Dubai Property Sales Surge to AED 49.6 Billion in July, Setting New 2024 Peak
Dubai’s real estate market has recorded another exceptional month, with property sales in July reaching AED 49.6 billion, marking a 31.63% increase compared to the same month last year. This figure represents a new peak for 2024.
According to a market update issued by fäm Properties, the total of 15,994 transactions in July represented a 43.2% increase in volume over July 2023. The standout transaction for the month was a luxury villa at Eome Residences, Palm Jumeirah, which sold for AED 103 million, making it the most expensive property sold in July.
Key Highlights:
- Apartment Sales: July saw the sale of 12,429 units, a 59.1% month-on-month increase, totaling AED 22.3 billion.
- Villa Sales: There were 2,336 villa transactions amounting to AED 14.3 billion, an 8.6% increase from July 2023.
- Commercial Property: A total of 386 commercial property transactions were recorded, totaling AED 869.5 million, a 27.4% month-on-month increase.
- Plot Sales: Despite a 6.5% decline in volume from July last year, plot sales brought in AED 12.1 billion from 843 transactions.
These figures surpassed the previous peak in June 2024, which saw 14,370 properties sold for AED 46.48 billion.
Market Trends: Firas Al Msaddi, CEO of fäm Properties, stated, "The figures underline the overall strength of Dubai's real estate market, and the consistent growth we’ve seen in recent years, which continues to build investor confidence."
Historical Data: Dubai property sales for July over the past five years have shown significant growth:
- AED 4.4 billion (2,300 transactions) in 2020
- AED 11.1 billion (4,400 transactions) in 2021
- AED 21.2 billion (7,200 transactions) in 2022
- AED 37.7 billion (11,200 transactions) in 2023
- Nearly AED 50 billion (16,000 transactions) in 2024
Top Transactions:
- Most Expensive Apartment: Sold for AED 77 million at Orla Infinity By Omniyat on the Palm Jumeirah.
- Top Performing Area: Jumeirah Village Circle, with 1,265 transactions worth AED 1.3 billion.
- Best Selling Off-Plan Project: Palace Residences at Dubai Hills Estate with 915 apartments sold for AED 2.3 billion.
- Top Selling Off-Plan Villa Project: Greenway at Dubai South, with 114 units sold for AED 406.6 million.
Sales Distribution:
- Off-plan sales constituted around double the value and volume of ready properties, with 67% in value and 66% in volume.
- 10% of total sales were for properties worth more than AED 5 million.
- 31% were in the AED 1-2 million range, 30% below AED 1 million, 17% between AED 2-3 million, and 13% between AED 3-5 million.
