JobXDubai

Record-Breaking Market Performance

Dubai’s property market has reached unprecedented heights in 2024, with sales projected to exceed AED500 billion ($136.1bn) for the first time. The market has already achieved AED435.6bn ($118.6bn) in sales through October, surpassing 2023’s previous record of AED409.8bn.

October 2024 Highlights

• Total sales: AED61.1bn ($16.6bn)
• Number of transactions: 20,461
• Growth rate: 798% increase compared to October 2020

Property Segment Performance

Villa Market:

• 3,830 sales transactions
• Total value: AED20.5bn ($5.6bn)
• 102% volume increase year-on-year

Apartment Market:

• 15,662 transactions
• Total value: AED28.1bn ($7.7bn)
• 67.2% volume increase year-on-year

Commercial Property:

• 424 transactions
• Value: AED916.2m ($249.5m)
• Average price: AED1,585 per sq ft

Top Performing Areas in October 2024

1. Jumeirah Village Circle

1. Transactions: 1,487
2. Value: AED1.5bn ($408.4m)

1. Business Bay
   • Transactions: 1,135
   • Value: AED2.6bn ($708m)

1. Dubai Hills Estate
   • Transactions: 867
   • Value: AED2.1bn ($572m)

1. Dubai South
   • Transactions: 847
   • Value: AED877.6m ($239m)

1. Motor City
   • Transactions: 819
   • Value: AED973.4m ($265m)

Notable Project Performance

Off-Plan Leaders

• Greenridge Villas
  • Sales: 332 units
  • Value: AED1.18bn ($321.3m)
• Sobha Orbis Apartments
  • Sales: 761 units
  • Value: AED891.6m ($242.7m)

Ready Property Leaders

• Canal Front Residences
  • Apartment sales: 92 units
  • Value: AED258.9m ($70.5m)
• Shams Townhouses
  • Villa sales: 16 units
  • Value: AED42.4m ($11.5m)

Market Growth Analysis (October Sales)

Five-year progression:

• 2020: AED6.8bn (3,300 transactions)
• 2021: AED13.1bn (5,300 transactions)
• 2022: AED25.2bn (8,700 transactions)
• 2023: AED39.48bn (12,100 transactions)
• 2024: AED61.1bn (20,461 transactions)

Price Range Distribution

• Below AED1m: 27% of sales
• AED1-2m: 33% of sales
• AED2-3m: 19% of sales
• AED3-5m: 13% of sales
• Above AED5m: 8% of sales

Market Dynamics

• First sales from developers: 69% of volume, 66% of value
• Secondary market sales: 31% of volume, 34% of value

According to Firas Al Msaddi, CEO of fäm Properties:

“In a market where supply is at an all-time high alongside record transaction volumes, we are witnessing a clear trend of sustainable demand.”

For the latest updates on Dubai’s real estate market and investment opportunities, stay connected with JobXDubai.

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This article is based on market data and official figures from fäm Properties’ October 2024 report.

Additional Reading Material

• Dubai Launches Real Estate Strategy 2033: AED 1 Trillion Market Target
• Dubai Real Estate Tax Update: Land Department and FTA Collaborate on VAT Collection
• Aldar’s Dh1.75B Expo City Dubai Project: Reshaping UAE Real Estate
• Dubai’s Real Estate Revolution: New Partnership Boosts Market Transparency
• Expat Property Ownership in Abu Dhabi: Guide to Buying Real Estate