October 2024 was a record-breaking month for Dubai’s real estate market with a total of 20,670 transactions, a 71% increase from the same month in 2023. The transaction value surged by 56% reaching AED 61.5 billion.

The existing market recorded the highest volume ever with 7,140 transactions worth AED 33.7 billion, an 11% increase from July 2024. Meanwhile, the off-plan market saw a 109% increase in volume with 13,530 transactions valued at AED 27.7 billion, more than double the value from October 2023.

32% of buyers were looking for one-bedroom apartments while 36% preferred two-bedroom units. For villas, 38% sought three-bedroom homes and 49% wanted larger four-bedroom or bigger properties.

Popular areas for apartments included Dubai Marina, Downtown Dubai and Palm Jumeirah while sought-after villa locations included Dubai Hills Estate and Al Furjan. In the rental market, 65% of apartment tenants preferred furnished properties while villa seekers were split with 53% opting for unfurnished units.

Key rental areas for apartments included Dubai Marina and Business Bay, while Jumeirah and Dubai Hills Estate were top choices for villas. It is noted that Dubai’s real estate market is set for continued growth, driven by both local and international investor confidence supported by strategic initiatives like the Dubai Real Estate Sector Strategy 2033.