fäm Properties has released a market update which shows that 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.
The update reveals that last month brought a total of 20,304 property sales – a 24.9% YoY increase – worth a total of AED 65bn, 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 AED 32.2bn. Villa sales of AED 19.3bn 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 AED 12bn. 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 soared over the last five years – from AED 4.5bn (2,300 transactions) in 2020 to AED 11.2bn (4,400) in 2021, AED 21.3bn (7,200) in 2022, AED 37.8bn (11,200) in 2023 and AED 50.2bn (16,300) in 2024.
“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.”
Firas Al Msaddi, CEO, fäm Properties
The most expensive apartment sold during the month went for AED 174m 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 AED 6.011bn. The top performing area in terms of volume was Al Barsha South which produced 1,846 transactions valued at AED 2.047bn.
With properties worth over AED 5m accounting for 13% of total sales, 37% came in the AED 1m to 2m range, 25% below AED 1m, 14% between AED 2m to 3m, and 11% between AED 3m to 5m.
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.
