Dubai's Real Estate Market Sets New Records with AED49.6 Billion in Sales for July 2024
Dubai's property market hits a new high with record-breaking sales for July 2024, reaching AED 49.6 billion
Dubai Real Estate MarketProperty SalesRecord Breaking SalesAed 496 BillionJuly 2024Real EstateAug 02, 2024
According to a report by fäm Properties, the number of transactions in July 2024 surged to 15,994, a 43.2% increase in volume compared to the same period last year. This substantial growth demonstrates strong demand across all property segments.
The luxury property market saw a notable transaction, with a villa at Eome Residences, Palm Jumeirah, selling for AED 103 million. Deals like this highlight the ongoing demand for premium properties in Dubai.
In the apartment segment, sales skyrocketed to 12,429 units, worth AED 22.3 billion, a month-on-month increase of 59.1%. The villa market also experienced growth, with 2,336 villas sold for AED 14.3 billion, representing an 8.6% increase compared to July 2023. Commercial property transactions showed a volume increase of 27.4% on a month-on-month basis, reaching AED 869.5 million.
Plot sales, while declining by 6.5% in volume compared to last July, still contributed AED 12.1 billion from 843 plots. This indicates that the plot market continues to drive overall numbers, despite a slight decline.
The July 2024 numbers surpassed the previous record set in June, with 14,370 properties sold, worth AED 46.48 billion. This exceptional performance is a testament to the strength and resilience of Dubai's real estate market.
Over the past five years, Dubai's real estate market has experienced steady growth. July sales have increased dramatically 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 highlights the market's potential and growing investor confidence.
Top-performing areas and projects in July included Jumeirah Village Circle, with 1,265 transactions worth AED 1.3 billion. Off-plan sales also excelled, with Palace Residences at Dubai Hills Estate, selling 915 apartments for AED 2.3 billion. Greenway at Dubai South was the best-selling off-plan villa project, with 114 units sold for AED 406.6 million.
Off-plan sales dominated the market, accounting for 67% of the total value and 66% of the total volume, while ready properties accounted for 33% and 34%, respectively. This trend indicates a rising buyer preference for newly launched projects.
The sales were spread across various price brackets, reflecting the diverse nature of buyer preferences. Properties valued above AED 5 million accounted for 10% of transactions, while purchases between AED 1-2 million and below AED 1 million accounted for 31% and 30%, respectively. Sales within the categories of AED 2-3 million and AED 3-5 million were pegged at 17% and 13%, respectively.
Firas Al Msaddi of fäm Properties commented that these robust figures demonstrate the continued strength of Dubai's real estate market and the sustained growth that is translating into consistent building of investor confidence.
Frequently Asked Questions
What was the total value of property sales in Dubai in July 2024?
AED 49.6 billion
How many transactions took place in Dubai's real estate market in July 2024?
15,994
What was the top-performing area in Dubai's real estate market in July 2024?
Jumeirah Village Circle
What was the highest-priced property sold in Dubai in July 2024?
A villa at Eome Residences, Palm Jumeirah, sold for AED 103 million
What is the trend in buyer preference for property types in Dubai?
There is a rising preference for newly launched projects, with off-plan sales accounting for 67% of the total value and 66% of the total volume
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