The Dubai property market saw monthly transactions rise above 20,000 for the first time in history in October, indicating that the market’s momentum shows no signs of slowing down.

According to new data published by Property Monitor, 20,460 sales transactions were recorded last month; This was up 13 percent from the previous year. previous monthStrong demand for residential and commercial properties continues to push up prices and rents.

“After a record-breaking September, the Dubai real estate sector reached a new high in October. Property Monitor Operations Director Zhann Jochinke once again emphasized that off-plan and under-construction properties account for the majority of sales, which continues investors’ confidence in the sector.

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“With low interest rates, an increase in new projects and more people choosing to buy rather than rent, the Dubai property market shows no signs of slowing down.” he added.

Zhann Jochinke

A large part of this demand is due to Dubai’s rapid population growth in the post-pandemic period. With more than 100,000 new residents joining the city each year, demand has consistently outpaced supply over the past few years.

Vahid Abbas

Waheed Abbas is Deputy Editor, covering real estate, aviation and other business stories that directly impact the lives of UAE consumers. He also often tells stories that interest people.