August was a bumper month for Dubai’s real estate market, with property sales rising 40.8 percent year-on-year in value to AED 47.3 billion ($12.88 billion).
Over the last five years, August property sales in Dubai’s real estate market have risen from AED 4.7 billion in 2020 to AED 14.98 billion in 2021, AED 23.4 billion in 2022, AED 33.6 billion last year, and over AED 47 billion last month.
Current Market Trend
The sale of apartments across Dubai’s real estate market rose 37.6 percent annually to 12,268 with a value of AED 23.5 billion.
Villa sales also witnessed an increase, rising 4.6 percent annually to 2,126 worth AED 8 billion. Meanwhile, 369 commercial property transactions amounted to AED 674 million, a 19.8 percent month-on-month increase in volume.
The figures made August the second-best month for sales value this year following July’s 15,994 transactions worth AED 49.6 billion.
Prime Performing Real Estate Areas
The top performing area in Dubai in August was Jumeirah Village Circle, with 1,378 overall property transactions worth AED1.4 billion.
The best-selling off-plan project across Dubai’s real estate market in August was Marina Views, where 425 apartments sold for AED1.4 billion. Meanwhile, the top-selling off-plan villa project was The Valley, Venera where 416 units sold for AED1.3 billion.
Overall, off-plan sales were significantly greater than those of ready properties in terms of volume and overall value.
With properties worth more than AED 5 million accounting for 8 percent of total sales, 29 percent came in the AED1-2 million range, 28 percent below AED1 million, 18 percent between AED 2-3 million, and 16 percent between AED3-5 million.
