Dubai’s real estate market is on track to achieve a record-breaking year, with annual sales projected to exceed AED500 billion for the first time, according to an early year-end forecast by fäm Properties.
The Dubai-based real estate consultancy and brokerage firm reported that, as of the end of October, total sales in 2024 had reached AED435.6 billion across 150,651 transactions, surpassing last year’s record of AED409.8 billion from 132,628 sales.
Using current monthly averages, fäm Properties predicts that sales could surpass the AED500 billion mark by year’s end.
“We’re seeing sustained demand in a market with all-time high supply and transaction volumes,” said Firas Al Msaddi, CEO of fäm Properties. Al Msaddi attributes this growth to strong future prospects, a robust regional economy, and increased interest from local and international investors, alongside expats drawn to Dubai’s appeal as a desirable place to live and work.
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Many affluent expats are helping drive demand for high-end properties, with last month’s villa sales reaching AED20.5 billion, a 102% increase in volume over October of the previous year.
Properties priced between AED1 million and AED2 million account for 33% of total sales, while 8% are valued above AED5 million. The top areas for property transactions include Jumeirah Village Circle, Business Bay, Dubai Hills Estate, and Dubai South.