Dubai’s real estate market saw exceptional growth in October 2024 with 20,670 transactions, up 71% from the same month in 2023. The total value of transactions reached AED 61.5 billion, a 56% year-on-year increase setting new records for the city.

Key Highlights:

Rental Preferences: 65% of tenants searching for apartments preferred furnished units while 53% of villa seekers wanted unfurnished properties. Popular apartment rental areas included Dubai Marina and Downtown Dubai while Jumeirah and Dubai Hills Estate were top villa rental locations.

Ownership Trends: 32% of potential buyers were looking for one-bedroom apartments while 49% sought larger villas (four bedrooms or more). Popular areas for apartment ownership included Dubai Marina and Palm Jumeirah while buyers favored Dubai Hills Estate and Al Furjan for villas.

Market Performance:

Existing Market: The ready market saw a record 7,140 transactions, a 27.5% increase from October 2023, totaling AED 33.7 billion, surpassing previous highs.

Off-Plan Market: Transactions in the off-plan market surged by 109% with 13,530 deals valued at AED 27.7 billion, a 102.4% increase from last year.

The continued strength of Dubai’s real estate market driven by strong investor confidence and government initiatives like the Dubai Real Estate Sector Strategy 2033 which aims to double the sector’s contribution to GDP. With rising transaction volumes and values, Dubai’s property market is on track for sustained growth.