Dubai’s real estate market sees notable growth, enhancing 2033 strategy goals

(MENAFN) Property Monitor stated that the historical figures recorded by Dubai's real estate market since the beginning of this year have redefined what is possible, with significant growth and an overall upward trajectory in market activity. This will provide a solid foundation for achieving the ambitious goals set by the Dubai Real Estate Sector Strategy 2033, which aims to increase real estate transactions by 70 percent. This reinforces the continued momentum of real estate activity in the emirate.

In its latest report for October, the platform highlighted that the volume of annual sales transactions in Dubai surpassed 151,000 during the first 10 months of this year, marking a 13.4 percent increase over the total transactions recorded in 2023. With two months remaining in the year, Dubai is on track to see an annual increase of more than 30 percent, with the number of sales transactions expected to reach 175,000.

October of this year broke records with a remarkable 13.4 percent increase in sales transactions, reaching an unprecedented 20,460 transactions. This not only marked the highest volume ever recorded for October but also set another monthly record, the highest ever in Dubai's real estate history.

Preliminary figures for October show that 48 new residential projects, including more than 15,000 off-plan units, have been added to the market. This will bring the total number of units to around 99,000 across more than 343 projects by the end of this year. The growing number of active developers has led to a wider variety of product offerings, with launches in 2023 mainly focused on the ultra-luxury and luxury sectors. In contrast, 2024 is seeing projects spanning a broader range of price points.

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