Explore Dubai's real estate market in September 2024 with 18,045 sales transactions, AED 44.6B total value, and 32.7% growth. Learn about property trends, prices, and top investment areas.
Sales Volume and Market Growth
Dubai's real estate market continues to exhibit strong growth, with 18,045 transactions recorded in September 2024, representing a 32.7% increase compared to September 2023. The total sales value reached AED 44.6 billion, up 18.1% year-over-year, underscoring the robust demand across various property segments. The average price per square foot climbed to AED 1,539, reflecting a 7.8% increase compared to the same period in 2023.
Breakdown by Property Type
Apartments:
14,155 units sold (up 35.9% vs. September 2023)
Sales value: AED 24.4B
Average price: AED 1.3M (up 5.1%)
Villas:
2,935 units sold (up 29.2% vs. September 2023)
Sales value: AED 12.2B
Average price: AED 2.9M (down 5.7%)
Commercial Properties:
358 units sold (down 6.5% vs. September 2023)
Sales value: AED 797M
Average price: AED 1.5M (up 36.7%)
Plots:
597 transactions (up 12.6% vs. September 2023)
Sales value: AED 7.1B
Average price: AED 5.4M (up 9%)
Rental Market Performance
Dubai's rental market also experienced significant growth, driven by high demand for both apartments and villas:
Apartments: Average rent reached AED 82,000, reflecting a 17.1% increase from September 2023.
Villas: Average rent grew to AED 180,000, a 2.9% increase.
Commercial Properties: The average rent rose to AED 65,500, marking a 19.1% increase compared to the previous year.
Market Share by Category
Apartments: 55% of total property sales value
Villas: 27%
Plots: 16%
Commercial Properties: 2%
Top Performing Areas in September 2024
Jumeirah Village Circle (JVC): 1,750 units
Dubai South: 1,000 units
Dubai Hills Estate: 900 units
Sobha Hartland 2: 850 units
Business Bay: 800 units
These areas saw the highest number of property transactions, driven by the availability of off-plan projects and high rental yields.
Property Sales Volume by Price Range
Below AED 1M: 29%
AED 1-2M: 33%
AED 2-3M: 19%
AED 3-5M: 13%
Above AED 5M: 6%
First Sale vs. Resale Transactions
First Sale accounted for 71% of the sales volume and 66% of the total sales value, highlighting the continued interest in off-plan properties.
Resale transactions made up 29% of the volume and 34% of the sales value.
Mortgage Transactions
There was a sharp increase in mortgage activity, with 4,211 transactions, marking a 38.9% increase year-over-year. The total mortgage value surged to AED 16.5 billion, representing an 80.4% increase compared to September 2023.
Top Projects by Sales Value
Most Expensive Apartments Sold:
One At Palm Jumeirah, Palm Jumeirah: AED 275M
Six Senses Residences Dubai Marina: AED 99M
Six Senses Residences The Palm, Palm Jumeirah: AED 63M
One Canal, Dubai Water Canal: AED 60M
Luxury Family Residence III, Business Bay: AED 58M
Most Expensive Villas Sold:
Eome, Palm Jumeirah: AED 203M
Amali Island, The World: AED 79M
MBR District 1, Phase II Villas: AED 36M
Karl Lagerfeld Villas by Taraf, Wadi Al Safa 3: AED 25M
Nad Al Sheba Gardens, Phase 6: AED 24M
Best-Selling Projects in September 2024
Off-Plan Apartments:
Golf Point: 482 units, AED 615.4M
Damac Hills (2) - Elo 2 & 3: 359 units, AED 278.6M
Club Place: 270 units, AED 597.3M
Address Residences L, Dubai Hills Estate: 255 units, AED 690.3M
One Park Central by Iman: 210 units, AED 230M
Off-Plan Villas:
Damac Riverside - Lush: 225 units, AED 612.2M
Damac Riverside - Ivy: 161 units, AED 448.3M
Damac Riverside - Sage: 161 units, AED 469.7M
Athlon by Al Dar 1: 160 units, AED 523.3M
The Valley - Venera: 133 units, AED 419.4M
Ready Apartments:
Central Park: 123 units, AED 55.3M
7 Seasons: 77 units, AED 42.5M
Remraam: 71 units, AED 55.2M
Newbridge Hill 3: 60 units, AED 55M
Sky Courts: 42 units, AED 25.3M
Ready Villas:
Arabian Ranches III - Ruba: 18 units, AED 57.7M
La Rosa 6: 17 units, AED 50.4M
The Valley - Eden: 17 units, AED 44.6M
The Fields at D11 - MBRMC: 11 units, AED 45.5M
Emirates Living - Springs 11: 11 units, AED 37.7M
Top Nationalities Investing in Dubai's Real Estate in 2024
British: Representing around 12% of transactions, UK nationals are attracted to Dubai’s lifestyle and opportunities, with Palm Jumeirah and Downtown Dubai being top investment areas.
Indian: Dominating with 20% of all transactions, Indian investors favor areas like Dubai Marina for its waterfront lifestyle and rental income potential.
Pakistani: Accounting for 10% of the total transactions, Pakistani investors are drawn to off-plan properties, leveraging flexible payment plans and travel convenience.
Chinese: With 8% of transactions, Chinese investors focus on luxury properties in Business Bay and Dubai Creek Harbour, benefiting from UAE-China trade relations.
French: French nationals make up 7% of total transactions, investing heavily in luxury areas such as Palm Jumeirah and Emirates Hills.
Historical Sales Data
2014: 3,500 transactions, AED 10B
2023: 15,000 transactions, AED 35B
2024: 18,500 transactions, AED 42B
Conclusion
The Dubai real estate market in September 2024 is characterized by significant growth across most property sectors, with strong demand for off-plan properties and increasing rental yields. Apartments continue to dominate sales, while villa prices have softened slightly. High-value transactions in luxury areas and strong interest from international investors signal ongoing confidence in Dubai’s real estate market as a prime destination for investment.
All data is provided by DXB Interact