20,304 transactions worth AED65 billion makes it second-best monthly performance on record
Dubai, United Arab Emirates
The Dubai real estate market continued along its upward path in July, producing the highest number of property transactions this year, and the second-best monthly sales performance on record in terms of value and volume.
A market update issued today by fäm Properties reveals that last month brought a total of 20,304 property sales – a 24.9% YoY increase – worth a total of AED65 billion, a 29.5% leap in value on the same month last year.
Apartment sales showed a 28.1% YoY growth to 16,272 deals valued at AED32.2 billion, while the biggest sector leap saw commercial property transactions rise by 57.8% to 606 worth AED1.5 billion.
Villa sales of AED19.3 billion were up by 6.4% in volume to 2,988 compared with the same month last year, while plot sales rose by 22.3% to 438 transactions worth AED12 billion. The average price per sq. ft was up by 9.5% to AED 1,649 compared with July last year.
Data from DXBinteract shows Dubai property sales in July have bow soared over the last five years – from AED4.5 billion (2,300 transactions) in 2020 to AED11.2 billion (4,400) in 2021, AED21.3 billion (7,200) in 2022, AED37.8 billion (11,200) in 2023 and AED50.2 billion (16,300) in 2024.
Firas Al Msaddi, CEO of fäm Properties, said, “The level of activity last month once gain underlines the strength and maturity of Dubai’s real estate sector.”
“Dubai has shown it can sustain growth through different cycles, supported by clear regulation, strong investor sentiment, and a steady pipeline of new opportunities. July’s figures are another clear signal that confidence in the market remains high, both locally and internationally.”
The most expensive apartment sold during the month went for AED 174 million at Aman Residences Dubai, Tower 1 at Jumeirah Second.
The top performing area in terms of overall value was Wadi Al Safa 3 with 1,210 property sales worth 6.011 billion. The top performing area in terms of volume was Al Barsha South which produced 1,846 transactions valued at AED2.047 billion.
With properties worth more than AED5 million accounting for 13% of total sales, 37% came in the AED1-2 million range, 25% below AED1 million, 14% between AED2-3 million and 11% between AED3-5 million.
Overall, first sales from developers were significantly greater than those of resales – 71% over 29% in terms of volume, and 65% against 35% in overall value.
TOP TEN PERFORMING AREAS – OVERALL VALUE
Volume Value in AED
Wadi Al Safa 3 1,210 6.011 billion
Business Bay 1,428 3.663 billion
Ras Al Khor 41 2.900 billion
Dubai Investment Park 2nd 1,013 2.777 billion
Dubai Marina 637 2.604 billion
Bukadra 785 2.152 billion
Al Barsha South Fourth 1,846 2.047 billion
Hadaeq Sheikh Moh’d.Bin.Rashid 496 1.983 billion
Palm Jumeirah 127 1.826 billion
Al Wasl 150 1.816 billion
TOP TEN PERFORMING AREAS – OVERALL VOLUME
Volume Value in AED
Al Barsha South Fourth 1,846 2.047 billion
Business Bay 1,428 3.663 billion
Wadi Al Safa 3 1,210 6.011 billion
Dubai Investment Park Second 1,013 2.777 billion
Bukadra 785 2.152 billion
Wadi Al Safa 5 770 1.283 billion
Madinat Al Mataar 724 1.464 billion
Al Hebiah First 656 897.9 million
Dubai Marina 637 2.604 billion
Me’Aisem First 597 876.9 million
