Dubai Real Estate Market Report: August 2024

The Dubai real estate market report for August 2024 highlights a significant surge in transactions and property values. With 16,159 sales, the market saw a 36.9% increase compared to August 2023. The total sales value reached AED 47.3 billion, a substantial 40.8% rise year-on-year. This growth reflects a robust market driven by both residential and commercial properties, with the average price per square foot at AED 1,493.

Key Transactions by Property Type

Apartments

• Sales Volume: 12,268 units (37.6% increase from August 2023)
• Sales Value: AED 23.5 billion

Apartments led the Dubai real estate market in August, with sales value and volume both showing strong gains. The average price of an apartment was AED 1.3 million, reflecting a 1.8% increase from the previous month.

Villas

• Sales Volume: 2,126 units (4.6% increase from August 2023)
• Sales Value: AED 8 billion

The villa market also performed well, with a slight increase in sales volume and a stable average price of AED 3.2 million.

Commercial Properties

• Sales Volume: 369 units (19.8% increase from August 2023)
• Sales Value: AED 674 million

Commercial properties saw renewed interest, with sales values climbing to AED 1.2 million per unit, a 19.7% jump from the previous month.

Plots

• Sales Volume: 1,396 units (153.8% increase from August 2023)
• Sales Value: AED 15.1 billion

Plots were a standout segment, with sales volume more than doubling, driven by high demand in emerging areas. The average plot price surged to AED 5.5 million, an impressive 82.4% rise from last month.

Top Performing Areas and Projects

In August 2024, demand was concentrated in prime locations like Business Bay, Jumeira Bay, and Dubai Water Canal. These areas featured prominently in the Dubai real estate market report, with some of the most expensive transactions recorded here.

Top 5 Most Expensive Apartment Sales:

1. Dorchester Collection Dubai, Business Bay: AED 139 million
2. BV Residences 1, Jumeira Bay: AED 70 million
3. Crystals, Silicon Oasis: AED 69 million
4. Casa Canal, Dubai Water Canal: AED 59 million
5. Bluewaters Residences 9, Bluewaters: AED 50 million

Future Outlook for Dubai Real Estate

Looking ahead to the next four months, the Dubai real estate market is expected to maintain its momentum. The following trends are anticipated to shape the market:

• Luxury Segment Growth: Continued interest in luxury properties, especially villas, is expected to drive sales in premium communities.
• Off-Plan Properties: The off-plan market will likely see further growth as developers launch new projects with attractive payment plans.
• Sustainability Focus: Eco-friendly developments are becoming more popular, aligning with Dubai’s sustainability goals.

Investors and buyers should stay informed about upcoming launches and emerging areas to make the most of the opportunities in the Dubai real estate market.