Dubai, UAE: The Dubai real estate market continues to demonstrate its strength, with property sales in August reaching AED 47.3 billion ($12.9 billion), marking a significant 40.8% increase in value compared to the same period last year. This surge underscores the resilience and growing appeal of Dubai’s real estate sector.
According to a market update from fäm Properties, the total number of transactions last month stood at 16,159, reflecting a 36.9% rise in volume over August 2023. The average price per square foot also saw an uptick, increasing by 6.1% to AED 1,493 ($407).
The most notable transaction in August was the sale of a luxury apartment at the Dorchester Collection in Business Bay, which fetched an impressive AED 139 million ($37.8 million), making it the most expensive individual property sold during the month.
Dubai Land sales were particularly strong, with 1,396 plots sold, representing a 153.8% increase month-on-month, generating AED 15.1 billion ($4.1 billion) in value. Apartment sales were also robust, totaling AED 23.5 billion ($6.4 billion), with 12,268 units sold, up 37.6% in volume compared to last year.
In the villa segment, 2,126 villas were sold in August, generating AED 8 billion ($2.2 billion), a 4.6% increase from August 2023. Commercial property transactions also saw growth, with 369 transactions amounting to AED 674 million ($184 million), a 19.8% rise in volume compared to last year.
August 2024 has now positioned itself as the second-best month for sales value this year, following closely behind July’s 15,994 transactions worth AED 49.6 billion ($13.5 billion).
Firas Al Msaddi, CEO of fäm Properties, commented on the market’s performance, stating, “The figures again highlight the robust strength of Dubai’s real estate market, and the steady growth we’ve witnessed in recent years, which continues to bolster investor confidence. This sustained upward trajectory reaffirms Dubai’s position as a prime destination for real estate investment, attracting both local and international investors.”
The data also reveals a consistent upward trend in property sales for the month of August over the past five years:
- 2020: AED 4.7 billion ($1.3 billion) across 2,400 transactions
- 2021: AED 14.98 billion ($4.1 billion) across 5,800 transactions
- 2022: AED 23.4 billion ($6.4 billion) across 9,400 transactions
- 2023: AED 33.6 billion ($9.1 billion) across 11,800 transactions
- 2024: AED 47 billion ($12.9 billion) across 16,000 transactions
In terms of top-performing areas, Jumeirah Village Circle led the way in August, with 1,378 property transactions totaling AED 1.4 billion ($381 million). Marina Views emerged as the best-selling off-plan project, with 425 apartments sold for AED 1.4 billion ($381 million), while The Valley, Venera topped the villa segment with 416 units sold for AED 1.3 billion ($354 million).
The market continues to favor off-plan sales, which accounted for 71% of the total volume and 72% of the overall value, compared to ready properties. Properties valued above AED 5 million ($1.4 million) represented 8% of the total sales, with the majority falling within the AED 1-2 million ($272,200-$544,500) range.
As Dubai’s real estate market continues to flourish, it remains a top choice for investors seeking growth and stability in the region.