Dubai, UAE: Dubai’s real estate market has enjoyed another bumper month, with property sales in July reaching a new peak for 2024 at AED 49.6 billion, marking a 31.63% increase in value compared to the same month last year.
Impressive Growth in Transactions
A market update issued today by fäm Properties reveals that last month’s total of 15,994 transactions represented a 43.2% increase in volume over July 2023. This surge in activity underscores the dynamic nature of Dubai’s property market, which continues to attract investors and homebuyers from around the globe.
Record-Breaking Property Sale
The most expensive individual property sold in July was a luxury villa at Eome Residences, Palm Jumeirah, which fetched a staggering AED 103 million. This sale highlights the enduring appeal of high-end real estate in Dubai, particularly in iconic locations like Palm Jumeirah.
Apartment Sales Lead the Way
Apartment sales showed the biggest rise last month, with 12,429 units sold, representing a month-on-month increase of 59.1%. These sales brought in AED 22.3 billion, reflecting the strong demand for residential units in the city’s bustling urban areas.
Villa Sales on the Rise
The total of 2,336 villa sales for AED 14.3 billion last month marked an 8.6% increase on July 2023. This growth indicates a continued interest in more spacious and luxurious living options, catering to both families and affluent individuals seeking prime real estate in Dubai.
Commercial Property Market Expands
Commercial property transactions also saw significant growth, with 386 transactions amounting to AED 869.5 million. This represents a 27.4% month-on-month increase in volume over 2023, signaling robust activity in the business and commercial sectors.
Plot Sales Slightly Down but Still Strong
While plot sales showed a 6.5% fall in volume compared to July last year, they still brought in an impressive AED 12.1 billion for 843 plots. This slight dip in volume does not overshadow the substantial revenue generated, reflecting ongoing interest in land for development and investment.
Dubai’s real estate market continues to demonstrate remarkable resilience and growth, with significant increases in both the value and volume of transactions. The strong performance in July 2024 highlights the city’s position as a global hub for real estate investment, offering diverse opportunities for investors, developers, and homebuyers alike.
As Dubai continues to develop and innovate, its real estate market is poised for further growth, driven by high demand for luxury properties, dynamic commercial opportunities, and strategic urban planning.
