Dubai Real Estate Market Sets Records in October 2024
October 2024 continued the explosive growth trend in Dubai’s real estate market. In the third quarter alone, over 50,000 transactions were recorded, setting a new record for the city. The total sales value reached AED 141.95 billion (around $38.6 billion), which represents a 30% increase compared to last year.
Particularly noteworthy are off-plan projects, which accounted for 73% of transactions in September, with developments from Emaar and DAMAC leading the way. The average price per square meter for new apartments was AED 1,758, reflecting strong demand, especially in popular areas like Jumeirah Village Circle and Dubai Hills Estate.
Amid this activity, the market is demonstrating not only rising demand but also increased investment appeal for foreign investors. Property price growth, driven by stable rental demand—especially in the luxury segment—attracts investors seeking high rental yields and long-term returns. Experts from SPI Dubai note that the increase in transactions and the introduction of new projects strengthen confidence in the market’s resilience, even amid global economic fluctuations.
The fourth quarter of 2024 is expected to continue this upward trend, though growth may slow due to global factors like rising interest rates. However, thanks to government initiatives, visa program expansions, and active infrastructure development, Dubai’s real estate market will remain attractive to international investors and buyers.
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