Property Monitor, a real estate research and data platform, has confirmed that Dubai property prices have maintained their upward trend for 41 consecutive months by the end of last July. These exceptional figures indicate an astonishing level of growth of 77.4% above the market’s low point in April 2009, and even higher than the previous market peak in September 2014.
The platform confirmed that the boom witnessed by the real estate sector in the emirate coincides with the great demand from investors, businessmen and wealthy people 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 been achieving continuous record numbers since the beginning of this year, as expectations indicate that the market is preparing for a new peak in prices and sales by the end of 2024, exceeding the results achieved during 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.
The research platform added that the latest figures for July 2024 confirm that the real estate market in the emirate continues on its upward trajectory, as property prices continued to rise to their highest levels ever at AED 1,397 per square foot.
The platform continued: “In July 2024, the institution’s Dynamic Price Index (DPI), at the emirate level, reached an all-time high of 195 points, up from 193 points in June, as well as up from 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 17.14% in July, recording 41 consecutive months of growth on an annual basis. Moreover, on a monthly basis, prices increased by 3.40% in July 2024.
These price increases recorded 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 AED 283 billion barrier during the first 7 months of this year, a growth of 30.4% compared to the same period in 2023.
Last July recorded the highest monthly value ever in sales, exceeding the AED 50 billion barrier for the first time, confirming that the real estate market continues its momentum during the summer months, driven by the high demand from local and international investors and end users.
Property Monitor said that Dubai’s real estate sector achieved remarkable success during the first half of 2024, which enhanced the city’s reputation as a first-class investment destination.
January saw the acquisition of a villa in Mohammed Bin Rashid City District One for Dh146 million, while in February a villa on Jumeirah Bay Island was sold for Dh160 million. In March, a villa on Jumeirah Bay Island also fetched Dh155 million, while in April the luxury villa L42 in Emirates Hills changed hands for Dh148 million. In May, a luxurious eight-bedroom villa at the Ritz Carlton Residences on Dubai Creek was sold for Dh165.6 million, while in June a six-bedroom villa on Jumeirah Bay Island was sold for Dh240.5 million.
These exceptional sales highlight the huge appetite for luxury properties in Dubai, and this trend is likely to continue, attracting more investments and heralding a prosperous future for the real estate market.