Dubai real estate sector continues to show robust growth, with property sales in August reaching AED 47.3 billion ($12.9 billion). This represents a 40.8% increase in value compared to the same period last year. The market saw a significant rise in transaction volume, with 16,159 deals recorded—a 36.9% increase over August 2023. Additionally, the average price per square foot rose by 6.1%, now standing at AED 1,493 ($407).
Significant Transactions and Market Highlights
August witnessed the sale of Dubai’s most expensive property for the month, a luxury apartment at the Dorchester Collection in Business Bay, which fetched AED 139 million ($37.8 million). Land sales also saw remarkable growth, with 1,396 plots sold for AED 15.1 billion ($4.1 billion), marking a month-on-month increase of 153.8%.
Apartment sales in August totaled AED 23.5 billion ($6.4 billion), reflecting a 37.6% increase in volume to 12,268 units compared to the previous year. Villa sales also showed positive growth, with 2,126 transactions valued at AED 8 billion ($2.2 billion), up 4.6% from August 2023. Meanwhile, commercial property transactions experienced a 19.8% month-on-month increase, amounting to AED 674 million ($184 million).
Continued Strength and Investor Confidence
August’s performance has made it the second-best month for sales value in 2024, following July’s 15,994 transactions worth AED 49.6 billion ($13.5 billion). These figures underscore the enduring strength of Dubai’s real estate market, which has shown consistent growth, reinforcing investor confidence both locally and internationally. This sustained upward trend solidifies Dubai’s reputation as a premier destination for real estate investment.
Top-Performing Areas and Projects
The highest-priced villa sold in August was located on Amali Island, part of The World Islands, and was purchased for AED 71 million ($19.3 million). For the second consecutive month, Jumeirah Village Circle emerged as the top-performing area, with 1,378 property transactions totaling AED 1.4 billion ($381 million).
In terms of off-plan sales, Marina Views led the market, with 425 apartments sold for AED 1.4 billion ($381 million). The Valley, Venera was the leading off-plan villa project, with 416 units sold for AED 1.3 billion ($354 million). Off-plan sales significantly outpaced ready property sales, accounting for 71% of transaction volume and 72% of total value.
Sales Distribution by Price Range
Properties priced above AED 5 million ($1.4 million) made up 8% of total sales in August. Meanwhile, 29% of sales fell within the AED 1-2 million ($272,200-$544,500) range, 28% were below AED 1 million ($272,000), 18% were between AED 2-3 million ($544,500-$817,000), and 16% were in the AED 3-5 million ($817,000-$1.4 million) bracket.
Published on: 3 Sep 2024
Source: https://www.arabianbusiness.com/industries/real-estate/dubai-real-estate-sales-hit-12-9bn-in-august-top-performing-areas-and-projects-revealed
