Dubai’s real estate sector continued to break records, achieving a 30.4% growth in sales during the first 7 months of the year, with sales reaching AED 283 billion during this period, while sales value during July alone exceeded AED 50 billion for the first time, making it the highest monthly value ever in the history of the emirate’s real estate market.
In detail, data from the Dubai Land Department showed that sales for the first seven months of the current year 2024 amounted to 283 billion dirhams, resulting from 96,518 transactions, an increase of 30.4% compared to the same period last year 2023, in which sales amounted to 217 billion dirhams, resulting from 72,101 transactions.
The figures recorded since the beginning of this year show that the real estate market in Dubai is heading towards recording a new record, surpassing the figures recorded during the year 2023, which is considered the highest historically in terms of the value of annual sales, as Dubai real estate sales during the first 7 months of this year constitute 70.5% of the total sales of the past, which amounted to 401 billion dirhams.
Total real estate transactions in Dubai during the first 7 months of this year amounted to about 415 billion dirhams, resulting from approximately 123,120 transactions, a growth of 36% compared to the value recorded in the same period last year at 304 billion dirhams, which resulted from 89,824 transactions.
Transactions since the beginning of 2024 were distributed to include AED 283 billion in sales resulting from 96,518 sales transactions, AED 104.3 billion in real estate mortgages resulting from 19,605 transactions, and AED 28.2 billion in gifts resulting from 4,919 transactions.
The Business Bay area came in first place in terms of sales value with AED 16.5 billion resulting from 6,899 transactions. The Jumeirah Village Circle area came in second place with 9,670 transactions worth AED 11.2 billion, the Palm Jumeirah area came in third with 1,003 transactions worth AED 10.8 billion, the Burj Khalifa area came in fourth with 2,432 transactions worth AED 10.3 billion, and the Dubai Hills area came in fifth with 3,011 transactions worth AED 9 billion.
Real estate market sales increased by 36.7% year-on-year in July 2024, reaching AED 51 billion, resulting from 16,495 transactions, compared to AED 37.3 billion distributed over 11,103 transactions in the same month last year 2023.
Sales recorded during last July are the highest sales value for the same month ever, and the highest monthly sales value in the history of the Dubai real estate market. Last May fell to second place at AED 45.79 billion, and third came sales in June at AED 44.9 billion, while November 2023 settled in fourth place with sales worth AED 42 billion.