Dubai Property Market in August 2024
The July month of the year 2024 also stated the same and proved to be another amazing month for the property dealer business in Dubai. The total property sales increased to AED 47, remarkable on such small area of land. In 2016 it is estimated that there were 3 billion active users, virtually a 40 percent increase while 8% increase compared to August 2023 and increase of 8% as compare to the month of August 2023. This increase is the result of the increasing popularity of Dubai in the domain of the real estate market, which has potential and interesting investment offers for both local and foreign clients.
Dubai Property Market – August 2024 Key Aspects
| Aspect | Details |
|---|---|
| Total Sales Volume | AED 47.3 Billion |
| Transaction Count | 16,159 Transactions |
| Land Sales | AED 15.1 Billion |
| Apartment Sales | AED 23.5 Billion |
| Villa Sales | AED 8 Billion |
| Commercial Property Sales | AED 674 Million |
| Top Performing Area | Jumeirah Village Circle |
Detailed Market Breakdown
- Transaction Volume:
- 16,159 transactions were completed in August, reflecting a 36.9% rise in transaction volume compared to the previous year. This surge highlights the increased demand for properties in Dubai, driven by a robust economy, investor-friendly policies, and a growing expatriate population.
- Land Sales:
- Land sales saw the largest increase, with 1,396 plots sold, generating AED 15.1 billion. This represents a 153.8% month-on-month increase in land sales, driven by increased demand for prime land in high-growth areas like Jumeirah Village Circle and Business Bay.
- Apartment Sales:
- Apartments remain the cornerstone of Dubai’s property market, contributing AED 23.5 billion from 12,268 units sold. This marks a 37.6% increase in sales volume compared to August 2023. The increased demand for high-rise luxury apartments in prime locations such as Downtown Dubai, Dubai Marina, and Palm Jumeirah continues to drive the market forward.
- Villa Sales:
- Villa sales have also experienced growth, with 2,126 transactions in August, generating AED 8 billion, a 4.6% increase from the same period in 2023. Dubai’s villa market has been buoyed by buyers seeking spacious properties with outdoor amenities, which have become particularly popular post-pandemic.
- Commercial Property:
- The commercial sector saw a 19.8% rise in transaction volume, with 369 transactions completed, amounting to AED 674 million. Dubai’s growing status as a business hub has attracted companies looking to set up offices and commercial spaces, contributing to this steady increase.
Noteworthy Sales in August
- Luxury Sales: The most expensive property sold in August was a luxury apartment at the Dorchester Collection in Business Bay, which was sold for AED 139 million. In addition, a villa on Amali Island, part of the World Islands, fetched AED 71 million, underscoring Dubai’s allure for ultra-high-net-worth individuals seeking exclusive and high-end properties.
- Top-Performing Areas: Jumeirah Village Circle (JVC) emerged as the top-performing area for the second consecutive month, with 1,378 transactions worth AED 1.4 billion. The popularity of JVC is attributed to its strategic location, family-friendly amenities, and relatively affordable property prices.
- Off-Plan Sales: Off-plan projects continued to dominate the market, accounting for 71% of total transactions by volume and 72% of total value. Projects like Marina Views, which sold 425 apartments for a combined AED 1.4 billion, and The Valley, Venera, which sold 416 villas for AED 1.3 billion, were the top performers in the off-plan segment. This trend is a clear indication of the confidence investors have in Dubai’s long-term real estate prospects.
Dubai Property Market – August 2024 Key Insights
Trends in Property Prices and Investment
- Average Price Increase: The average price per square foot for residential properties in Dubai rose by 6.1%, reaching AED 1,493. This price increase reflects the ongoing demand for high-quality real estate in prime areas.
- Property Segmentation: Properties worth more than AED 5 million accounted for 8% of total sales, while the majority of transactions were in the AED 1-3 million range, demonstrating that Dubai caters to a wide spectrum of buyers, from luxury investors to first-time homeowners.
A Five-Year Growth Trajectory
Leading up to this August, the Dubai’s real estate market has been expanding gradually and steadily for the past five years. seven billion in 2020 to over forty-seven billion United Arab Emirates in 2024. This tenfold increase is indicative of the city’s recover, the improvement in its structure and the capacity for attracting FOREIGN DIRECT INVESTMENT. Dubai property market has faced and overcome many global issues such as the COVID-19 outbreak and has continued to present different opportunities in property investment.
The Role of Off-Plan Projects
One of such innovative products which created a huge impact on the rapidly growing market of Dubai is the off-plan sales or the sales of properties that are not yet constructed. In Marina Views 425 apartments where sold while 416 villas were sold at The Valley Venera, the developers still offer flexible payment options, modern architecture and prestigious locations which attract investors seeking for steady income and more importantly capital appreciation.
Investor Sentiment and Market Outlook
Confidence of investors continues to be buoyant in Dubai specifically in ownership of real estate investment in residential and commercial buildings. The city’s geographical position, exclusion from taxation and the ongoing construction of new tourism facilities including Dubai Creek Harbour and Expo City Dubai place the city as the premier location in the world for buying properties. Besides, free zones and policies targeting foreign ownership along with liberalization of visa requirements for property owners have also added to the market.
FAQs: Dubai Property Market – August 2024
1. What was the total sales volume in August 2024?
2. Which area was the top performer in August 2024?
3. What was the most expensive property sold in August 2024?
4. What percentage of transactions were off-plan sales?
5. How much did land sales contribute in August 2024?
Experts predict that Dubai’s real estate market will continue to grow in the coming months, supported by an influx of foreign investors, favorable mortgage rates, and a stable economic outlook. The city’s ongoing transformation into a global business and tourism hub is expected to drive demand for both residential and commercial properties well into 2025 and beyond.