Dubai’s property market reached new heights in July 2024, with sales totalling AED49.6 billion, a 31.63% increase from the same month last year, according to a report by fäm Properties.
The number of transactions rose to 15,994, marking a 43.2% increase in volume compared to July 2023.
At AED 103 million, a villa at Eome Residences on Palm Jumeirah became the month’s most expensive single property transaction.
Apartment sales saw the most significant growth, with 12,429 units sold for AED22.3 billion, a 59.1% increase from the previous month.
Villa sales increased 8.6% year-on-year, with 2,336 units sold for AED14.3 billion. Commercial property transactions rose by 27.4% in volume, totalling AED 869.5 billion for 386 properties.
Despite a 6.5% decrease in volume from last year, plot sales generated AED12.1 billion from 843 plots.
Dubai’s thriving real estate market
“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,” Firas Al Msaddi, CEO of fäm Properties, said.
July’s sales surpassed June’s 14,370 properties worth AED46.48 billion, previously the highest for 2024.
At Orla Infinity, the most costly flat went for AED 77 million. On the Palm Jumeirah, by Omniyat.
The location that performed the best was Jumeirah Village Circle, with 1,265 transactions totaling AED 1.3 billion. According to the research, Greenway at Dubai South was the best-selling off-plan villa project in July, with 114 units sold for AED406.6 million. The best-selling off-plan project in July was Palace Residences at Dubai Hills Estate, where 915 apartments sold for AED2.3 billion.
Off-plan sales dominated the market, accounting for approximately 67% of the total value and 66% of the volume.
Most sales (61%) were for properties priced between AED1-3 million, while 10% were for properties worth over AED5 million.
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Conclusion
Dubai’s real estate market continues to demonstrate remarkable resilience and growth, as evidenced by the record-breaking sales figures in July 2024. The substantial increases across various property types, from apartments to commercial spaces, underscore the city’s appeal to local and international investors. The dominance of off-plan sales and the strong performance in mid-range properties indicate a healthy mix of speculative and end-user demand. As Dubai maintains its position as a global business hub and tourist destination, the real estate sector’s robust performance will likely persist, cementing the emirate’s status as a prime investment destination in the region.
