The Dubai real estate market showed strong growth in July 2024 with significant increases in both sales volumes and property prices. In July there were 16,247 property transactions, a 45.5% increase compared to July 2023. According to the Dubai land department property price also saw a notable rise reaching AED 1,506 per square foot which represents a 9.9% increase from the previous year.
Apartment sales were especially notable. There were 12,651 apartment transactions up 61.9% from last year. This indicates a strong demand for city living. Villa sales also saw growth with 2,363 transactions, an 9.9% increase from July 2023. The market for plots was also active with 846 transactions. Commercial properties saw 387 transactions which a 27.7% increase was compared to last year.
Sales Value
The total sales value across all property types was impressive. The market reached AED 50.1 billion in sales up 32.9% from the previous year. Apartments alone brought in AED
22.6 billion highlighting their popularity. Villa sales were valued at AED 14.5 billion. Sales of plots totalled AED 12.2 billion while commercial properties added AED 870.6 million to the total. This substantial growth underscores Dubai's appeal as a top real estate destination.
Property Prices
The average price for an apartment is AED 1.3 million up 6.5% from July 2023. The average price for a villa is AED 4 million marking a 20.6% increase. The average price for plots is AED 5.3 million reflecting a 96.8% increase.
Rental Prices
The average rent for an apartment is AED 75,000 up 15.4% from last year. Rental prices for villas averaged AED 185,000 an 15.6% increase.
Mortgage Transactions
Mortgage transactions saw a significant boost with 4,092 transactions a 74.4% increase from July 2023. The total mortgage value was AED 14.1 billion up 46.7% from the previous year.
Off-Plan Vs. Ready Property
In terms of sales volume, off-plan properties dominated the market accounting for 66% of the transactions while ready properties comprised 34%. In sales value, off-plan properties contributed 67% of the total with ready properties making up the remaining 33%.
Dubai property Sales Value by Category
Top 5 Performing Areas
