September 2024 Market Insights: Dubai Real Estate September 2024 brought impressive results for the Dubai real estate market.

Moderate Price Growth: After the sharp increase in the previous month (+2.48%), price appreciation returned to a moderate pace with a 1.14% month-on-month rise. The current average price stands at AED 1,448 per square foot – 17.4% above the previous peak in September 2014.

Record Sales Transactions: The market hit an all-time high with 18,038 transactions, an 11.7% increase compared to August. This showcases the market’s vibrancy and continued trust from buyers.

Strong Off-Plan Sales: The off-plan segment dominated with a market share of over 72.8%, driven by robust new project launches and strong absorption.

Highest-Priced Sale of the Year: The most expensive apartment sale in 2024 was recorded at AED 275 million for a property on Palm Jumeirah.

Median Prices by Property Type:

 • Apartments: AED 1,291,425

 • Villas: AED 7,000,000

 • Townhouses: AED 2,762,888

Increase in Mortgage Transactions: Due to lower interest rates, mortgage transaction volumes rose by 16.6%, marking the second-highest level of loan registrations on record.

The Dubai property market is on track to achieve nearly 30% year-on-year growth by the end of 2024, which reflects quadruple the activity compared to the pre-pandemic period. This exceptional growth is not just a post-pandemic recovery but a testament to the strategic foresight and initiatives of the UAE and Dubai governments.

The market continues to show potential for growth with rising demand for both off-plan and ready properties.