Dubai’s real estate market has experienced another strong month, with property sales in August totalling AED47.3 billion ($12.88 billion), a 40.8% increase in value on the same month last year, a report said.

 

A market update issued today by fäm Properties reveals that last month’s total of 16,159 transactions represented a 36.9% increase in volume over August 2023, while the average price per sq ft rose 6.1% to AED1,493.

 

The most expensive individual property sold in August was a luxury apartment at the Dorchester Collection in Business Bay, which went for AED139 million.

 

Land sales for last month showed the biggest increase, with 1,396 plots, a month-on-month increase of 153.8%, selling for AED15.1 billion.

 

Apartment sales worth AED23.5 billion were up 37.6% in volume to 12,268 compared with the same month last year. The total of 2,126 villa sales for AED8 billion last month was 4.6% up on August 2023, while 369 commercial property transactions amounted to AED 674 million, a 19.8% month-on-month increase in volume over 2023. 

 

The figures made August the second-best month for sales value this year following July’s 15,994 transactions worth AED 49.6 billion

 

“The figures again highlight the robust strength of Dubai's real estate market, and the steady growth we’ve witnessed in recent years, which continues to bolster investor confidence,” said Firas Al Msaddi, CEO of fäm Properties. 

 

“This sustained upward trajectory reaffirms Dubai’s position as a prime destination for real estate investment, attracting both local and international investors.”  

 

Dubai property sales for the month of August over the last five years have now risen from AED4.7 billion (2,400 transactions) in 2020 to AED14.98 billion (5,800) in 2021, AED23.4 billion (9,400) in 2022, AED33.6 billion (11,800) last year to more than AED47 billion and over 16,000 transactions last month. 

 

The most expensive villa sold during the month went for AED71 million at Amali Island, on the World islands.

 

As in July, the top performing area in August was Jumeirah Village Circle, with 1,378 overall property transactions worth AED1.4 billion.

 

The best-selling off-plan project in August was Marina Views, where 425 apartments sold for AED 1.4 billion. The top-selling off plan villa project was The Valley, Venera where 416 units were sold for AED1.3 billion, the report said.

 

Overall, off plan sales were significantly greater than those of ready properties - 71% over 29% in terms of volume and 72% against 28% in overall value.

 

With properties worth more than AED5 million accounting for 8% of total sales, 29% came in the AED1-2 million range, 28% below AED1 million, 18% between AED2-3 million and 16% between AED3-5 million, it added. -TradeArabia News Service