Dubai real estate market poised for strong sales growth by 2024

Dubai's real estate market is experiencing a remarkable surge, with transactions set to grow 30% year-on-year by the end of 2024. The sector continues to break records for sales, prices, mortgages, and launches, according to the latest analysis from Property Monitor. Annual sales transaction volumes have now surpassed 151,000, exceeding 2023 year-end sales by 13.4%.

This phenomenal growth and overall trajectory of market activity will provide a solid footing for achieving the ambitious objectives of the Dubai Real Estate Sector Strategy 2033, which calls for real estate transactions to grow by 70%, raising the overall market value to AED1 trillion. Dubai's property market has reached new milestones, with October setting several all-time highs, including a 13.4% increase in real estate sales transactions, reaching a record 20,460 deals.

Residential transactions, including apartments, townhouses, and villas, accounted for the majority of sales at 94.9%. Dubai's real estate prices have also reached new record highs, growing by 1.73% in October and currently standing at AED1,473 per square foot, 19.4% above the previous all-time high. The market is experiencing greater signs of stability, with less speculative activity compared to the previous market cycle. Mortgage activity has also surged, reflecting the broader rise in real estate sales transactions across Dubai.