Dubai Real Estate Market Report — October, 2024
October, 2024 Analysis
Dubai Real Estate Market Report – October 2024
October 2024 was the best October Dubai's property market has posted in eleven years. Taking in every property type, 20,494 transactions closed for a combined AED 61.29 billion at a median of AED 1,587 per square foot — a record on both volume and value.
Restricted to the apartment, villa and commercial segments, the month produced 20,161 deals worth AED 50.96 billion, up 71% in volume and 65% in value against October 2023. Growth was broad, though clearly apartment-led.
Headline figures
| Segment | Transactions | Value | Median price |
|---|---|---|---|
| All sales | 20,494 | AED 61.29 billion | AED 1,587/sqft |
| Primary (off-plan & developer) | 14,563 | AED 42.30 billion | AED 1,640/sqft |
| Resale (secondary) | 5,931 | AED 18.98 billion | AED 1,397/sqft |
Year-on-year performance by category
| Category | Volume | YoY | Value | YoY | Median price/sqft | YoY |
|---|---|---|---|---|---|---|
| Apartment | 15,690 | +67% | AED 28.18 billion | +59% | AED 1,678/sqft | +6% |
| Villa | 4,035 | +109% | AED 21.84 billion | +75% | AED 1,458/sqft | +22% |
| Commercial | 436 | +1% | AED 936.38 million | +20% | AED 1,499/sqft | +17% |
Apartments shouldered the load. The segment recorded 15,690 sales, a 67% leap on October 2023 and 6,279 more deals than the same month a year before — the highest October apartment volume in the eleven-year series. Value rose 59% to AED 28.18 billion, while the median price firmed to AED 1,678 per square foot, up 6% year on year and 41% above the 2014 base, itself the strongest October price reading on record. The median apartment ticket nudged up 5% to AED 1,269,141.
Villas held the fastest momentum. Transactions more than doubled, climbing 109% to 4,035 — 2,105 above last October — for AED 21.84 billion, a 75% gain in value. Villa pricing ran hotter than any other segment: the median reached AED 1,458 per square foot, up 22% on the year and 107% higher than 2014. With the median villa ticket up just 3% to AED 3,195,571, that jump in price per foot signals genuine value appreciation rather than a move toward larger homes.
Commercial property was quieter on volume but firmer on price. Deal count was essentially unchanged at 436, only four above last October, yet value rose 20% to AED 936.38 million as the median price gained 17% to AED 1,499 per square foot and the median ticket climbed 14% to AED 1,405,429. Even so, both volume and price marked the highest October in the series.
Every category, including plots and buildings
| Category | Transactions | Value | Median price/sqft | Median price |
|---|---|---|---|---|
| Apartment | 15,690 | AED 28.18 billion | AED 1,678/sqft | AED 1,269,141 |
| Villa | 4,035 | AED 21.84 billion | AED 1,458/sqft | AED 3,195,571 |
| Plot | 321 | AED 9.83 billion | AED 471/sqft | AED 6,000,000 |
| Commercial | 436 | AED 936.38 million | AED 1,499/sqft | AED 1,405,429 |
| Building | 12 | AED 501.10 million | AED 149/sqft | AED 12,485,458 |
Beyond the three core segments, land traded in size: 321 plot deals added AED 9.83 billion to the month's tally at a median of AED 471 per square foot and a median ticket of AED 6,000,000 — a reminder that developer land buying sits behind a meaningful share of the headline value. A further 12 whole-building sales contributed AED 501.10 million.
Primary versus resale
The primary market stayed firmly in charge. Off-plan and developer sales made up 71% of both transactions and value — 14,407 deals worth AED 36.00 billion — leaving the resale market with the other 29% on each measure, or 5,754 deals worth AED 14.95 billion. Matching volume and value shares indicate off-plan and resale buyers transacted at broadly similar average sizes this month.
