Page 214 - SOBHA REALTY PR REPORT - NOVEMBER 2024

11/6/24, 5:22 PM Dubai property sales hit record high of 20,460 deals in October: Report
Dubai property sales hit record high of 20,460 deals in October: Report
Early findings indicate that 73 percent of transactions were for off-plan or under-
construction properties

The residential sector accounted for almost 95 percent of sales, with over 19,400 transactions
Published: Mon 4 Nov 2024, 5:34 PM Last updated: Mon 4 Nov 2024, 6:02 PM
Dubai’s property market recorded another record high in October 2024, with around 20,460 sales
transactions. According to new data from Property Monitor, October sales, which took monthly
transactions to over 20,000 for the first time in history, were 13 percent greater than September
figures.
Early findings from the report on Dubai’s property market also indicate that 73 percent of
transactions were for off-plan or under-construction properties. The residential sector accounted for
almost 95 percent of sales, with over 19,400 transactions.
“After a record-breaking September, the Dubai real estate sector reached another new high in
October. Once again, off-plan and under-construction properties accounted for the majority of sales,
highlighting continued investor confidence in the sector,” stated Zhann Jochinke, chief operating
officer of Property Monitor.
Lower interest rates encourage buying
As interest rates decline, several new projects are underway and more people are choosing to buy
rather than rent. Therefore, Dubai’s property market shows no sign of slowing down any time soon.

The most expensive transaction for a completed property in October was for a villa at Jumeirah Bay
for AED175 million. Meanwhile, a villa at EOME on Palm Jumeirah’s western crescent topped the
off-plan sales price at AED170.5 million, according to Property Monitor.

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