As per the survey released on Wednesday by a real estate intelligence company, reflected that Dubai property transactions are expected to increase by 30% annually by the end of 2024 as the real estate industry continues to establish records for launches, sales, prices, and mortgages.
CEO of Property Monitor Henry Bacha said: “Dubai’s property market continues to gather pace. Records have been broken and new milestones have been reached, reflecting sustained confidence from local and international investors and cementing Dubai’s position as a force to be reckoned with on the global scene.”
“As the end of the year draws near, we can say with confidence that 2024 is likely to close with 30 percent year-on-year sales growth – and with cautious optimism that the market is set to grow further as we move into 2025,” he underscored.
The month of October saw 20,460 sales transactions, which was up by 13% from September due to the high demand for both residential and commercial real estate, which is the leading cause of high prices and rental rates.
Dh175-million villa sold
Among a wide range of deals in the month of October, the most expensive deal was the sale of a property in Jumeirah Bay worth Dh175 million. At Dh170.5 million, a property at Eome in the western crescent of Palm Jumeirah was the most expensive off-plan sale.
As per the data released by Property Monitor, mortgage transactions also increased in October by 3.2% that led to the best deals. In a record-breaking revelation October also saw the opening of 48 new projects totaling 15,000 units, increasing the total number of new-to-market units in 2024 to almost 100,000 across 343 complexes.
The median price of a townhouse was Dh2.885 million, a villa was Dh7.298 million, and an apartment was Dh1.271 million.
Source: Propertynews
