Dubai Real Estate Sees Record Sales in October with Leading Developers Making Headlines
Dubai's real estate market achieved an unprecedented milestone in October 2024, with a record 20,460 sales transactions, as revealed by Property Monitor.
October’s record-breaking figures marked a 13% increase from September, reaching over 20,000 transactions for the first time in Dubai's history.
According to Property Monitor, off-plan and under-construction properties made up an impressive 73% of the total transactions, showcasing strong investor confidence in Dubai’s real estate sector. The residential sector dominated, with over 19,400 sales, nearly 95% of all transactions.
Zhann Jochinke, COO of Property Monitor, noted, “Dubai’s property market continues its upward trajectory, fueled by favorable interest rates, an influx of new projects, and a growing preference for ownership over renting. October has further demonstrated this dynamic, with off-plan properties driving much of the growth.”
The highest sale for a completed property was a luxurious villa in Jumeirah Bay, which sold for AED 175 million ($48 million). Meanwhile, an off-plan villa in EOME on Palm Jumeirah’s western crescent commanded an impressive AED 170.5 million ($46 million).
Top developers for off-plan sales in October were:
- Emaar – Leading with 2,053 sales (16.3% market share)
- DAMAC – With 1,863 registrations (14.8% market share)
- Sobha – Securing 1,463 sales (11.6% market share)
Dubai’s real estate market shows no signs of slowing, and Empire Heights Properties is thrilled to be part of this dynamic industry. Stay tuned to Empire Heights Properties for more insights and opportunities in Dubai’s thriving real estate market.
