Dubai’s Real Estate Market Achieves Record Performance in July 2024
Dubai's real estate sector soared to new heights in July 2024, setting a remarkable new peak for the year with property sales reaching $13.5 billion (AED49.6 billion)—a significant 31.63% increase from July 2023.
The month saw a record-breaking 15,994 transactions, reflecting a robust 43.2% increase compared to the same period last year. Among the standout deals was the sale of a luxury villa at Eome Residences on Palm Jumeirah, which commanded an impressive $28 million (AED103 million).
The apartment market led the surge, with 12,429 units sold, marking a 59.1% increase from June. This resulted in $6.1 billion (AED22.3 billion) in sales. Villa transactions also experienced notable growth, with 2,336 units sold for $3.9 billion (AED14.3 billion), up 8.6% from July 2023. Additionally, the commercial property sector saw a substantial 27.4% rise in transactions, with 386 deals totaling $236.9 million (AED869.5 million).
Although plot sales saw a slight 6.5% decline in volume compared to the previous year, they still contributed $3.3 billion (AED12.1 billion) from 843 plots. July's total sales surpassed June’s previous record of 14,370 properties valued at $12.7 billion (AED46.48 billion), highlighting the continued strength of the market.
Over the past five years, July property sales in Dubai have shown impressive growth, rising from $1.2 billion (AED4.4 billion) with 2,300 transactions in 2020, to nearly $13.7 billion (AED50 billion) and 16,000 transactions this July. This upward trend underscores the enduring appeal and resilience of Dubai's real estate market.
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The most expensive apartment sold in July was at Orla Infinity By Omniyat on Palm Jumeirah, valued at $21 million (AED77 million). Jumeirah Village Circle emerged as the top-performing area with 1,265 transactions worth $354 million (AED1.3 billion).
Off-plan projects were particularly strong, with Palace Residences at Dubai Hills Estate leading the way by selling 915 apartments for $626.7 million (AED2.3 billion). The top-selling off-plan villa project was Greenway at Dubai South, with 114 units sold for $110.7 million (AED406.6 million). Off-plan sales outpaced ready properties, accounting for 67% of the total sales value and 66% of the volume.
Price distribution revealed that 10% of transactions were for properties over AED5 million, 31% were between $270k to $545k (AED1-2 million), 30% were below $270k (AED1 million), 17% ranged from $545k to $817k (AED2-3 million), and 13% were between $817k to $1.4 million (AED3-5 million).
These figures not only highlight the dynamic and robust nature of Dubai’s real estate market but also reinforce its status as a premier global investment hub.