Dubai’s property market posted its strongest monthly reading in months in October, with sales value up 18% to Dh34.8 billion ($9.5 billion) and transaction numbers rising for the first time in three months — even as the government approved a long-range study projecting 365,000 new residential units by 2030.
Dubai Land Department (DLD) figures analysed by property platform Property Finder showed 11,883 transactions in October, up 5% month-on-month. Residential deals rose 6% to 11,294, with their combined value up 18% to Dh30.2 billion. Resale transactions climbed 13% to 5,304 — 37% above their May low — while off-plan transaction value rose to Dh16.7 billion from Dh13.6 billion in September, even though the number of off-plan deals barely moved.
Mortgage activity grew for a third straight month, with registrations up 5.2% to 3,811, though total mortgage value fell 24.7% to Dh7.32 billion as the average apartment mortgage size shrank to Dh1.77 million from Dh2.67 million. Property Finder’s mortgage platform data shows buyers earning Dh20,000–59,999 a month now account for 68.5% of mortgage applications, up from 55.7% in September — evidence, said Property Finder Chief Revenue Officer Cherif Sleiman, that middle-income buyers are driving much of the renewed activity.
Separately, the Executive Council of Dubai — chaired by Crown Prince and Deputy Prime Minister Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum — approved a DLD-led study projecting 365,000 additional residential units by 2030, alongside roughly 1.1 million square metres of new office and retail space. The study found current occupancy at 97% for residential property, 98% for retail and 94% for office space. It is designed, according to the government, to guide developer investment decisions and keep supply and demand in balance under Dubai’s Real Estate Sector Strategy 2033, which targets doubling the sector’s GDP contribution to AED73 billion ($20 billion) and raising total transaction value to AED1 trillion ($272 billion).
References
Gulf News – Dubai property sales jump 18% to Dh34.8 billion / Arabian Business – Dubai property market: 365,000 new homes projected by 2030 as occupancy reaches 97%
