Dubai Real Estate: Property Sales Hit Record $13.5 Billion in July 2024
In July 2024, Dubai’s property market achieved unprecedented sales figures, with a total of AED49.6 billion ($13.5 billion), marking a 31.63 percent increase from the same month in the previous year. The number of transactions reached 15,994, representing a 43.2 percent rise in volume compared to July 2023.
High-Value Transactions
A villa at Eome Residences, Palm Jumeirah, sold for AED103 million, making it the most expensive individual property sale of the month. The most expensive apartment was sold for AED77 million at Orla Infinity By Omniyat on Palm Jumeirah.
Surge in Apartment and Villa Sales
Apartment sales led the market, with 12,429 units sold for AED22.3 billion, reflecting a 59.1 percent increase from the previous month. Villa sales also showed growth, with 2,336 units sold for AED14.3 billion, an 8.6 percent increase year-on-year.
Commercial and Plot Sales
Commercial property transactions experienced a 27.4 percent increase in volume, totaling AED869.5 million for 386 properties. Plot sales generated AED12.1 billion from 843 plots, despite a 6.5 percent decrease in volume compared to last year.
Market Confidence and Investor Interest
“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, July’s sales exceeded June’s record of 14,370 properties worth AED46.48 billion.
Top-Performing Areas and Projects
Jumeirah Village Circle emerged as the top-performing area, with 1,265 transactions worth AED1.3 billion. The best-selling off-plan project was Palace Residences at Dubai Hills Estate, with 915 apartments sold for a total of AED2.3 billion. Greenway at Dubai South was the top-selling off-plan villa project, with 114 units sold for AED406.6 million.
Dominance of Off-Plan Sales
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.
Reference: Arabian Business
