Dubai real estate market sales during the summer months of 2024 (June, July, August) witnessed a record number, jumping to 143 billion dirhams through 46,590 transactions, according to data from the emirate’s Land and Property Department.
Ready real estate sales reached AED 83.6 billion (including land) resulting from 27,914 transactions, while off-plan real estate achieved AED 59.3 billion resulting from 18,676 transactions.
The transactions included the sale of 36,454 residential apartments, with off-plan units accounting for the largest share, at 24,455 units, equivalent to 67%, compared to 11,999 ready units (33%), and 4,627 buildings/villas, including 3,459 off-plan sales (74.8%) and 1,168 ready units (25.2%).
Mortgages touched the AED 38 billion barrier through 10,880 procedures, while donations approached AED 15.7 billion resulting from 2,310 transactions. Thus, the total value of transactions in the Dubai real estate market in 3 months reached AED 197 billion through 59,780 transactions on the map and ready.
Data from the Dubai Land Department index revealed that Business Bay topped the list of top-selling areas with a value of AED 7.73 billion, followed by Airport City in second place with a value of AED 7.1 billion, followed by Dubai Hills in third place with AED 5.43 billion, and in fourth place came Wadi Al Safa 7 with AED 5 billion, and in fifth place came Jumeirah Village Circle with a value of AED 4.9 billion.
The Business Bay area also topped mortgage and donation transactions with a value of AED 3.37 billion and AED 1.84 billion resulting from 529 procedures and 216 transactions, respectively.
Total transactions in June 2024 amounted to AED 61.2 billion resulting from 18,084 procedures, compared to AED 42 billion (12,200 procedures) during the same month in 2023, with a growth of 45.7% and 48.2% in terms of value and number.
Sales amounted to AED 45.2 billion through 14,090 transactions, compared to AED 29 billion (9,828 transactions) in the same month in 2023, with a growth of 56% and 62.4% in terms of value and number. The value of mortgages reached about AED 12 billion resulting from 3,350 transactions compared to AED 11 billion (1,940 procedures), an increase of 9% and 72.7% in terms of value and number, while donations amounted to AED 4 billion resulting from 644 procedures, compared to AED 1.8 billion (432 transactions), an increase of 122% and 49% in terms of value and number.
Total transactions in July of this year recorded AED 72.5 billion resulting from 21,570 transactions compared to AED 49.64 billion resulting from 13,869 transactions, an increase of 46% and 55.5% in terms of value and number.
Dubai Land Department data indicated that July witnessed sales worth AED 51 billion resulting from 16,480 transactions, compared to AED 37.7 billion, resulting from 11,103 transactions during the same month in 2023, with a growth of 35.2% and 48.4% in terms of value and number. Thus, July topped the list of the highest months in the history of Dubai real estate.
Total transactions in August 2024 achieved approximately AED 64.1 billion resulting from 20,574 transactions, compared to AED 45.7 billion, resulting from 15,356 transactions, with a growth of 40.2% and 34% in terms of value and number compared to the same month in 2023.
Dubai Land Department data indicated that August witnessed sales worth AED 47.8 billion resulting from 16,440 transactions. Mortgages achieved AED 12 billion, resulting from 3,500 procedures. As for donations, they amounted to 4.3 billion dirhams, achieved through 634 transactions.
Real estate transactions in the Dubai market recorded, at the beginning of the week’s trading, Monday, about 2.16 billion dirhams, resulting from 817 procedures, according to data from “Dubai REST”.