Dubai’s real estate sector achieved a remarkable milestone in September 2024, setting a new record with 18,038 property transactions, surpassing the previous high by 900 deals. Residential sales dominated the market, accounting for over 95% of total transactions, with off-plan properties leading the surge. Emaar, Damac, and Sobha were among the top contributors driving the off-plan market.
The first nine months of 2024 have already brought property sales figures close to the total sales for 2023, and analysts expect a 30% increase by the end of the year.
Property prices experienced a modest increase of 1.14% in September, while mortgage activity surged by 16.6%, reflecting strong buyer interest. Additionally, developers are actively working on a substantial pipeline of new projects, with 90,000 homes scheduled for delivery over the next two years—41,800 in 2025 and 48,400 in 2026.
However, developers face challenges such as rising shipping costs and geopolitical risks, which could impact operations. Despite these hurdles, the sector remains on track to meet growing demand, fueled by a booming market and continuous investment.
