Dubai Real Estate Market Achieves Historic Surge in July
Monday, 19 August 2024
Dubai’s real estate market experienced an unprecedented surge in July, setting new records for villa and apartment sales. The month witnessed a dramatic increase in transaction values compared to the previous year, soaring by nearly 57%.
Record-Breaking Figures
- Total Transactions: The market recorded over 17,000 transactions, amassing a staggering AED 55.5 billion ($15.1 billion)—a milestone described as a “record-breaking month” by Property Finder.
- Market Peak: “July proved to be a transformative month for the industry, mirroring the peak transaction values observed earlier this year in May,” noted Property Finder.
Investor Preferences
- Apartment vs. Villa Interest: Approximately 59% of investors focused on purchasing apartments, while 41% sought villas or townhouses.
Off-Plan Sector Growth
- Sales Surge: The off-plan sector experienced a phenomenal 77% increase in transactions, totaling 9,300 sales, which represents more than half of all transactions for the month.
- Increased Value: Off-plan deals saw a 54% rise in value, reaching AED 19.4 billion.
Secondary Market Insights
- Investment Volume: The secondary market saw AED 36 billion worth of properties purchased, surpassing the previous peak in June 2024 by 23%.
Popular Neighborhoods
- Top Hotspots: Buyers favored well-known neighborhoods such as Downtown Dubai, Palm Jumeirah, Jumeirah Village Circle, Dubai Marina, and Business Bay.
- Villa Demand: For villas, the most sought-after areas included Palm Jumeirah, Al Furjan, Dubai Hills Estate, and Akoya by Damac.
