The Dubai real estate market reached a new milestone in September 2024, with both transaction volumes and the value of sales hitting unprecedented highs. A total of 12,470 off-plan property transactions were recorded during the month, reflecting a remarkable 40.5% increase from September 2023. The total value of these transactions reached $7.62 billion, representing a 31% year-on-year growth.
Surge in Off-Plan Sales
The surge in off-plan property sales continues to drive the market. Off-plan properties accounted for a significant portion of the overall transactions, with leading developments such as Emaar’s Golf Point and DAMAC’s ELO projects attracting high demand. The cumulative value of these transactions has increased steadily despite minor fluctuations in the price per square meter, which dipped slightly to $5,220 in September.
Factors Behind the Growth
Several factors have contributed to the market’s growth. Firstly, the growing investor confidence in Dubai’s economy is evident. Many buyers are seeing Dubai as a safe investment due to its steady development pipeline and attractive yields on rental properties. Secondly, favorable government policies, including relaxed visa regulations and incentives for foreign investors, have played a critical role.
Market Outlook for the Coming Months
The outlook for Dubai’s real estate market remains positive as we head into the final quarter of 2024. Analysts expect continued growth, particularly in the luxury and off-plan segments, bolstered by ongoing urban development projects and an influx of foreign investment.
Source: This article is based on information from Khaleej Times.
Key Highlights
- Dubai’s real estate market hit an all-time high in September 2024 with over 12,000 transactions.
- Off-plan sales saw a 40.5% increase compared to September 2023.
- The total value of real estate transactions reached $7.62 billion.
- 4Key contributors include investor confidence and favorable government policies.
