The Dubai real estate market has experienced another stellar month, with property sales in August amounting to AED 47.3bn. This is a 41% increase in value compared to August 2023.
The most expensive individual property sold was an apartment at the Dorchester Collection in Business Bay, which fetched AED 139m.
A market update issued by fäm Properties revealed that last month’s total of 16,159 transactions represented a 36.9% increase in volume over August 2023. The average price per sq ft also rose 6.1% to AED 1,493.
Land sales for last month showed the biggest increase, with 1,396 plots, a month-on-month increase of 153.8%, selling for AED15.1bn.
Apartment sales worth AED23.5bn were up 37.6% in volume to 12,268 compared with the same month last year.
The total of 2,126 villa sales for AED 8bn last month was 4.6% up on August 2023, while 369 commercial property transactions amounted to AED 674m, a 19.8% month-on-month increase in volume over 2023.
“The figures again highlight the robust strength of Dubai’s real estate market, and the steady growth we’ve witnessed in recent years, which continues to bolster investor confidence.
“This sustained upward trajectory reaffirms Dubai’s position as a prime destination for real estate investment, attracting both local and international investors.”
Firas Al Msaddi, CEO, fäm Properties
Dubai’s real estate sales for August over the last five years have now risen from AED 4.7bn (2,400 transactions) in 2020 to over AED 47bn and over 16,000 transactions last month.
The most expensive villa sold during the month went for AED71m at Amali Island.
The top performing area in August, as in July, was Jumeirah Village Circle, with 1,378 overall property transactions worth AED1.4bn.
Overall, off-plan sales were significantly greater than those of ready properties – 71% over 29% in terms of volume and 72% against 28% in overall value.
The market update comes as 25,000 new Dubai homes are expected by the end of 2024. These new homes coming on-line are driven by continued economic growth, infrastructure development, and an expanding population.
