Dubai’s real estate sector continued its strong performance with sales growing by 32% during the first eight months of the year, recording AED 330 billion, while sales in August reached AED 47 billion, the highest value ever for the same month, and the second highest monthly value in the market’s history after the record results of last July.
Data from the Dubai Land Department showed that sales in the first eight months of the year resulted in 112,625 transactions, an increase of 32% compared to the same period last year, when sales reached AED 250 billion, resulting from 84,045 transactions.
The figures show that the market is heading towards recording a new record, surpassing the figures recorded in 2023, which is the highest historically in terms of annual sales value, as Dubai real estate sales during the first 8 months of the year accounted for 82.2% of last year’s total sales, which amounted to AED 401 billion.
Total transactions during the first eight months amounted to AED 478 billion, resulting from 140,895 transactions, a growth of 36.5% compared to the value recorded in the same period last year at AED 350 billion, resulting from 110,932 transactions. Transactions since the beginning of the year were distributed as follows: AED 330 billion in sales resulting from 112,625 transactions, AED 116.3 billion in mortgages resulting from 22,726 transactions, and AED 32.5 billion in grants resulting from 5,544 transactions. The Business Bay area came in first place in terms of sales value with AED 18.7 billion resulting from 7,618 transactions, followed by the Jumeirah Village Circle area with 11,109 transactions worth AED 13 billion, the Burj Khalifa area came in third with 2,918 transactions worth AED 12.2 billion, the Palm Jumeirah area came in fourth with 1,116 transactions worth AED 11.6 billion, and the Airport City area came in fifth with 2,812 transactions worth AED 10.2 billion. August sales increased by 40% year-on-year to reach AED 46.9 billion resulting from 16,105 transactions compared to AED 33.6 billion distributed over 11,956 transactions in the same month of 2023. The sales recorded during the current month of August are the highest sales value for the same month ever and the second highest monthly sales value in the history of the market.