Dubai property market emerges high as sales reach AED47.3bln in August

Land sales in Dubai have seen a huge increase, with 16,159 transactions highlighting the city’s strong appeal for property investment. This surge shows that Dubai remains a top choice for those looking to invest in real estate.

Dubai Property Market Sees Record-Breaking August

Dubai’s real estate market had a fantastic August, with property sales hitting AED 47.3 billion. This is a 40.8% increase compared to the same month last year, showing a strong growth trend in the Dubai property market. The number of transactions also soared, reaching 16,159—a 36.9% increase from August 2023.

According to a market update from fäm Properties, the average price per square foot rose to AED 1,493, up by 6.1% from the previous year. The high value of transactions is a clear indicator of the Dubai property market’s strength and continued appeal to investors.

In August, the most expensive property sold was a luxury apartment at the Dorchester Collection in Business Bay, fetching a remarkable AED 139 million. Additionally, land sales saw the biggest jump, with 1,396 plots sold for AED 15.1 billion. This represents a massive 153.8% increase in land sales from the previous month.

Apartment sales were also strong, totaling AED 23.5 billion from 12,268 transactions—a 37.6% increase compared to last year. Villa sales totaled AED 8 billion from 2,126 transactions, a 4.6% increase year-on-year. Commercial property transactions added AED 674 million, marking a 19.8% increase in volume over the previous year.

Overall, August was the second-best month of the year for sales value in the Dubai property market, following July, which saw 15,994 transactions worth AED 49.6 billion. These figures underscore Dubai’s ongoing status as a top destination for property investment.

In August, the Dubai property market continued its impressive growth, with sales surpassing AED 47 billion and over 16,000 transactions. This marks a significant increase from AED 4.7 billion and 2,400 transactions in 2020, showcasing a strong upward trend over the past five years.

The most expensive villa sold last month was at Amali Island on the World Islands for AED 71 million. Jumeirah Village Circle emerged as the top-performing area, with 1,378 transactions totaling AED 1.4 billion. Off-plan sales led the market, with Marina Views and The Valley, Venera being standout projects.

In terms of sales distribution, properties above AED 5 million accounted for 8% of total transactions, while the AED 1-2 million range made up 29%. Off-plan properties significantly outperformed ready ones, with off-plan sales making up 71% of transaction volume and 72% of the total value, highlighting the Dubai property market’s robust investment appeal.