Dubai real estate hits $100 billion milestone in first 10 months of 2024
Dubai’s real estate market has reached a remarkable milestone in 2024, with total transactions surpassing $100 billion in the first ten months alone. According to official data from Dubai’s Land Department, real estate deals amounted to AED 432 billion ($118 billion), marking a significant year of growth. Home sales contributed to over half of this total, amounting to AED 277 billion ($75.5 billion). Apartments led the way, bringing in AED 222 billion ($60.5 billion), followed by villa sales at AED 48.3 billion ($13.1 billion) and hotel apartment sales at AED 6.7 billion ($1.8 billion).
Dubai’s Real Estate Breaks Records
October 2024 was another record-setting month, with the city reaching AED 61.5 billion ($16.7 billion) in property transactions—a 56% increase over October 2023. This was driven by 20,670 deals, marking a 71% rise from last year. The remarkable performance reflects strong demand and sustained investor interest in Dubai, further solidifying its status as one of the world’s most dynamic property markets.
Continued High Demand for Apartments and Villas
The demand for apartments and villas remains consistently high across the city. Among apartment buyers, 32% are looking for one-bedroom units, 36% are focused on two-bedroom options, and 14% are interested in studio apartments. For villa and townhouse buyers, three-bedroom properties lead with 38% of the demand, while 49% are seeking larger homes with four or more bedrooms. This trend reflects the growing preference for spacious living in both urban and suburban areas.
Top Locations for Apartments:
Most Popular Villa Communities:
Record-Breaking Performance in Off-Plan and Ready Markets
The performance of both the off-plan and ready property markets was exceptional in October. The off-plan market saw a dramatic 109% increase in transactions, totaling 13,530 deals worth AED 27.7 billion ($7.5 billion). The ready property market also saw significant growth, with 7,140 transactions valued at AED 33.7 billion ($9.2 billion), surpassing the previous record in July 2024 by 11%. These results reflect a solid investor confidence, particularly in luxury and mid-market segments.
Notable Trends in Dubai’s Rental Market
Dubai’s rental market is also experiencing notable shifts. Furnished apartments have become the preferred choice for 65% of apartment renters, while 53% of villa tenants are opting for unfurnished homes. Here’s a closer look at tenant preferences:
Top Rental Locations for Apartments:
Popular Villa Rental Areas:
What’s Driving the Growth?
Dubai’s record growth is driven by strong local and international investments, combined with forward-thinking government initiatives like the Dubai Real Estate Sector Strategy 2033. This strategy is designed to foster a transparent, sustainable market that aims to double its contribution to Dubai’s GDP over the next decade. As 2024 draws to a close, Dubai’s real estate market remains poised for further momentum, offering a diverse range of investment opportunities.
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