Dubai’s real estate market experienced a stellar performance in August, with property sales surging by 40.8 percent year-on-year, reaching AED47.3 billion ($12.88 billion). Dubai recorded 16,159 real estate transactions last month, reflecting a 36.9 percent increase compared to the previous year. Additionally, the average price per square foot rose by 6.1 percent, reaching AED1,493.
Over the past five years, property sales in August have shown consistent growth. Sales climbed from AED4.7 billion in 2020 to AED14.98 billion in 2021, AED23.4 billion in 2022, and AED33.6 billion last year, culminating in over AED47 billion last month.
Significant Growth in Apartment Sales Apartment sales across Dubai saw a 37.6 percent increase compared to the previous year, with 12,268 units sold, valued at AED23.5 billion. Villa sales also grew, with 2,126 villas sold at a total value of AED8 billion, marking a 4.6 percent rise year-on-year. Commercial property transactions saw a month-on-month increase of 19.8 percent, with 369 deals amounting to AED674 million.
This made August the second-best month for sales value in 2024, following July’s 15,994 transactions worth AED49.6 billion.
Land Sales Soar Land sales saw the largest growth, with 1,396 plots sold for AED15.1 billion, a 153.8 percent month-on-month increase. The most expensive property sold in August was a luxury apartment at the Dorchester Collection in Business Bay, sold for AED139 million. The highest-priced villa transaction was AED71 million for a property on Amali Island in the World Islands.
Top Performing Areas Jumeirah Village Circle (JVC) remained the top-performing area in August, with 1,378 property transactions totaling AED1.4 billion.
In the off-plan segment, Marina Views led the market with 425 apartments sold for AED1.4 billion, while The Valley, Venera saw 416 villa units sold for AED1.3 billion. Off-plan sales significantly outpaced ready properties in both volume and value.
Properties valued above AED5 million accounted for 8 percent of total sales, while 29 percent fell within the AED1-2 million range, 28 percent were below AED1 million, 18 percent between AED2-3 million, and 16 percent in the AED3-5 million range.
Source : economymiddleeast.com
