20,304 transactions worth AED65 billion makes it second-best monthly performance on record.
The Dubai real estate market continued along its upward path in July, producing the highest number of property transactions this year, and the second-best monthly sales performance on record in terms of value and volume.
Dubai Real Estate Surges with AED65 Billion in Sales
A market update issued today by fäm Properties reveals that last month brought a total of 20,304 property sales – a 24.9% YoY increase – worth a total of AED65 billion, a 29.5% leap in value on the same month last year.
Apartment sales showed a 28.1% YoY growth to 16,272 deals valued at AED32.2 billion, while the biggest sector leap saw commercial property transactions rise by 57.8% to 606 worth AED1.5 billion.
Villa Sales Reach AED19.3 Billion in July 2024
Villa sales of AED19.3 billion were up by 6.4% in volume to 2,988 compared with the same month last year, while plot sales rose by 22.3% to 438 transactions worth AED12 billion. The average price per sq. ft was up by 9.5% to AED 1,649 compared with July last year.
Data from DXBinteract shows Dubai property sales in July have bow soared over the last five years – from AED4.5 billion (2,300 transactions) in 2020 to AED11.2 billion (4,400) in 2021, AED21.3 billion (7,200) in 2022, AED37.8 billion (11,200) in 2023 and AED50.2 billion (16,300) in 2024.
Firas Al Msaddi, CEO of fäm Properties, said: “The level of activity last month once gain underlines the strength and maturity of Dubai’s real estate sector. Dubai has shown it can sustain growth through different cycles, supported by clear regulation, strong investor sentiment, and a steady pipeline of new opportunities. July’s figures are another clear signal that confidence in the market remains high, both locally and internationally.”
The most expensive apartment sold during the month went for AED 174 million at Aman Residences Dubai, Tower 1 at Jumeirah Second.
The top performing area in terms of overall value was Wadi Al Safa 3 with 1,210 property sales worth 6.011 billion. The top performing area in terms of volume was Al Barsha South which produced 1,846 transactions valued at AED2.047 billion.
With properties worth more than AED5 million accounting for 13% of total sales, 37% came in the AED1-2 million range, 25% below AED1 million, 14% between AED2-3 million and 11% between AED3-5 million.
First Sales Outpace Resales by 71% in Volume
Overall, first sales from developers were significantly greater than those of resales – 71% over 29% in terms of volume, and 65% against 35% in overall value.