The value of real estate sales in Dubai has reached a new record level, reaching AED 330 billion through 112,630 transactions during the first eight months of this year, making it the highest sales value ever during an eight-month period.
A survey conducted by “Emirates Today” based on data from the Dubai Land and Property Department showed an increase in the value of sales during the period from January to August 2024 by about 31.7%, compared to the same period last year, which amounted to 250.6 billion dirhams, while the number of deals increased by about 34% compared to more than 84 thousand deals that were executed in the first eight months of 2023.
As for mortgage transactions, they increased by 44.4% to reach AED 116.34 billion through 25.33 thousand transactions, compared to about AED 80.57 billion through 15.82 thousand transactions, during the comparison period, while the value of grants amounted to about AED 32.57 billion through 5.54 thousand transactions, compared to AED 18.99 billion through 4.89 thousand transactions.
Thus, the total real estate transactions during the first eight months of 2024 increased by 36.8% to about 479 billion dirhams distributed over 130.57 thousand transactions, compared to 350.13 billion dirhams carried out through 104.7 thousand transactions conducted during the same period last year.
During August 2024, Dubai real estate market sales increased by 39.7% year-on-year, to AED 46.94 billion, compared to AED 33.6 billion in August 2023. The value of sales last August is the second highest monthly figure ever after the previous July, which was valued at AED 50.78 billion.
In addition, real estate experts told Al-Emarat Al-Youm that the real estate market in Dubai will continue to break records during the current year, benefiting from the continued factors supporting the expansion and growth of sales, making 2024 a new historic and exceptional year for the sector in the emirate.
Walid Al Zarouni, Chairman of the Board of Directors of W Capital Real Estate Brokerage, said that the market has witnessed a state of maturity in recent years, and thus it has begun to achieve record levels month after month without a ceiling.
“From the current market conditions, we see that the cycle of growth is not about to stop, amid a huge demand for luxury properties for ownership or renting luxury hotel apartments, which encourages developers to launch more projects,” he added, noting that the sector is heading towards an unprecedented summer in terms of sales, supported by market factors and high demand, especially for seaside destinations.
He stated that the record sales in August come as the summer of 2024 enjoys more favorable conditions that encourage the injection of liquidity into the real estate market, with customers, both foreigners and residents, tending to buy residential units close to beaches and recreational areas for water games, due to the intense heat during the summer.
Al Zarouni expected, based on the latest data, that sales would break the AED 450 billion mark by the end of this year, which would be a new historical figure supported by the attractiveness of the investment environment in the emirate, and its global position among the best cities to live, work and invest, making 2024 an exceptional year for the sector in the emirate as well.
For his part, real estate expert Hussein Al Marsoumi said that the increase in real estate sales in Dubai during the current summer season amid strong global interest is due to the preference of customers, citizens, foreigners and residents, to purchase a residential unit close to beaches and recreational areas for water games, due to the high temperatures during the summer.
He added that the real estate market in Dubai is determined to break records and reach new levels, pointing out that this pattern has been witnessed and focused on by the market for four years.
He stressed that the factors supporting the continued growth of demand in the market include the influx of investors and residents, the growth of the tourism and hotel sector, the population increase, and supportive government policies, which prompted many real estate developers to launch multiple projects, noting that the current year will be historic for the real estate sector in Dubai.
In turn, CEO of Elio Real Estate, Zahi Qashou, said that the continued record-breaking figures of the real estate market in Dubai confirm that it was not a coincidence, but rather the result of tremendous efforts and an integrated economic system that the emirate seeks, in addition to the quality of life, available investment opportunities, and residency granting facilities, as well as the advanced infrastructure and modern legislation that enhances customer confidence.
Qashou expected the real estate demand in the market to continue to grow, especially for luxury properties, with increasing demand from foreigners and the migration of the wealthy to Dubai.
• Highest real estate sales ever for August, touching AED 47 billion.
• 31.7% increase in the value of real estate sales in Dubai during the first 8 months of 2024.
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