Dubai Real Estate Market: August 2024
Dubai’s real estate market continued its impressive performance in August, with property sales surging 40.8% year-on-year to AED 47.3 billion ($12.88 billion). The city recorded 16,159 real estate transactions, marking a 36.9% increase compared to the same period last year. The average price per square foot also climbed by 6.1% to AED 1,493. Apartment sales saw a notable rise of 37.6%, reaching 12,268 units valued at AED 23.5 billion.
Villa sales increased by 4.6% year-on-year, totaling 2,126 units worth AED 8 billion. Additionally, there were 369 commercial property transactions worth AED 674 million, reflecting a 19.8% month-on-month increase in volume. Jumeirah Village Circle emerged as the top-performing area with 1,378 transactions worth AED 1.4 billion. The best-selling off-plan project in August was Marina Views, with 425 apartments sold for AED 1.4 billion, while the top off-plan villa project was The Valley, Venera, with 416 units sold for AED 1.3 billion.
