Dubai real estate’s best-performing areas revealed as sector on track for $136.1bn of sales this year
Savis Realty
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Dubai real estate sector is on track to pass AED500bn in sales this year, find out the best-performing areas last month.
Dubai’s buoyant real estate market is on course to surpass annual sales of more than AED500bn ($136.1bn) for the first time following another record-breaking month.
Total sales in 2024 up to the end of October amount to AED435.6bn ($118.6bn) from 150,651 transactions, eclipsing the previous high of AED409.8bn ($111.6bn) from 132,628 property sales set last year.
Based on average monthly sales for the year to date of AED43.56bn ($11.9bn), the final value of sales in 2024 could soar past the AED500bn ($136.1bn) milestone as Dubai real estate continues to attract waves of local and international investors.
Dubai real estate growth
A market update issued by f?m Properties underlined the huge increase in Dubai real estate activity over the past five years, with a record AED61.1bn ($16.6bn) in sales from 20,461 transactions in October representing a 798 per cent increase in value over the same month in 2020.
The total of 3,830 villa sales for AED20.5bn ($5.6bn) last month was 102 per cent up in volume on October 2023, while apartment sales worth AED28.1bn ($7.7bn) rose 67.2 per cent in volume to 15,662 compared with the same month last year.
The 424 commercial property transactions last month amounted to AED916.2m ($249.5m), a slight drop of 1.9 per cent in volume compared to October 2023, although the average price per sq ft rose 7.1 per cent to AED1,585 ($432).
The top five performing areas in October were:
The best-selling off-plan project in terms of value in October was Greenridge, where 332 villas sold for AED1.18bn ($321.3m). The top-selling off plan apartments project was Sobha Orbis, with 761 units fetching AED891.6m ($242.7m).
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Canal Front Residences topped sales of ready apartments with 92 transactions worth AED258.9m ($70.5m), while Shams Townhouses led the way in ready villa sales, with 16 properties selling for AED42.4m ($11.5m).
Firas Al Msaddi, CEO of f?m Properties, said: “In a market where supply is at an all-time high alongside record transaction volumes, we are witnessing a clear trend of sustainable demand.”
Dubai property sales for the month of October over the last five years have now risen from:
Overall, first sales from developers significantly outnumbered re-sales in the secondary market – 69 per cent over 31 per cent in terms of volume, and 66 per cent against 34 per cent in value.
With properties worth more than AED5m ($1.4m) accounting for 8 per cent of total sales, 33 per cent came in the AED1-2m ($272,000-$544,000) range, 27 per cent below AED1m ($272,000), 19 per cent between AED2-3m ($544,000-$817,000) and 13 per cent between AED3-5m ($817,000-1.4m).