Last month’s most significant transaction involved the purchase of a villa worth AED 160 million on the seahorse-shaped man-made Jumeirah Bay Island.
According to a report from Property Monitor on Tuesday, Dubai witnessed its highest ever property sales in February, with off-plan sales continuing to dominate the market.
February saw a 2.6% increase in sales compared to the previous month, reaching a total of 11,913 transactions. Residential properties, including apartments, townhouses, and villas, accounted for 92.1% of these sales. This February’s sales record surpasses last year’s by a significant 30.4%.
The sustained high sales volume in Dubai is attributed to the persistent demand for off-plan properties, which has led to a steady increase in apartment sales, as highlighted in the report. Despite this, villa and townhouse sales have remained relatively stable, with Property Monitor attributing any lack of growth more to limited supply rather than a decrease in buyer demand.
Property prices increased just slightly in February, with prices 0.83% higher than they were in January. This brings prices to an all-time high of AED 1,294 (US$352.31) per square foot, which is almost 5% more than the city’s previous market peak in September 2014, according to the Property Monitor Dynamic Price Index.
According to the report, the highest-priced transaction in the month was the sale of a villa on Jumeirah Bay Island—a man-made island resembling a seahorse off the coast of Jumeirah—for AED 160 million.
In February, there was a decrease of nearly 5% in mortgage transactions, with a total of 2,868 loans documented.
