UAE Real Estate: Dubai Property Sales Hit Dh47.3 Billion In August 2024

Dubai's real estate market saw a significant boost in August, with property sales reaching Dh47.3 billion, marking a 40.8% increase compared to the same month last year.

The latest market update from fäm Properties shows that there were 16,159 transactions in August, a 36.9% rise in volume over August 2023. The average price per square foot also increased by 6.1% to Dh1,493.

The priciest individual property sold was a luxury apartment at the Dorchester Collection in Business Bay, fetching Dh139 million. Additionally, the most expensive villa sold for Dh71 million on Amali Island, part of the World Islands.

Land sales experienced the most substantial growth, with 1,396 plots sold for Dh15.1 billion, reflecting a month-on-month increase of 153.8%. Apartment sales reached Dh23.5 billion, up by 37.6% in volume to 12,268 units compared to last year.

Villa sales totalled Dh8 billion from 2,126 transactions last month, showing a modest rise of 4.6% over August 2023. Commercial property transactions amounted to Dh674 million from 369 deals, a month-on-month increase of 19.8%.

"The figures again highlight the robust strength of Dubai's real estate market and the steady growth we've witnessed in recent years," said Firas Al Msaddi, CEO of fäm Properties.

Over the past five years, Dubai's property sales for August have grown significantly: from Dh4.7 billion (2,400 transactions) in 2020 to over AED47 billion (16,000+ transactions) last month.

Jumeirah Village Circle led as the top-performing area with 1,378 property transactions worth Dh1.4 billion in August. The best-selling off-plan project was Marina Views with 425 apartments sold for Dh1.4 billion.

The Valley Venera was the top-selling off-plan villa project with 416 units sold for Dh1.3 billion. Overall, off-plan sales dominated ready properties - accounting for 71% of volume and 72% of value.

Properties priced above Dh5 million made up 8% of total sales; those between Dh1-2 million accounted for 29%, below Dh1 million represented 28%, between Dh2-3 million were at 18%, and between Dh3-5 million stood at 16%.

This sustained upward trajectory reaffirms Dubai's position as a prime destination for real estate investment, attracting both local and international investors.