According to Property Monitor, a Dubai-based real estate intelligence and data authority, Dubai’s property market has cemented another record with 18,038 transactions in September 2024. This new all-time monthly high surpasses May’s impressive record of 17,139 sales. September’s promising numbers were driven by the sale of off-plans in the UAE’s metropolis.
Data from the report indicates residential properties dominated September’s projections, comprising 95% of sales. The booming metropolis enjoyed the sale of 17,151 residential properties, declaring a triumphant end to the UAE’s summer slump. These numbers highlight the bullish sentiment of Dubai’s real estate market, poised to crack a 30% year-on-year growth by the end of 2024.
September also set a new record for the highest-priced apartment sale of 2024. The champion sale is a five-bedroom apartment at The One on Palm Jumeirah worth AED275 million. The lowest recorded sale price was AED124,000 for a studio in Dubai South.
Henry Bacha, CEO of Property Monitor exclaims that “September 2024 was yet another ground-breaking month for Dubai’s real estate sector, setting new records in both sales transactions and prices. A robust pipeline of new projects and easing mortgage rates continue to drive demand for both off-plan and ready properties.”
Property prices rose by 1.14% in September compared to August, at an average of AED1,448 per sq ft. The median price for an apartment was AED1.3 million, for a townhouse AED2.76 million, and for a villa AED7 million, according to Property Monitor’s insight. The research also shows a surge in mortgage activity, with transactions up 16.6% month-on-month. Almost 4,200 registrations took place in September as investors took advantage of lower interest rates.
In 2024, nearly 150,000 properties were sold in UAE’s City of Gold, which accounts for just under 2% less than for the whole of 2023.
