Dubai’s real estate market has continued its impressive performance with August property sales reaching AED47.3 billion ($12.9 billion), marking a 40.8% increase compared to the same month last year.
According to fäm Properties’ market update, the number of transactions last month surged to 16,159, up by 36.9% from August 2023. The average price per square foot also rose by 6.1%, reaching AED1,493 ($407).
The highest-priced property sold was a luxury apartment at the Dorchester Collection in Business Bay, which fetched AED139 million ($37.8 million).
Key Sales Highlights for August:
- Land Sales: Saw a dramatic increase with 1,396 plots sold for AED15.1 billion ($4.1 billion), up 153.8% from the previous month.
- Apartment Sales: Totaled AED23.5 billion ($6.4 billion), with 12,268 units sold, reflecting a 37.6% increase in volume.
- Villa Sales: 2,126 villas were sold for AED8 billion ($2.2 billion), a 4.6% rise compared to August 2023.
- Commercial Property: 369 transactions amounted to AED674 million ($184 million), showing a 19.8% increase from the previous year.
August’s figures make it the second-highest month of the year for sales value, following July, which recorded 15,994 transactions worth AED49.6 billion ($13.5 billion).
Firas Al Msaddi, CEO of fäm Properties, commented, “The strong performance of Dubai’s real estate market underscores the steady growth and investor confidence we’ve seen in recent years. Dubai’s ongoing appeal as a premier real estate investment destination is evident.”
Comparative Sales Data for August Over Five Years:
- 2020: AED4.7 billion ($1.3 billion) from 2,400 transactions
- 2021: AED14.98 billion ($4.1 billion) from 5,800 transactions
- 2022: AED23.4 billion ($6.4 billion) from 9,400 transactions
- 2023: AED33.6 billion ($9.1 billion) from 11,800 transactions
- 2024: AED47 billion ($12.9 billion) from 16,000 transactions
The priciest villa sold in August was at Amali Island, on the World Islands, for AED71 million ($19.3 million).
Top Performers in August:
- Jumeirah Village Circle: Led in transactions with 1,378 properties sold, totaling AED1.4 billion ($381 million).
- Marina Views: The best-selling off-plan project with 425 apartments sold for AED1.4 billion ($381 million).
- The Valley, Venera: Top off-plan villa project with 416 units sold for AED1.3 billion ($354 million).
Off-plan sales outpaced ready properties significantly, comprising 71% of transaction volume and 72% of value, compared to 29% and 28% for ready properties, respectively.
Sales by Price Range:
- Above AED5 million ($1.4 million): 8% of total sales
- AED1-2 million ($272,200-$544,500): 29%
- Below AED1 million ($272,000): 28%
- AED2-3 million ($544,500-$817,000): 18%
- AED3-5 million ($817,000-$1.4 million): 16%
