Dubai Real Estate market achieved unprecedented growth in July 2024, with total sales reaching AED 49.6 billion, reflecting a 31.63% increase compared to the same period last year, according to a recent Dubai real estate market report.
The number of transactions soared to 15,994, marking a 43.2% increase in volume from July 2023. Apartments in Dubai sales experienced the most significant growth, with 12,429 units sold for AED 22.3 billion, a remarkable 59.1% increase from the previous month.
Villas in Dubai sales also demonstrated positive momentum, increasing by 8.6% year-on-year, with 2,336 units sold for AED 14.3 billion. Commercial property transactions rose by 27.4% in volume, totaling AED 869.5 million for 386 properties. Despite a 6.5% decrease in plot sales volume compared to last year, they generated AED 12.1 billion from 843 plots.
Highlighting the month’s significant transactions, a villa at Eome Residences, Palm Jumeirah, sold for AED 103 million, making it the most expensive individual property sale in July. The highest-priced apartment sold for AED 77 million at Orla Infinity By Omniyat on Palm Jumeirah.
Jumeirah Village Circle emerged as the top-performing area, with 1,265 transactions worth AED 1.3 billion. The best-selling off-plan project was Palace Residences at Dubai Hills Estate, with 915 apartments sold for a total of AED 2.3 billion. Greenway at Dubai South led the off-plan villa market, with 114 units sold for AED 406.6 million.
Off-plan sales dominated the market, accounting for approximately 67% of the total value and 66% of the volume. The majority of sales (61%) were for properties priced between AED 1-3 million, while 10% were for properties worth over AED 5 million.
These figures underscore the robust nature of Dubai Real Estate market and the sustained growth that continues to build investor confidence. July’s sales outpaced June’s figures of 14,370 properties worth AED 46.48 billion, previously the highest for 2024.
Published On: 2 Aug 2024
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-property-sales-hit-record-aed13-5bn-in-july-2024
