Dubai property market continues to experience strong post-COVID growth. As of September 2024, the all-residential price index increased by 20.71% year-on-year, with average property prices reaching AED 1,448 per square foot, surpassing the previous 2014 peak by 17.4%. This represents a 57.9% rise from the market’s low in late 2020. The off-plan sector remains active, marking 47 consecutive months of recovery.
Sales transactions surged by 11.7%, totaling 18,038, the highest recorded for any September. Residential properties accounted for 95.1% of these transactions. Off-plan sales grew by 12.9% month-on-month, capturing 65.5% of the market share, while resale transactions showed a slight decline but maintained a strong share.
September saw the launch of over 13,500 off-plan units valued at AED 28.9 billion. With nearly 100,000 units launched year-to-date, the market is poised to reach AED 242.7 billion in sales.
The mortgage market also saw growth, with 4,183 transactions recorded in September, marking a 16.6% increase. New purchase mortgages comprised 44.4% of borrowing activity, with an average loan amount of AED 1.73 million. Bulk loans, primarily from developers and large investors, also saw notable increases.
With rising prices and continued market momentum, Dubai’s real estate sector is expected to maintain its strong growth.
