Property portal Property Finder has discovered that there were over 17,000 real estate transactions worth AED 55.5bn in July. This figure made for a record-breaking month for Dubai home sales.
Ten areas represented 51% of the total Dubai home sales – and includes Al Barsha South Fourth, Business Bay, Marsa Dubai, Jebel Ali First, Wadi Al Safa and Al Thayah Fifth.
The market maintained an astonishing upward trend, reaching a 59% increase in transactions and 57% increase in value, when compared to July 2023.
The off-plan segment of the property market was a clear winner during July, as the volume of deals surged by 77% to 9,300. This represents over half of the total. The value of off-plan deals also went up by 54% to AED 19.4bn.
For investors and buyers seeking villas, the areas attracting the most interest were Dubai Hills Estate, Al Furjan, Palm Jumeirah and Akoya by Damac.
“With the UAE striding towards its vision ‘We the Emirates 2031’, we are at an exciting time in the nation’s development journey across social, economic and investment sectors, and in turn – the real estate market.
“Recognising this, more people are in search of long-term homes in Dubai – evidenced by the upward trend in volume and value of transactions, while regulatory reports from Sharjah further indicate promising investment interest. Both existing and off-plan projects seem to be thriving, lending to a constant diversification of property demand, backed by growing returns on investment.
“Newer developments outside central city locations are also seeing growing consideration, partly due to developer efforts to sustain momentum with steady supply, while nurturing communities that appeal to a global audience. At Property Finder, we consistently innovate to support this demand and are committed to transforming the search process, powered by trust, transparency, talent and technology.”
Cherif Sleiman, Chief Revenue Officer, Property Finder
This news comes as Engel & Völkers real estate report also revealed Dubai’s resilience.
The main highlight of the report shows the ongoing resilience and growth of Dubai’s real estate market. Both the commercial and residential markets showed a strong increase in activity.
Also, Springfield Properties Q2 2024 report revealed startling growth and robust performance in Dubai’s residential real estate market.
The most recent quarter has seen unprecedented increases in property values, transaction volumes and investor confidence.
The report details a total transaction value for Q2 2024 of AED 123bn. This figure represents a 35.70% increase compared to Q2 2023. 48,220 transactions were recorded, marking a 60.06% year-on-year growth.
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