Real Estate :Sales of real estate in Dubai reached AED 49.6 billion in Now 2024
Real estate sales reach a record high in 2024, with a lavish Palm Jumeirah home topping the list at AED 103 million.
- Dubai, United Arab Emirates: With property sales in July hitting a new milestone for 2024 at AED 49.6 billion—a 31.63% rise in value over the same month last year—Dubai’s real estate sector has seen yet another strong month.
- According to a market update released by fäm Properties today, the 15,994 transactions completed last month constituted a 43.2% increase in volume compared to July 2023.
- AED 103 million was the highest price paid for a single property in July, which was a luxurious villa located at Esme Residences, Palm Jumeirah.
- The largest increase in apartment sales occurred last month, when 12,429 units sold for AED22.3 billion, a month-over-month increase of 59.1%.
Real estate sales reach a record high in 2024, with a lavish Palm Jumeirah home
AED 14.3 billion, or 2,336 villas sold, represented an 8.6% rise over July 2023. Meanwhile, AED 869.5 million, or 386 commercial property transactions, represented a 27.4% month-over-month increase in volume over 2023.
Even though plot sales were 6.5% lower than in July of last year, 843 plots raked in AED12.1 billion.
The July numbers exceeded the previous best for this year, which was 14,370 houses sold for AED46.48 billion in June.
According to Firas Al Maddi, CEO of fame Properties, “the figures underline the overall strength of Dubai’s real estate market and the consistent growth we’ve seen in recent years which continues to build investor confidence.”
From AED4.4 billion (2,300 transactions) in 2020 to AED11.1 billion (4,400) in 2021, AED21.2 billion (7,200) in 2022, AED37.7 billion (11,200) last year, to nearly AED50 billion and 16,000 transactions last month, Dubai property sales for the month of July have increased over the last five years.
At AED 77 million, the most costly apartment sold in the month was located at Orla Infinity By Omniyat on the Palm Jumeirah.
Jumeirah Village Circle was the best-performing neighborhood in July, with 1,265 total real estate sales valued at AED 1.3 billion.
Palace Residences in Dubai Hills Estate, which sold 915 units for a total of AED2.3 billion, was the best-selling off-plan property in July.
Greenway at Dubai South was the most successful off-plan villa project, with 114 apartments sold for AED 406.6 million.
In general, off-plan sales were about twice as high as ready properties: 67% higher in value and 66% higher in volume altogether.
Properties valued more than AED 5 million accounted for 10% of all transactions; properties valued between AED 2 and 3 million, AED 1 million and lower, AED 2 and 3 million, and AED 3 million and above made up 31%, 30%, and 13% of the total.
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