Dubai’s real estate market saw another remarkable month in August with property sales rising 40.8 percent year-on-year in value to AED47.3 billion ($12.88 billion). In its latest market update, fäm Properties reveals that Dubai recorded 16,159 real estate transactions last month, a 36.9 percent annual increase. Meanwhile, the average price per square foot rose 6.1 percent to AED1,493.
Over the last five years, August property sales in Dubai’s real estate market have risen from AED4.7 billion in 2020 to AED14.98 billion in 2021, AED23.4 billion in 2022, AED33.6 billion last year and over AED47 billion last month.
Apartment sales rise 37.6 percent
Apartment sales across Dubai’s real estate market rose 37.6 percent annually to 12,268 with a value of AED23.5 billion. Villa sales also witnessed an increase, rising 4.6 percent annually to 2,126 worth AED8 billion. Meanwhile, 369 commercial property transactions amounted to AED674 million, a 19.8 percent month-on-month increase in volume.
The figures made August the second-best month for sales value this year following July’s 15,994 transactions worth AED49.6 billion.
“The figures again highlight the robust strength of Dubai’s real estate market, and the steady growth we’ve witnessed in recent years, which continues to bolster investor confidence,” said Firas Al Msaddi, CEO of fäm Properties.
Land sales surge
Land sales in Dubai witnessed the largest increase last month, with 1,396 plots selling for AED15.1 billion, a month-on-month increase of 153.8 percent. The most expensive individual property sold in August was a luxury apartment at the Dorchester Collection in Business Bay, which went for AED139 million. Meanwhile, the most expensive villa sold last month went for AED71 million at Amali Island, on the World Islands.
“This sustained upward trajectory reaffirms Dubai’s position as a prime destination for real estate investment, attracting both local and international investors,” added Al Msaddi.
Top performing area
Similar to July, the top performing area in Dubai in August was Jumeirah Village Circle, with 1,378 overall property transactions worth AED1.4 billion.
The best-selling off-plan project across Dubai’s real estate market in August was Marina Views, where 425 apartments sold for AED1.4 billion. Meanwhile, the top-selling off-plan villa project was The Valley, Venera where 416 units sold for AED1.3 billion.
Overall, off-plan sales were significantly greater than those of ready properties in terms of volume and overall value.
With properties worth more than AED5 million accounting for 8 percent of total sales, 29 percent came in the AED1-2 million range, 28 percent below AED1 million, 18 percent between AED2-3 million, and 16 percent between AED3-5 million.
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