The Dubai real estate market reached a milestone in October, recording over 20,000 transactions in a single month for the first time. Data from Property Monitor shows 20,460 sales completed during this period, marking a 13% increase from September. The surge reflects sustained demand for both residential and commercial properties, with prices and rents continuing to rise.
Zhann Jochinke, COO of Property Monitor, remarked on the trend, stating that October followed September's record-breaking performance with another historic achievement. Off-plan and under-construction properties accounted for the majority of sales, indicating strong investor confidence.
Jochinke attributed this growth to factors such as reduced interest rates, an increase in new projects, and a shift toward homeownership over renting.
Dubai's expanding population plays a key role, with over 100,000 new residents arriving annually. This influx has consistently pushed demand ahead of supply, maintaining momentum in the market.
The October report highlights that 73% of transactions involved off-plan or under-construction properties. Residential deals dominated, accounting for 95% of the total, or over 19,400 transactions.
The month’s most expensive sale was a villa on Jumeirah Bay, fetching AED 175 million. Meanwhile, a villa at Eome on Palm Jumeirah’s western crescent led the off-plan market, sold for AED 170.5 million.
Emaar Properties retained its top position for off-plan sales, followed by Damac Properties and Sobha Realty, showcasing their strong presence in the sector.
Original article reference: Khaleej Times.
