Record-Breaking February for the Dubai Property Market

Information and data are valuable commodities in today's world as they provide insights and aid in making informed decisions for the future. In the property market, ongoing analysis of performance is crucial. That's why we make it a priority to keep our clients and readers updated on the latest developments in the Dubai real estate sector. Today, we're sharing the key highlights from February 2024 and offering our analysis of the market's direction.

Transactions

In February, there were 10,941 property transactions, marking one of the highest figures ever recorded for this month. This represents a significant increase of 30.4% compared to the previous year. The total sales reached AED 27.07 billion, indicating a positive trend in real estate growth. In addition to the remarkable surge in property transactions and total sales, over the last month, Property Monitor reported a 0.83% increase in property prices. While moderate, this indicates steady capital appreciation in the market. This surge reflects the increasing trust of investors in the market's potential and puts the rumors of the market crashing soon to rest.

Top Performing Areas in February 2024

Once again, Jumeirah Village Circle leads the way with a total of 1147 transactions. Dubai Maritime City is also gaining traction among investors, with 1032 transactions recorded last month. We think this is because of the numerous new projects launching there, as well as buyers showing interest in moderately priced properties.

Biggest Transaction

There is no shortage of luxury properties in Dubai, and one of them was sold last month. The most expensive transaction in February 2024 was the sale of a villa on Jumeirah Bay Island, a man-made island resembling a seahorse situated off the Jumeirah coastline. The villa was sold for AED 160 million.

Notable Off Plan Launches in February 2024

Farm Gardens 2

Emaar launched Phase 2 of Farm Gardens at The Valley following the success of its initial phase. This project offers larger sizes for villas, amazing prices and amenities.

• This private community has a countryside feel, complete with gated security.
• Investing in Farm Gardens 2 promises great returns, especially with the first phase almost ready for move-in.
• Flexible payment plan to suit your budget.
• The villa sizes are larger, starting from the plot size of 9914 sq.ft, and the price per square foot starts at just AED 1099.
• Situated along Dubai Al Ain road, reaching major city areas is a breeze.

Property Type: 4&5 Bedroom Villas

Starting Price: AED 7.2 Million

Payment Plan: 80/20

Handover: 202

Bay Villas

Nakheel launched its much-awaited project on the Island B of Dubai Islands in Deira in Feb 2024. With a range of residences, there is something for everyone. Bay Villas is a unique place that offers natural beauty and prestigious amenities.

• A tranquil and serene lifestyle near the ocean
• Choose from a range of residences suited to your preferences
• Experience urban living while relishing the island's exclusivity
• Benefit from a direct access bridge linking Dubai Islands
• Enjoy hassle-free payment options

Property Type: 4, 5 & 6 Bed Villas and 3 & 4 Bed Townhouses

Starting Price: AED 4 million

Payment Plan: 80/20

?Handover: Q4 2027