Dubai real estate market: analysis of September 2024 figures
Dubai's real estate market figures are once again excellent. Whether in terms of the number of transactions, the total value of sales or the rental market, growth was once again spectacular in September 2024, a month marked by particularly tense international events. In this article, you'll find the key figures for the Dubai real estate market, as well as our analysis.
Strong sales growth
During September 2024, the Dubai Land Department recorded no less than 44.6 billion dirhams in sales, or around 11.5 million euros. An increase of 18.1% compared with September 2023. Over the same period, the total number of sales rose by 32.7%, topping the 18,000 mark. In detail, the number of apartment sales rose by 35.9%, compared with 29.2% for villas. These are impressive figures, which you won't find in any other major city on the planet.
Tight rental market
Rents continue to rise in Dubai. The average price of an apartment is now AED 82,000 per year, which works out at around €1,700 per month. An increase of 17.1% compared with September 2023. Over the same period, the average rental price of a villa rose by 2.9% to AED 180,000 per year, or around €3,750 per month.
JVC far ahead!
The Jumeirah Village Circle (JVC) district recorded 1,649 transactions during September 2024. This is twice as many as Dubai South, which ranks second. Dubai Hills, Sobha Hartland 2 and Business Bay follow.
Dubai's most expensive properties
An apartment was sold for 275 million dirhams in the One Palm residence on the Palm Jumeirah, or around 69 million euros. The most expensive villa of September 2024 was also sold on the Palm Jumeirah, in Eome, for 203 million dirhams. The equivalent of over 50 million euros.
Conclusion
Dubai's real estate market is doing very well. Demand from international investors remains strong. The United States is showing increasing interest in Dubai, and American investors are beginning to realize the Emirates' great potential. The market remains buoyant, and developers are offering increasingly high-quality projects, which is supporting sales.
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.
