Dubai real estate market figures for October 2024
Dubai's real estate market once again enjoyed a month of very strong growth in October 2024. The number of sales simply exploded over the period, as did almost all the key indicators. In this article, we present the key figures for the Dubai real estate market, together with our analysis.
Strong sales growth in Dubai
October 2024 was the busiest October on record in Dubai. 20,461 sales were recorded, representing growth of +68.5% compared to October 2023, which was already a record month. Total sales exceeded 61 billion dirhams, or more than 15.25 billion euros. An increase of +54.5%. In detail, the volume of apartment sales rose by 67.2%, compared with 102% for villas. 69% of recorded sales were off-plan, compared with 31% of resale properties.
Rents continue to rise in Dubai
While purchase prices have risen sharply over the past year, so have rents. The average rent for an apartment rose by 14.3% between October 2023 and October 2024. For villas, the rise was 10.5%.
Neighborhoods with the highest number of transactions
Jumeirah Village Circle recorded 1,487 sales in the month of October 2024. This is currently the most dynamic district. It is followed by Business Bay (1135), Dubai Hills (866), Dubai South (847) and Motor City ((819).
The most expensive properties sold in Dubai
A villa on the Palm Jumeirah has been sold for 171 million dirhams, or over 42 million euros. This was the most expensive transaction recorded in Dubai in October 2024. On the apartment side, the record goes to Six Senses Marina, the luxury residence of developer Select Group. An apartment there sold for 101 million dirhams, or over 25 million euros.
Conclusion
Demand remains very strong in Dubai. International investors, particularly from Europe and the USA, are retaining their confidence in the Dubai real estate market. The high quality of the real estate programs offered at the races in recent months, together with attractive payment plans, have enabled the market to maintain and accelerate its dynamism.
Guillaume Giroux, Dubai Immo founder and real estate expert, Dubai, UAE
As founder of the Dubai Immo Group and a real estate investor, I bring you daily updates on the Dubai market. My aim is to provide you with all the keys you need to invest wisely and securely, by sharing my in-depth analysis and strategic advice.
