October 2024: A Record-Breaking Month for Dubai Real Estate

Dubai’s real estate market demonstrated exceptional strength in October 2024, achieving record-breaking performance across key metrics. The market’s growth reflects its resilience, adaptability, and sustained appeal to a diverse range of investors. With notable increases in both transaction volumes and total sales value, the sector continues to be a vital driver of economic activity in the emirate.

The remarkable performance was fuelled by several factors, including heightened demand for residential, commercial, and land assets, coupled with rising property values in key segments.

Dubai’s strategic initiatives to attract international investors, such as enhanced visa policies, increased transparency, and the adoption of advanced technologies, have further strengthened the sector's global reputation.

The total sales value of AED 61.1 billion in October 2024 reflects a significant 54.5% increase compared to October 2023, demonstrating the growing strength and appeal of Dubai’s real estate market. This surge is the result of several key factors working together.

First, the rise in property prices, particularly for apartments and commercial properties, has contributed to higher sales values. Buyers are showing increased interest in premium developments, further pushing up transaction values.

Second, the sharp increase in the number of transactions, up by 68.5% year-on-year, indicates heightened activity across all segments of the market.

In October 2024, the total number of property sale transactions reached an impressive 20,461, reflecting a 68.5% increase compared to October 2023. This significant rise highlights the growing vibrancy and momentum in Dubai’s real estate market.

The surge is primarily fuelled by strong investor sentiment, with buyers drawn to the city’s consistent economic growth and attractive property offerings.

Favourable regulations, such as long-term visas and residency incentives tied to property investment, have further boosted activity, encouraging both first-time and repeat investors.

Land plots emerged as a significant contributor to the total sales value in Dubai’s real estate market for October 2024. Out of the impressive AED 61.1 billion in total sales, 533 transactions were related to land plots, collectively valued at AED 11.1 billion.

This marks a notable 21.1% increase in sales value compared to October 2023. The growth reflects a rising interest in strategic land acquisitions, driven by developers and investors targeting opportunities in commercial, residential, and mixed-use projects.

With Dubai's ongoing expansion and focus on innovative, large-scale developments, land investments remain a key driver of market activity and long-term value creation.

Dubai’s property prices in October 2024 showcased varied trends across asset classes, reflecting the diverse dynamics of the market. Apartments saw robust growth, with the average price reaching AED 1.3 million, a 5% increase compared to October 2023. This rise was driven by strong demand in urban centres and new developments offering modern amenities and strategic locations, appealing to both end-users and investors.

In contrast, villas experienced a slight decline, with the average price settling at AED 3.1 million, down by 1.1% year-on-year. This decrease likely reflects a stabilisation in demand following a pandemic-era surge when villas gained popularity for their spaciousness and privacy.

The commercial property sector recorded the most significant growth, with average prices climbing to AED 1.4 million, a notable 13.5% increase compared to October 2023. This trend highlights a thriving demand for office and retail spaces, driven by Dubai’s expanding economic activities and increasing interest from businesses establishing a presence in the city.

Meanwhile, land plots saw average prices decrease slightly to AED 5.1 million, a 1.2% drop compared to October 2023. This adjustment reflects evolving buyer preferences and strategic pricing recalibrations in certain areas to attract developers seeking opportunities for large-scale or mixed-use projects.

These trends demonstrate the dynamic nature of Dubai’s real estate market, balancing demand fluctuations across segments while continuing to offer opportunities for growth and investment.

Dubai’s real estate sector is on an ambitious trajectory, guided by the Dubai Real Estate Sector Strategy 2033, which outlines a transformative vision for the coming years. One of the primary objectives of the strategy is to reach a market value of AED 1 trillion by 2033, positioning Dubai as a global leader in property investments.

Alongside this, the strategy aims for a 70% increase in transaction volumes, reflecting the emirate's determination to enhance its appeal to investors and cement its role as a key global real estate hub.

The strategy is built on three core pillars:

1. Sustainability: Dubai plans to integrate eco-friendly and energy-efficient practices into new developments, aligning with global trends toward sustainable living and environmentally responsible construction.
2. Transparency: To strengthen investor confidence, the emirate will focus on improving regulatory frameworks, making the real estate market more transparent and trustworthy. This will help attract a broader base of both local and international investors.
3. Technology Adoption: Emphasising the use of cutting-edge technologies, including artificial intelligence (AI), the strategy aims to optimise market operations, streamline processes, and enhance the overall customer experience, making transactions more efficient and accessible.

This comprehensive roadmap demonstrates Dubai’s commitment to innovation, investor satisfaction, and long-term sustained growth, ensuring the real estate sector remains a vital component of the emirate’s broader economic development.

October 2024 was a landmark month for Dubai real estate, with unprecedented sales value and transaction volumes. Supported by strategic initiatives like the 2033 strategy, the sector is poised to attract increased investment, ensuring its position as a global leader in real estate innovation and development.