In August, Dubai’s real estate sector saw a remarkable Dhs51.1bn ($13.9bn) in property transactions, marking a 7.9% increase compared to the same month last year. The number of transactions rose by 15.4% year-over-year, totaling 18,678 sales, as reported by fäm Properties, a real estate consultancy.
Sales of apartments were the primary contributor to this surge, reaching Dhs30.2bn with a volume of 15,900 units, up by 29.2%.
Commercial properties saw sales of Dhs1.2bn, reflecting a significant 20.4% increase with 442 transactions. Additionally, 392 plot sales amounted to Dhs8.9bn, which highlights a 7.4% rise in volume.
In contrast, villa sales experienced a notable decline, dropping 38.1% to 1,944 units worth Dhs10.9bn. Despite this downturn, the average price per square foot surged by 15.2% to Dhs1,720.
Firas Al Msaddi, CEO of fäm Properties, commented, “The overall results for August further illustrate the enduring strength and resilience of Dubai’s real estate market, even during the summer. The city’s continuous growth is solidifying its status as a premier destination for property investment, attracting more international interest while domestic and regional demand remains robust.”
Dubai’s property transactions have increased consistently in recent years, climbing from Dhs4.7bn in 2020 to Dhs47.4bn in 2024. Meanwhile, average prices per square foot have nearly doubled, reaching Dhs1,720 in the same timeframe.
The highest performing areas in terms of value last month were Business Bay (Dhs4.1bn), Jumeirah Village Circle (Dhs2.1bn), Jebel Ali First (Dhs2.6bn), Dubai Investment Park Second (Dhs2.5bn), and Wadi Al Safa 5 (Dhs1.3bn).
The most expensive property transaction was a villa on Palm Jumeirah, sold for Dhs161m, while the priciest apartment was sold for Dhs100m in Selicon Star 2, Nadd Hessa.
Residential properties priced between Dhs1m and Dhs2m constituted nearly 40% of all deals in August, with new developments making up 74% of the transaction volume.
Among newly launched projects, Binghatti Skyrise led apartment sales with Dhs956m, while Grand Polo – Selvara 2 topped villa sales at Dhs683.5m.