Dubai's real estate market has continued its impressive growth trajectory, with August 2024 setting a new benchmark for sales. Property transactions soared by 36.9 percent year-on-year, reaching 16,159 deals, translating to a staggering AED47.3 billion ($12.88 billion) in sales value. This represents a remarkable 40.8 percent increase compared to August 2023.

Key Trends in August:

·       Sales Surge: Over the past five years, August has consistently shown strong performance. In 2020, property sales were AED4.7 billion, climbing to AED14.98 billion in 2021, AED23.4 billion in 2022, and AED33.6 billion last year. This August, sales topped AED47 billion, marking a significant leap.

·       Apartment Sales: The apartment sector led the growth, with transactions up 37.6 percent from the previous year, totaling 12,268 units valued at AED23.5 billion.

·       Villa Sales: Villa transactions also saw an increase, rising 4.6 percent year-on-year, with 2,126 villas sold for AED8 billion.

·       Commercial Properties: The commercial property sector recorded 369 transactions worth AED674 million, reflecting a 19.8 percent increase in volume from the previous month.

·       Land Sales: Land sales experienced the most substantial growth, with 1,396 plots sold for AED15.1 billion. This represents a dramatic 153.8 percent month-on-month increase.

Market Dynamics:

·       Price Trends: The average price per square foot rose to AED1,493, reflecting a 6.1 percent increase.

·       Top Performing Areas: Jumeirah Village Circle remained the most active area, with 1,378 transactions totaling AED1.4 billion. Off-plan projects dominated the market, with Marina Views and The Valley, Venera leading in sales volume and value.

·       Sales by Price Range: High-value properties (over AED5 million) accounted for 8 percent of total sales. The majority of transactions were in the AED1-2 million range (29 percent), followed by properties below AED1 million (28 percent), AED2-3 million (18 percent), and AED3-5 million (16 percent).

August's figures underscore the robustness of Dubai's real estate market, highlighting its appeal to both local and international investors. The sustained growth in property transactions and values reaffirms Dubai's status as a prime investment destination.