scheduled for completion by Q3 2028. Binghatti Skyrise in Business Bay provides modern studios and 1–3-bedroom apartments starting from AED 975,000, with delivery set for October 2025, complemented by a 70/30 payment plan. Lastly, Damac Islands introduces a blend of 4-5 bedroom townhouses and spacious 6-7 bedroom villas starting at AED 2.25 million, with handover dates tailoured to meet premium buyer expectations through a flexible 75/25 payment plan. Each of these projects underscores Dubai’s commitment to offering diverse and appealing property options to meet the rising demand across market segments.

Syed added, “Dubai’s real estate market is showing remarkable resilience and adaptability to global economic shifts. With new project launches, continued infrastructure advancements, and an influx of both local and international buyers, we see sustained growth ahead. This momentum is not only a testament to Dubai’s appeal but also highlights its role as a cornerstone of real estate investment in the region”.

Dubai’s real estate market has sustained solid momentum in October, led by strong off-plan sales. Transaction volumes and values are poised to rise further with the imminent handover of key projects, especially in high-demand areas. As we approach the final months of 2024, Dubai’s expanding population and continued appetite for both luxury and affordable housing are set to drive steady growth.

With significant upcoming handovers and growing investor confidence, we expect emerging areas like Dubai South and Expo City to lead the next wave of real estate activity. The city’s strategic developments and infrastructure advancements continue to enhance its global appeal, positioning Dubai as one of the most resilient and dynamic real estate markets worldwide.

Springfield Properties’ October 2024 Dubai Real Estate Market Report is now available for download HERE.

About Springfield Properties

Springfield Properties, headquartered in Dubai, is a beacon of innovation and excellence in the real estate industry. With a team of over 140 dedicated realtors, we are committed to reshaping the financial landscape with a forward-thinking, human-centric approach.

Our mission revolves around assisting value-driven investors, individuals, and businesses in achieving financial success while upholding the highest standards of integrity and market expertise. We understand that every client is unique, and our goal is to provide tailored solutions that meet their specific needs.

As a dynamic force in the real estate industry, we seamlessly blend innovation and expertise to deliver exceptional results. We harness the power of real-time, data-driven insights while maintaining a deep understanding of the ever-evolving financial landscape in the UAE.

Springfield Properties earned the trust of our clients through unmatched market insight and a commitment to excellence. Since our establishment in 2008, we have consistently demonstrated our ability to meet and exceed our clients’ expectations.

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