Dubai Real Estate: $13.5 Billion in Transaction Volume for July
In July 2024, Dubai’s real estate market set new records with sales totaling AED 49.6 billion, a 31.63% increase compared to the same month last year. The number of transactions rose to 15,994, marking a 43.2% increase from July 2023.
Record Sales and Segment Growth
The most expensive transaction of the month was the sale of a villa at Eome Residences on Palm Jumeirah for AED 103 million.
Apartment sales saw the greatest growth, with 12,429 units sold for AED 22.3 billion, a 59.1% increase from the previous month. Villa sales increased by 8.6% year-on-year, totaling 2,336 units for AED 14.3 billion. Commercial property transactions rose by 27.4% in volume, reaching AED 869.5 billion for 386 properties.
Despite a 6.5% decrease in volume from the previous year, plot sales generated AED 12.1 billion from 843 plots.
Market Leaders and Trends
“These figures highlight the overall strength of Dubai’s real estate market and the consistent growth we’ve seen in recent years, which continues to build investor confidence”.
July’s sales surpassed June’s figures of 14,370 properties worth AED 46.48 billion, previously the highest for 2024.
The priciest apartment sold for AED 77 million at Orla Infinity By Omniyat on Palm Jumeirah. Jumeirah Village Circle led in transaction volume with 1,265 deals worth AED 1.3 billion. The best-selling off-plan project in July was Palace Residences at Dubai Hills Estate, where 915 apartments sold for AED 2.3 billion. The top-selling off-plan villa project was Greenway at Dubai South, with 114 units sold for AED 406.6 million.
Off-plan sales accounted for about 67% of the total value and 66% of the volume. Most transactions (61%) were for properties priced between AED 1-3 million, while 10% were for properties worth over AED 5 million.
Why You Should Invest in Dubai Real Estate Now
Dubai’s real estate market is showing consistent growth and attracting global investors. This growth is driven by not only an increase in transactions but also significant price increases across various market segments. Investing in Dubai real estate now offers an opportunity to benefit from favorable conditions amidst rising demand and a strengthening economy. Given current trends, purchasing property in Dubai could be a strategically advantageous move, providing stable returns and capital growth potential in the future.
