October 2024 Market Analysis

Dubai’s real estate market in October 2024 sustained its upward trajectory, recording AED 54.6 billion in transaction value across 23,791 deals. Off-plan projects led activity, attracting strong global investor interest, particularly in luxury communities such as Dubai Hills Estate, Business Bay, and Sobha Hartland 2. Ready properties in established areas like Dubai Marina and Downtown Dubai also performed well. With the population projected to grow from 3.8 million to 5.8 million by 2040, both luxury and affordable segments are positioned for long-term expansion.

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Key figures

Total transaction value
AED 54.6B
+55.11% YoY
Against AED 35.2 billion in October 2023
Total transactions
23,791
+69.03% YoY
Against 14,075 in October 2023
Off-plan share of volume
58.8%
13,984 transactions worth AED 32.2 billion
Residential rental value
AED 5.1B
+16% YoY
Leasing volume up 6.13% year-on-year

Inside this report

  • Off-Plan Dominance Continues

    Off-plan sales remained the market’s growth engine, led by luxury developments in Dubai Hills Estate, Business Bay, Ghaf Woods, Sobha Hartland 2, and Damac Lagoons. Flexible payment plans and investor-friendly terms continued to attract local and international buyers seeking early-stage opportunities.

  • Apartments Lead Market Share

    Apartments accounted for 77% of total transactions and 58% of overall value, highlighting Dubai’s strong demand for vertical living. Villas and townhouses also showed healthy performance, contributing 19% of sales volume and 38% of market value, balancing the residential mix across key districts.

  • Rising Rental Market Momentum

    Rental values grew 16% year-on-year, supported by a 6.13% increase in leasing activity. High demand persisted in Jumeirah Village Circle, International City, and Business Bay, while villas in Palm Jumeirah and Dubai Hills Estate maintained premium rental rates, reinforcing Dubai’s resilient leasing sector.

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