Dubai Real Estate Market Report July 2024
Dubai’s property market soared to new heights in July 2024, setting a record with total sales reaching AED 49.6 billion. This marked a substantial 31.63% increase from the same period last year. The number of transactions also saw a remarkable surge, rising by 43.2% to 15,994, compared to July 2023.
Residential Sector
Apartment Sales Surge
Apartment sales dominated the market with 12,429 units sold, totaling AED 22.3 billion, reflecting a robust 59.1% increase from the previous month. The most expensive apartment sold for AED 77 million at Orla Infinity By Omniyat on Palm Jumeirah.
Villa Market Growth
Villa sales experienced an 8.6% year-on-year increase, with 2,336 units sold for AED 14.3 billion. Jumeirah Village Circle emerged as the top-performing area with transactions worth AED 1.3 billion.
Commercial and Plot Sales
Commercial property transactions surged by 27.4% in volume, totaling AED 869.5 billion for 386 properties. Plot sales, despite a slight decrease in volume, generated AED 12.1 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,” said Firas Al Msaddi, CEO of fäm Properties.
Off-plan Dominance
Off-plan sales dominated the market, constituting approximately 67% of the total value and 66% of the volume. The majority of sales (61%) were for properties priced between AED 1-3 million.
