Real Estate: in increased percent to$13 billion Now
The value of apartment sales in Dubai increased to AED 23.5 billion, or 12,268 units, an annual increase of 37.6%.
- August was yet another fantastic month for the Dubai real estate market, with property sales soaring 40.8 percent year over year to AED47.3 billion ($12.88 billion).
- According to fame Properties’ most recent market report, Dubai had 16,159 real estate sales last month, representing a 36.9 percent yearly rise.
In the meantime, the average cost per square foot increased to AED 1,493 (6.1%).
- August real estate sales in Dubai have increased from AED4.7 billion in 2020 to AED14.98 billion in 2021, AED23.4 billion in 2022, AED33.6 billion last year, and more than AED47 billion this month over the previous five years.
- Sales of apartments increase by 37.6%.
The value of apartments sold in Dubai increased to AED 23.5 billion, or 12,268 units, an annual increase of 37.6%. There was also a rise in villa sales, with 2,126 units sold for AED8 billion, or 4.6 percent yearly growth.
- In the meantime, 369 deals involving commercial real estate totaled AED674 million, representing a 19.8% rise in volume month over month.
- According to the data, August surpassed July as the second-best month for sales value this year with 15,994 transactions totaling AED49.6 billion.
- The numbers serve as further evidence of the real estate market’s robustness in Dubai and its consistent growth in recent years, which has helped to maintain investor trust, according to Firas Al Maddi, CEO of farm Properties.
- Sales of land soar
Last month, land sales in Dubai had the biggest increase, with 1,396 plots selling for AED 15.1 billion, a 153.8 percent month-over-month increase.
- AED 139 million was the highest price paid for a single property in August, a luxurious apartment located in Business Bay’s Dorchester Collection.
In the meantime, the world’s most costly villa sold last month at Amal Island in the World Islands for AED 71 million.
This continued upward trend confirms Dubai’s standing as a top real estate investment destination, drawing in both domestic and foreign capital, said Al Madid.
best-performing region
Jumeirah Village Circle was Dubai’s best-performing neighborhood in August, with 1,378 total real estate sales valued AED 1.4 billion, much like it was in July.
With 425 apartments selling for AED1.4 billion, Marina Views was the best-selling off-plan development in the Dubai real estate market in August.
The Valley, Venera, which sold 416 units for AED 1.3 billion, was the project with the highest sales volume of off-plan villas.
In terms of volume and total value, off-plan sales were generally far higher than those of ready properties.
Eight percent of all sales were for homes valued more than AED 5 million; the remaining 29 percent fell between AED 1-2 million, 28 percent below AED 1 million, 18 percent between AED 2-3 million, and 16 percent between AED 3-5 million.
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