Dubai’s real estate market saw property sales in August reach AED47.3bn ($12.9bn), marking a 40.8% year-on-year increase.
A report from fäm Properties highlighted that August recorded 16,159 transactions, a 36.9% rise in volume compared to August 2023, with the average price per square foot increasing by 6.1% to AED1,493 ($407).
The most expensive sale in August was a luxury apartment at the Dorchester Collection in Business Bay, sold for AED139m ($37.8m).
Land sales led the growth, with 1,396 plots sold, a 153.8% month-on-month increase, amounting to AED15.1bn ($4.1bn).
Apartment sales reached AED23.5bn ($6.4bn), up 37.6% in volume to 12,268 transactions compared to the same month last year.
Villa sales totaled 2,126 transactions worth AED8bn ($2.2bn), a 4.6% increase from August 2023, while 369 commercial property transactions amounted to AED674m ($184m), reflecting a 19.8% month-on-month volume increase.
August was 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, stated that these figures underscore the continued strength and steady growth of Dubai’s real estate market, which enhances investor confidence.
Over the past five years, Dubai property sales for August have risen as follows:
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 priciest villa sold in August was at Amali Island on the World Islands for AED71m ($19.3m).
Jumeirah Village Circle was the top-performing area in August, with 1,378 property transactions totaling AED1.4bn ($381m).
Marina Views was the best-selling off-plan project, with 425 apartments sold for AED1.4bn ($381m).
The Valley, Venera was the top off-plan villa project, with 416 units sold for AED1.3bn ($354m).
Off-plan sales dominated the market, accounting for 71% of the volume and 72% of the value, compared to 29% and 28% for ready properties.
Properties valued above AED5m ($1.4m) made up 8% of total sales, 29% were in the AED1-2m ($272,200-$544,500) range, 28% below AED1m ($272,000), 18% between AED2-3m ($544,500-$817,000), and 16% between AED3-5m ($817,000-$1.4m).
