Dubai’s real estate market has experienced another strong month, with property sales in August totalling AED47.3bn ($12.9bn), a 40.8 per cent increase in value on the same month last year.
A market update issued by fäm Properties reveals that last month’s total of 16,159 transactions represented a 36.9 per cent increase in volume over August 2023, while the average price per sq. ft rose 6.1 per cent to AED1,493 ($407).
The most expensive individual property sold in August was a luxury apartment at the Dorchester Collection in Business Bay, which went for AED139m ($37.8m).
Dubai real estate
Land sales for last month showed the biggest increase, with 1,396 plots, a month-on-month increase of 153.8 per cent, selling for AED15.1bn ($4.1bn).
Apartment sales worth AED23.5bn ($6.4bn) were up 37.6 per cent in volume to 12,268 compared with the same month last year.
The total of 2,126 villa sales for AED8bn ($2.2bn) last month was 4.6 per cent up on August 2023, while 369 commercial property transactions amounted to AED674m ($184), a 19.8% month-on-month increase in volume over 2023.
The figures made August the second-best month for sales value this year following July’s 15,994 transactions worth AED49.6bn ($13.5bn).
Firas Al Msaddi, CEO of fäm Properties, said: “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.”
Dubai property sales for the month of August over the last five years have now risen from:
- 2020: AED4.7bn ($1.3bn) across 2,400 transactions
- 2021: AED14.98bn ($4.1bn) across 5,800 transactions
- 2022: AED23.4bn ($6.4bn) across 9,400 transactions
- 2023: AED33.6bn ($9.1bn) across 11,800 transactions
- 2024: AED47bn ($12.9bn) across 16,000 transactions
The most expensive villa sold during the month went for AED71m ($19.3) at Amali Island, on the World islands.
As in July, the top performing area in August was Jumeirah Village Circle, with 1,378 overall property transactions worth AED1.4bn ($381m).
The best-selling off-plan project in August was Marina Views, where 425 apartments sold for AED1.4bn ($381m).
The top-selling off plan villa project was The Valley, Venera where 416 units were sold for AED1.3bn ($354m).
Overall, off plan sales were significantly greater than those of ready properties – 71 per cent over 29 per cent in terms of volume and 72 per cent against 28 per cent in overall value.
With properties worth more than AED5m ($1.4) accounting for 8 per cent of total sales, 29 per cent came in the AED1-2m ($272,200-$544,500) range, 28 per cent below AED1m ($272,000), 18 per cent between AED2-3m ($544,500-817,000) and 16 per cent between AED3-5m ($817,000-1.4m).
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