Dubai’s real estate market continues its strong performance, with property sales in August reaching AED47.3bn ($12.9bn), marking a 40.8% increase compared to the same month last year.
Sales Statistics: Off-plan sales significantly outpaced ready properties – 71% vs 29% in volume and 72% vs 28% in value.
Key Highlights:
Total transactions: 16,159, a 36.9% increase over August 2023.
Average price per square foot rose by 6.1% to AED1,493 ($407).
The most expensive sale: AED139m ($37.8m) for a luxury apartment at Dorchester Collection in Business Bay.
Land Sales saw the largest increase with 1,396 transactions, a 153.8% month-on-month rise, totaling AED15.1bn ($4.1bn).
Apartment Sales:
AED23.5bn ($6.4bn) – a 37.6% increase in volume to 12,268 transactions compared to the same period last year.
Villa Sales:
AED8bn ($2.2bn) – up 4.6% from August 2023.
Commercial Property:
369 transactions worth AED674m ($184m) – a 19.8% month-on-month increase in volume.
Best Month of the Year: August was the second-best month in terms of sales value this year, following July’s 15,994 transactions worth AED49.6bn ($13.5bn).
Sales Growth Over the Past Five Years:
2020: AED4.7bn ($1.3bn) – 2,400 transactions
2021: AED14.98bn ($4.1bn) – 5,800 transactions
2022: AED23.4bn ($6.4bn) – 9,400 transactions
2023: AED33.6bn ($9.1bn) – 11,800 transactions
2024: AED47bn ($12.9bn) – 16,000 transactions
Most Expensive Villa: Sold for AED71m ($19.3m) on Amali Island.
📍 Top-Performing Areas and Projects:
Jumeirah Village Circle: 1,378 transactions worth AED1.4bn ($381m) – the top-performing area in August.
Marina Views: Best off-plan project, with 425 apartments sold for AED1.4bn ($381m).
The Valley, Venera: Top off-plan villa project, with 416 villas sold for AED1.3bn ($354m).
Price Range:
Over AED5m ($1.4m): 8% of total sales
AED1-2m ($272,200-$544,500): 29%
Below AED1m ($272,000): 28%
AED2-3m ($544,500-817,000): 18%
AED3-5m ($817,000-1.4m): 16%
