July saw the largest number of real estate transactions of the year and the second-best monthly sales performance on record in terms of volume and value, as the Dubai real estate market continued its upward trajectory.
According to a fäm Properties market update, 20,304 properties were sold last month, representing a 24.9 percent year-over-year growth and a total value of Dh65 billion, a 29.5 percent gain over the same month the previous year.
The largest sector jump saw commercial real estate transactions increase by 57.8% to 606 deals worth Dh1.5 billion, while apartment sales increased by 28.1% year over year to 16,272 deals valued at Dh32.2 billion.
Plot sales increased by 22.3% to 438 transactions valued at Dh12 billion, while villa sales, which totaled Dh19.3 billion, increased by 6.4% to 2,988 compared to the same month the previous year. When compared to July of previous year, the average price per square foot increased by 9.5% to Dh1,649.
From Dh4.5 billion (2,300 transactions) in 2020 to Dh11.2 billion (4,400) in 2021, Dh21.3 billion (7,200) in 2022, Dh37.8 billion (11,200) in 2023, and Dh50.2 billion (16,300) in 2024, Dubai real estate sales in July have increased dramatically over the past five years, according to data from DXBinteract.
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.”
At Aman Residences Dubai, Tower 1 at Jumeirah Second, the most costly apartment sold during the month sold for Dh174 million.
Wadi Al Safa 3 was the best-performing neighborhood in terms of total value, with 1,210 real estate transactions totaling 6.011 billion. Al Barsha South was the area with the highest volume, with 1,846 transactions totaling Dh2.047 billion.
Thirteen percent of all sales were of properties valued at or more than Dh5 million, while 37 percent were between Dh1-2 million, 25 percent were under Dh1 million, 14 percent were between Dh2-3 million, and 11 percent were between Dh3-5 million.
