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Monthly Market Report October 2024
Data Source property monitor

Dubai real estate market reaches new heights: Record-breaking growth and cautious optimism as 2025 nears.
Property price appreciation continues in October, up 1.73% month-on-month
Record-breaking month for sales transactions, with the market on track for 30% growth by year’s end
Off-plan project launches surpass 100,000 new residential units YTD
Mortgage transactions increase 3.2% and reach all-time high with just over 4,300 loans recorded
Four years after finding the bottom of the market, Dubai property prices have gone on to appreciate nearly 60%, increasing 1.73% in October. According to the Property Monitor Dynamic Price Index (DPI), Dubai property prices grew by 1.73% in October and currently stand at AED 1,473 per square foot, 19.4% over the previous all-time high and market peak of September 2014. The upward phases (recovery and growth) of the current market cycle have spanned 48 months so far, with prices increasing at a moderate rate of 1.24% per month on average. In contrast to the previous market cycle—one that experienced a period of aggressive price increases in excess of 2% per month—which lasted only 24-months and saw average monthly appreciation of 1.6%, what we are experiencing now shows greater signs of stability with less speculative activity. Barring any major disruptions, this trend appears likely to carry on well into the new year.