The real estate market in Dubai continues to thrive with property sales in July reaching a new peak for 2024 at AED 49.6 billion, up 31.63% in value on an annual basis, according to fäm Properties, the largest and most technologically advanced real estate company ever built in the emirate.
Last month’s total of 15,994 transactions represented a 43.2% increase in volume over July 2023. Apartment sales saw the biggest rise, with 12,429 units, up 59.1% m-o-m, selling for AED22.3 billion. The most expensive apartment sold during the month went for AED77 million at Orla Infinity By Omniyat on the Palm Jumeirah.
The total of 2,336 villa sales for AED14.3 billion was 8.6% up on July 2023, while 386 commercial property transactions amounted to AED 869.5 million, a 27.4% month-on-month increase in volume over 2023. The most expensive individual property sold last month was a luxury villa at Eome Residences, Palm Jumeirah, which fetched AED103 million.
Plot sales, while showing a 6.5% fall in volume on July last year, still brought AED12.1 billion for 843 plots.
The July figures surpassed the total sales of 14,370 properties worth AED46.48 billion in June, the previous best for this year.
“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,” said Firas Al Msaddi, CEO of fäm Properties.
Dubai property sales for the month of July over the last five years have now risen from AED4.4 billion (2,300 transactions) in 2020 to AED11.1 billion (4,400) in 2021, AED21.2 billion (7,200) in 2022, AED37.7 billion (11,200) last year to almost AED50 billion and 16,000 transactions last month,
The top performing area in July was Jumeirah Village Circle, with 1,265 overall property transactions worth AED1.3 billion. Jumeirah Village Circle is a secure, gated community with a family feel set amongst landscaped greenery.
July’s best selling off-plan project was Palace Residences at Dubai Hills Estate where 915 apartments sold for a total of AED2.3 billion. The top-selling off plan villa project was Greenway at Dubai South where 114 units were sold for AED406.6 million.
Overall, off plan sales were around double those of ready properties – 67% over 33% in terms of value and 66% against 34% in overall volume. Off-plan properties are pre-construction or properties that are currently under development and are not yet completed.
While 10% of total sales were for properties worth more than AED5 million, 31% came in the AED1-2 million range, 30% below AED1 million, 17% between AED2-3 million and 13% between AED3-5 million.
In H1 2024, the emirate’s property market witnessed total sales value reaching AED 233 billion. The figure marks the highest H1 capital value growth in the Middle East, outpacing major global cities such as New York and Singapore. In addition to its strong sales performance, Dubai has also led global rankings in rental value growth, with a 12.1% increase, according to DXB Interact. The data demonstrate the emirate’s real estate sector’s robust health and promising future.
