Data from the real estate research and data platform Property Monitor indicated that Dubai real estate has maintained a growth rate for 42 consecutive months by the end of last August, and the figures showed an amazing level of growth, reaching 77.4% above the market’s low point in April 2009, and even exceeding the market’s peak recorded in September 2014 by 14%.
The platform confirmed that the continued prosperity of the real estate sector in Dubai comes in light of the great demand from investors, businessmen and wealthy individuals for luxury and ultra-luxury properties in the emirate, which has enhanced the city’s reputation as a first-class investment destination.
Dubai real estate has continued to set records since the beginning of this year, with expectations indicating that the market is preparing for a new peak in sales and prices by the end of 2024, thus outperforming the results achieved at the end of last year, which was considered the best for the market by all standards, thanks to 401 billion dirhams in sales, in addition to recording the most expensive real estate deal in the history of the market at 500 million dirhams.
Roberto Monitor added that the figures for August confirm that the real estate market in the emirate continues on its upward path, as property prices continued to rise to their highest levels ever, now reaching 1,431 dirhams per square foot.
The platform added that in August 2024, the institution’s Dynamic Price Index (DPI) at the emirate level reached its highest level ever at 199 points, up 4 points from 195 points in July, equivalent to 2.48%, and also increased compared to 193 points in June, 189.91 points in May 2024, and 188.61 points in April 2024.
The platform stated that on an annual basis, prices witnessed an increase of 17.3% in July on an annual basis, recording 41 consecutive months of growth. Moreover, on a monthly basis, prices rose by 5.24% in August 2024. These increases since the beginning of this year come in parallel with the exceptional demand for real estate in the emirate, as the value of real estate sales exceeded the 330 billion dirham barrier during the first 8 months of this year, with a growth of 32% compared to the same period in 2023.
Last August recorded a 40% increase in sales year-on-year, reaching AED 46.9 billion resulting from 16,105 deals, compared to AED 33.6 billion distributed over 11,956 deals in the same month last year 2023. The sales recorded during the 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 Dubai real estate market.
Last July is still in the historical lead of the market with sales value exceeding 51 billion dirhams, followed by August with 47 billion dirhams, while last May fell to third place at 45.79 billion dirhams, and fourth came sales of last June at 44.9 billion dirhams, and November 2023 settled in fifth place with sales valued at 42 billion.