Dubai Property Market Surges in August with AED 47.3 Billion in Sales

Dubai's real estate market continued its robust performance in August 2024, recording property sales totaling AED 47.3 billion, marking a 40.8% increase in value compared to the same month last year. This surge underscores the city's growing appeal as a prime destination for property investment.

According to a market update, the 16,159 transactions in August represented a 36.9% increase in volume over August 2023. The average price per square foot also saw a rise, increasing by 6.1% to AED 1,493.

Key Highlights:

• Land Sales: Land sales saw the most significant growth, with 1,396 plots sold for AED 15.1 billion, a 153.8% month-on-month increase.
• Apartment Sales: Apartment sales reached AED 23.5 billion, with 12,268 units sold, reflecting a 37.6% increase in volume compared to August 2023.
• Villas and Commercial Properties: Villa sales totaled AED 8 billion with 2,126 transactions, a 4.6% increase from last year. Commercial property sales amounted to AED 674 million, a 19.8% month-on-month increase.
• Notable Transactions: The most expensive property sold was a luxury apartment at the Dorchester Collection in Business Bay, fetching AED 139 million. The highest-priced villa sold for AED 71 million at Amali Island on The World Islands.

Top Performing Areas:

• Jumeirah Village Circle: This area led with 1,378 transactions worth AED 1.4 billion, making it the top-performing region for the second consecutive month.
• Off-Plan Projects: The best-selling off-plan project was Marina Views, with 425 apartments sold for AED 1.4 billion. The Valley, Venera, was the top-selling off-plan villa project, with 416 units sold for AED 1.3 billion.

Off-plan sales dominated the market, accounting for 71% of transactions by volume and 72% by value, compared to ready properties. Properties priced over AED 5 million made up 8% of total sales, while the majority of transactions (57%) were in the AED 1-3 million range.

Off-Plan Projects 

ILUKA RESIDENCES 

https://offplanlaunch.com/iluka-residences/

TREPPAN LIVING HATIMI 

https://offplanlaunch.com/

SAMANA OCEAN PEARL 

https://www.mshomesrealty.com/samana-ocean-pearl

Muhammad Ahsan Qureshi

Managing Director of MS Homes Real Estate, 

commented:

"The figures continue to demonstrate the robust strength of Dubai’s real estate market and the steady growth we’ve seen in recent years, further boosting investor confidence. This sustained upward trajectory reinforces Dubai’s status as a prime destination for real estate investment, attracting both local and international investors. The launch of premium developments like Iluka Residences on Dubai Islands by MS Homes further exemplifies this growth, offering world-class living standards in one of the most sought-after destinations."

Dubai’s property market has experienced significant growth over the past five years, with August sales increasing from AED 4.7 billion in 2020 to over AED 47 billion in 2024, solidifying the city’s global real estate prominence.