Dubai Real Estate Market Sees Unprecedented Growth in July 2024
Dubai property sales soar to AED 49.6 billion in July, breaking previous records and showcasing a strong growth trajectory for the market.
Dubai Real EstateLuxury PropertiesOff Plan SalesInvestor ConfidenceMarket GrowthReal Estate NewsAug 02, 2024
Palm Jumeirah, for AED 103 million was a notable transaction in July. Additionally, the apartment segment saw a surge in sales, with 12,429 units sold for AED 22.3 billion, a 59.1% increase from the previous month. The villa market also witnessed growth, with 2,336 villas sold for AED 14.3 billion, registering an 8.6% growth compared to July 2023.
Plot sales contributed significantly to the overall numbers, with 843 plots sold for AED 12.1 billion, despite a 6.5% decline in volume compared to the previous year. Jumeirah Village Circle emerged as the top-performing area, with 1,265 transactions worth AED 1.3 billion. Off-plan sales dominated the market, with Palace Residences at Dubai Hills Estate selling 915 apartments for AED 2.3 billion.
The sales figures indicate a clear preference for newly launched projects, with off-plan sales accounting for 67% by value and 66% by volume. Properties valued at above AED 5 million accounted for 10% of the transactions, while most transactions fell within the AED 1-2 million and below AED 1 million brackets.According to Firas Al Msaddi of fäm Properties, these robust figures demonstrate the continued strength of Dubai's real estate market and sustained growth in investor confidence. Dubai's real estate sector continues to break sales records and rise in transaction volumes, emerging as an attractive investment destination. Information
Dubai's real estate market has been on a steady rise for the past five years, with July sales growing drastically from AED 4.4 billion with 2,300 transactions in 2020 to almost AED 50 billion with 16,000 transactions in July 2024. This growth trajectory highlights the market's potential resilience and growing investor confidence.fäm Properties is a leading real estate agency in Dubai, providing expert services in property sales, rentals, and management.
Frequently Asked Questions
What was the total value of sales in Dubai's real estate market in July 2024?
AED 49.6 billion
What was the notable transaction in July 2024?
The sale of a luxury villa at Eome Residences, Palm Jumeirah, for AED 103 million
Which area performed best in July 2024?
Jumeirah Village Circle, with 1,265 transactions worth AED 1.3 billion
What percentage of sales were off-plan sales?
67% by value and 66% by volume
What is the growth trajectory of Dubai's real estate market?
The market has been on a steady rise for the past five years, with July sales growing drastically from AED 4.4 billion with 2,300 transactions in 2020 to almost AED 50 billion with 16,000 transactions in July 2024.
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