Where the activity was
| # | Area by value | Value | Area by volume | Transactions |
|---|---|---|---|---|
| 1 | Ghadeer Al Tair | AED 3.63 billion | Al Barsha South Fourth | 1,517 |
| 2 | Marsa Dubai | AED 3.11 billion | Wadi Al Safa 5 | 1,305 |
| 3 | Wadi Al Safa 5 | AED 3.01 billion | Dubai South | 1,298 |
| 4 | Hadaeq Sheikh Mohammed Bin Rashid | AED 2.81 billion | Business Bay | 1,136 |
| 5 | Business Bay | AED 2.61 billion | Hadaeq Sheikh Mohammed Bin Rashid | 921 |
On value, Ghadeer Al Tair led at AED 3.63 billion, ahead of Marsa Dubai (AED 3.11 billion), Wadi Al Safa 5 (AED 3.01 billion), Hadaeq Sheikh Mohammed Bin Rashid (AED 2.81 billion) and Business Bay (AED 2.61 billion). By deal count, Al Barsha South Fourth headed the table with 1,517 transactions, then Wadi Al Safa 5 (1,305), Dubai South (1,298), Business Bay (1,136) and Hadaeq Sheikh Mohammed Bin Rashid (921). Wadi Al Safa 5, Business Bay and Hadaeq Sheikh Mohammed Bin Rashid feature on both lists, marking them as the month's twin engines of activity and capital.
Rental market
Leasing pushed higher alongside sales. New apartment leases numbered 14,791, up 13.86%, with the median new rent rising 16.67% to AED 70,000; renewals came to 15,679 (+3.87%) at a median of AED 55,000 (+10%). New villa leases rose 9.44% to 1,600 at a median of AED 175,000, while villa renewals eased 1.02% to 1,649 even as their median rent gained 12.79% to AED 153,956. Commercial leasing was the mixed corner: new contracts surged 43.06% to 2,638 but their median rent dropped 18% to AED 82,000, whereas renewal rents rose 22.49% to AED 104,117.
| Category | Type | Contracts | YoY | Median rent | YoY | Median rent/sqft | YoY |
|---|---|---|---|---|---|---|---|
| Apartment | New | 14,791 | +13.86% | AED 70,000 | +16.67% | AED 96/sqft | +21.52% |
| Apartment | Renewal | 15,679 | +3.87% | AED 55,000 | +10% | AED 65/sqft | +14.04% |
| Villa | New | 1,600 | +9.44% | AED 175,000 | +6.06% | AED 71/sqft | +10.94% |
| Villa | Renewal | 1,649 | -1.02% | AED 153,956 | +12.79% | AED 55/sqft | +25% |
| Commercial | New | 2,638 | +43.06% | AED 82,000 | -18% | AED 95/sqft | -3.06% |
| Commercial | Renewal | 2,311 | +7.84% | AED 104,117 | +22.49% | AED 86/sqft | +16.22% |
Supply
The development pipeline stayed heavily weighted toward new launches. Developers brought 21,479 units across 48 projects to market, against 1,959 units delivered from 8 completed projects — a launch-to-delivery ratio of 11.0 and a net addition of 19,520 more units launched than handed over. The imbalance points to a pipeline still expanding well ahead of completions.
Launched
- Greenville 2 – Dubai South (Emaar), 148 units
- Barari Parkview By Al Mawared – Wadi Al Safa 3 (Al Mawared), 199 units
- Binghatti Hillviews – Al Barsha South 2 (Binghatti), 1,577 units
- Azizi Venice 13 ? Building B – Dubai South (Azizi), 1,888 units
- Damac Hills (2) - Violet 2 – Madinat Hind 4 (Damac), 223 units
- Damac Hills (2) - Violet 3 – Madinat Hind 4 (Damac), 616 units
- Silver Park Residency – Warsan Fourth (Manjothi), 76 units
- All Seasons Residence – Al Hebiah Fourth (Abdul Jalil Darwish), 287 units
- Parkway By Prestige One – Bukadra (Prestige One), 274 units
- Binghatti Aurora – Al Barsha South Fourth (Binghatti), 275 units
- Mag 777 – Al Hebiah Fourth (Mag), 266 units
- Q Gardens Aliya – Al Barsha South Fourth (Ays), 278 units
- Avenue Residence 7 By Nabni – Jabal Ali First (Nabni), 166 units
- Luminar Tower 2 – Al Barsha South Fifth (Object One), 168 units
- Binghatti Skyrise - Tower C – Business Bay (Binghatti), 3,358 units
- Building 04 – Dubai Islands (Nakheel), 1,087 units
- Laguna Residence - B – Wadi Al Safa 4 (One Development), 1,628 units
- W Residences At Dubai Harbour - Tower 2 – Marsa Dubai (Arada), 346 units
