Dubai real estate: Property sales hit record $13.5bn in July 2024

Dubai’s property market reached new heights in July 2024, with sales totalling AED49.6 billion, a 31.63 percent increase from the same month last year, according to a report by fäm Properties.

The number of transactions rose to 15,994, marking a 43.2 percent increase in volume compared to July 2023.

A villa at Eome Residences, Palm Jumeirah, sold for AED103 million, becoming the month’s most expensive individual property sale.

Apartment sales saw the largest growth, with 12,429 units sold for AED22.3 billion, a 59.1 percent increase from the previous month.

Villa sales increased by 8.6 percent year-on-year, with 2,336 units sold for AED14.3 billion. Commercial property transactions rose by 27.4 percent in volume, totalling AED 869.5 billion for 386 properties.

Plot sales, despite a 6.5 percent decrease in volume from last year, generated AED12.1 billion from 843 plots.

Dubai’s thriving real estate market

“The figures underline the overall strength of Dubai’s real estate market, and the consistent growth we’ve seen in recent years which continues to build investor confidence,” Firas Al Msaddi, CEO of fäm Properties said.

July’s sales surpassed June’s figures of 14,370 properties worth AED46.48 billion, previously the highest for 2024.

The most expensive apartment sold for AED77 million at Orla Infinity By Omniyat on Palm Jumeirah.

Jumeirah Village Circle emerged as the top-performing area with 1,265 transactions worth AED1.3 billion. July’s best selling off-plan project was Palace Residences at Dubai Hills Estate where 915 apartments sold for a total of AED2.3 billion, the report said, adding that the top-selling off-plan villa project was Greenway at Dubai South where 114 units were sold for AED406.6 million.

Off-plan sales dominated the market, accounting for approximately 67 percent of the total value and 66 percent of the volume.

The majority of sales (61 percent) were for properties priced between AED1-3 million, while 10 percent were for properties worth over AED5 million.

Source: Arabian Business