Dubai Property Market Surges in August with AED 47.3 Billion in Sales
Dubai's real estate market continued its robust performance in August 2024, recording property sales totaling AED 47.3 billion, marking a 40.8% increase in value compared to the same month last year. This surge underscores the city's growing appeal as a prime destination for property investment.
According to a market update by fäm Properties, the 16,159 transactions in August represented a 36.9% increase in volume over August 2023. The average price per square foot also saw a rise, increasing by 6.1% to AED 1,493.
Key Highlights:
- Land Sales: Land sales saw the most significant growth, with 1,396 plots sold for AED 15.1 billion, a 153.8% month-on-month increase.
- Apartment Sales: Apartment sales reached AED 23.5 billion, with 12,268 units sold, reflecting a 37.6% increase in volume compared to August 2023.
- Villas and Commercial Properties: Villa sales totaled AED 8 billion with 2,126 transactions, a 4.6% increase from last year. Commercial property sales amounted to AED 674 million, a 19.8% month-on-month increase.
- Notable Transactions: The most expensive property sold was a luxury apartment at the Dorchester Collection in Business Bay, fetching AED 139 million. The highest-priced villa sold for AED 71 million at Amali Island on The World Islands.
Top Performing Areas:
- Jumeirah Village Circle: This area led with 1,378 transactions worth AED 1.4 billion, making it the top-performing region for the second consecutive month.
- Off-Plan Projects: The best-selling off-plan project was Marina Views, with 425 apartments sold for AED 1.4 billion. The Valley, Venera, was the top-selling off-plan villa project, with 416 units sold for AED 1.3 billion.
Off-plan sales dominated the market, accounting for 71% of transactions by volume and 72% by value, compared to ready properties. Properties priced over AED 5 million made up 8% of total sales, while the majority of transactions (57%) were in the AED 1-3 million range.
Firas Al Msaddi, CEO of fäm Properties, commented, "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."
Dubai's property market has seen remarkable growth over the past five years, with August sales rising from AED 4.7 billion in 2020 to over AED 47 billion in 2024, reinforcing the city's global real estate prominence.
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