- Enso Jade – Al Satwa (Enso), 105 units
- 105 Residences By Kamdar – Al Barsha South Fourth (Nakheel), 105 units
- Evergrin House – Al Satwa (Object One), 219 units
- Marina Cove – Marsa Dubai (Emaar), 227 units
- Oasiz 2 By Danube – Nadd Hessa (Danube), 483 units
- Greenville – Dubai South (Emaar), 140 units
- Enso Amber – Al Satwa (Enso), 71 units
- Mohammed Bin Rashid Al Maktoum City -District One West - Phase 2 – Ghadeer Al Tair (Meydan), 229 units
- Arisha Terraces - 4 – Al Hebiah Second (Qube Development), 420 units
- Cove Edition Residence 2 By Imtiaz – Wadi Al Safa 5 (Imtiaz), 260 units
- One Sky Park By Iman – Al Barsha South Fourth (Iman Developers), 590 units
- Ag Ark Tower – Wadi Al Safa 5 (Ag Properties), 189 units
- Skyscape Altius – Bukadra (Sobha), 763 units
- Azizi Venice 12 - Building B – Dubai South (Azizi), 1,428 units
- Serenova – Nadd Hessa (Pob1), 222 units
- Takaya - Tower C – Al Hebiah First (Union Properties), 822 units
- Waref Residences By Sido Development – Al Barsha South Fourth (Sido Development), 228 units
- The Haven Ii – Wadi Al Safa 3 (Meraki Developers), 219 units
- Berkshire Park – Al Yelayiss 2 (Nshama), 149 units
- The Roof Residence – Nad Al Sheba First (Soboh), 68 units
- Terra Tower – Wadi Al Safa 5 (City Properties), 366 units
- The Cube Quarter Residences – Wadi Al Safa 3 (Unicorn Amwaj), 54 units
- Ag Aum Residence – Wadi Al Safa 5 (Ag Properties), 260 units
- Mayflower Residences – Warsan Fourth (Ajg Development), 99 units
- Riviera Lodge – Al Barsha South Fourth (Riviera Developments), 56 units
- Sidr Residences 3 – Dubai South (Expo City Dubai), 317 units
- Pelagos By Igo – Marsa Dubai (Digo), 296 units
- Reef 1000 – Wadi Al Safa 5 (Reef Luxury), 126 units
- Views Vii By Golden Woods – Dubai South (Golden Wood), 68 units
- Manam Prime – Dubai South (Manam), 40 units
Delivered
- Orchid At Creek Beach Building 2 – Dubai Creek Harbour (Emaar), 219 units
- Mbl Royal – Al Thanyah Fifth (Mbl), 339 units
- Binghatti Lavender – Al Barsha South Fourth (Binghatti), 166 units
- Nobles – Business Bay (Tiger), 584 units
- Lotus At Creek Beach Building 4 – Dubai Creek Harbour (Emaar), 277 units
- La Residenza – Al Barsha South Fourth (Dalands Development), 55 units
- Terraces Marasi Drive – Business Bay (Keymaven), 128 units
- Binghatti Venus – Al Barsha South Fourth (Binghatti), 191 units
Most expensive sales
Top apartment sales
- AED 53,000,000 – One Za'Abeel Tower, Zaabeel First
- AED 50,000,000 – Serenia Residences Building C, Palm Jumeirah
- AED 39,546,121 – Baccarat Residence T1, Downtown Dubai
- AED 29,312,746 – Sobha Seahaven - Tower A, Marsa Dubai
- AED 29,073,000 – Le Ciel - Building 2, Jumeirah First
Top villa sales
- AED 170,500,000 – Palm Jumeirah
- AED 145,000,000 – Hadaeq Sheikh Mohammed Bin Rashid
- AED 81,000,000 – Emirates Living
- AED 65,000,000 – Wadi Al Safa 3
- AED 59,144,888 – Me'Aisem Second
Notes on methodology
Scope. Headline totals and the category table span every property category recorded in the data, Plot and Building included. The primary/resale split, top-area rankings and the year-on-year series cover only Apartment, Villa and Commercial, so those figures are intentionally smaller than the headline and should not be added across sections.
Rounding. Headline totals are the authoritative rounded figures. Category-level breakdowns are rounded on their own and may not add up exactly to the headline.
Definitions. Price figures are medians rather than averages. Year-on-year sets the period against the same period a year before. All values are in AED; areas are in square feet.
Questions about October, 2024
What does this mean for your property?
A broker who works your community can read these numbers against what you own, or what you are about to buy.