August saw Dh51.1 billion in property sales in the Dubai real estate market, a 7.9% increase over the same month the previous year. The overall number of transactions increased 15.4% year over year to 18,678.
According to a fäm Properties market update, apartment sales this month totaled Dh30.2 billion, representing a 29.2% increase in volume to 15,900 units compared to the same month the previous year.
According to DXBinteract data, commercial sales of Dh1.2 billion in August increased 20.4% year-over-year to 442, while plot sales of Dh8.9 billion, which totaled 392, showed a 7.4% increase in volume compared to the same month the previous year.
The average property price per square foot increased by 15.2 percent to Dh1,720, despite villa sales of Dh10.9 billion for the month declining 38.1 percent in volume to 1,944 YoY. After 20,322 in July and 18,693 in May, this year’s third-highest total number of real estate transactions occurred.
“The overall figures for August once again reflect the consistent strength and resilience of Dubai’s real estate market, even through the summer months,” said Firas Al Msaddi, CEO of fäm Properties. “The city’s sustained growth is cementing its position as a leading destination for property investment, drawing increasing international attention while domestic and regional demand stays strong.”
From Dh4.7 billion (2,500 deals) in 2020 to Dh15 billion (5,800) in 2021, Dh23.4 billion (9,400) in 2022, Dh33.57 billion (11,900) in 2023, and Dh 47.4 billion (16,200) last year, Dubai’s August real estate sales have increased to their current level in recent years.
The average price of real estate per square foot has risen to the level of last month from Dh826 in 2020, 1,011 in 2021, 1,143 in 2022, 1,410 in 2023, and 1,494 last year.
A luxurious villa on Palm Jumeirah sold for Dh 161 million, making it the most expensive single property sold in August. The highest costly apartment, located in Selicon Star 2 Nadd Hessa, sold for Dh 100 million.