Dubai’s real estate market continues to soar, demonstrating remarkable resilience and growth. In just the past four years, property prices have appreciated by nearly 60%, and the momentum shows no signs of slowing.
As of October 2024, the Property Monitor Dynamic Price Index reported a 1.73% month-on-month increase, pushing prices to AED 1,473 per square foot. This marks a 19.4% rise from the previous all-time high.
A notable trend in the market is the growth of off-plan projects. In October alone, 48 new residential projects were launched, contributing over 15,000 units to the market. However, despite this robust market activity, resale transactions saw a slight month-on-month decline. October recorded 6,392 resale transactions, a market share of 31.2%. Interestingly, off-plan resales saw an increase, with their share rising to 27.1%, the highest level in the current market cycle.
The mortgage market also reached new heights. In October, the number of registered loans surged to an all-time high of 4,318, marking a 3.26% month-on-month rise. Mortgage penetration for completed properties reached 36.3%, a significant increase from 28.3% during the same period last year. Additionally, loans for new purchases accounted for 48.2% of total borrowing activity, reflecting sustained demand for property ownership despite the rising price levels.
With over 250 projects currently in the planning phase, it is expected that the volume of new launches will maintain historically high levels for the remainder of 2024.
