Introduction:
The Dubai property market continues its meteoric rise, with July 2024 setting new benchmarks across various segments. As the city attracts global attention, the real estate sector showcases remarkable resilience and growth, defying global economic trends. This month’s statistics highlight the strength and appeal of Dubai’s property market, positioning it as a premier destination for both investors and residents. Let’s dive into the numbers that underscore this dynamic market’s latest achievements.
Conclusion:
July 2024 has once again proven Dubai’s property market as an unstoppable force. The substantial year-on-year growth in sales volume, value, and property prices indicates robust investor confidence and the city’s ongoing appeal as a global real estate hub. As we move forward, these trends suggest a promising trajectory for the coming months, reaffirming Dubai’s status as a prime location for property investment.
Statements Behind the Statistics:
1. Sales volume was 15,994, up 43% since July 2023:
The significant increase in sales volume demonstrates heightened demand and sustained investor interest in Dubai’s real estate market. This surge is a clear indicator of confidence in the market’s future growth potential.
2. Sales value was 49.6 billion AED, up 31% since last July:
The increase in sales value reflects the upward trend in property prices and a growing preference for higher-value investments, underscoring the market’s maturity and strength.
3. Sales volume by segment: apartments up 59%; villas up 8.6%; commercial up 27%; plots -6.5% since last July:
Apartments dominate the market with the highest growth, signaling strong demand for urban living spaces. The moderate growth in villa sales points to ongoing interest in luxury living, while the decline in plot sales suggests a shift towards ready-built properties.
4. Property prices across Dubai on average by top-performing communities, segments as follows: apartments up 6.6%; villas up 19.4%; commercial up 37%; plots up 95% since last July:
Price increases across all segments indicate strong market fundamentals, with plots showing an exceptional surge, possibly due to limited supply and high demand for land in key areas.
5. Rental prices since last July by segment: apartments up 15.4%; villas 15.9%; commercial down 23%:
The rise in rental prices for apartments and villas reflects strong tenant demand and limited supply, while the drop in commercial rents could signal a market adjustment or increased vacancy rates in some areas.
6. Dubai property sales value by category: apartments 45%; villas 29%; plots 24%; commercial 2%:
Apartments remain the dominant segment in terms of sales value, highlighting their broad appeal and investment potential. The substantial share of plots indicates ongoing interest in land acquisition for future development.
7. Top 5 performing areas for July 2024: 1) JVC; 2) Hadaeq Sheikh MBR; 3) Business Bay; 4) Creek Harbour; 5) Dubai Marina:
These top-performing areas showcase a mix of established and emerging hotspots, reflecting diverse buyer preferences and the evolving landscape of desirable locations in Dubai.
8. Property sales volume by price range for July 2024: 31% between AED 1M – AED 2M; 30% under 1M; 17% between 2M-3M; 13% between 3M – 5M; 10% over 5M:
The majority of transactions occur in the mid-range price brackets, indicating broad-based demand and a balanced market catering to various buyer segments.
9. Monthly property sales volume for 2024: 16K sales in July, up 10% month-on-month; lowest volume of sales this year was 11K in January; since Q3, we haven’t dropped below 14K transactions per month:
Consistent monthly sales growth showcases the market’s momentum and stability, with July marking a particularly strong performance as the peak of 2024 so far.
10. 66% of transactions were off-plan vs ready-built (not including plots):
The high proportion of off-plan sales suggests strong investor confidence in future developments and a willingness to commit to long-term investments in Dubai’s real estate market.
11. Since 2014, 2024 has been the biggest month for transactions in the calendar months of July over the past 10 years. Volume has increased every year since 2020. From 2023 to 2024, the market is up 45% in sales volume:
This statistic highlights the sustained growth and resilience of Dubai’s property market, even through global challenges, reinforcing its status as a thriving investment hub.
12. Dubai property price change in July over the past 10 years (AED per sqft) across all areas on average: All-time high reached over the past 10 years in 2024 with AED 1,506 up 10% year-on-year vs 2023 and up 47% since July 2014:
The steady increase in property prices over the past decade demonstrates long-term value appreciation, making Dubai an attractive market for both short-term gains and long-term investments.
13. 4,092 mortgage transactions for July 2024, up 74% since last July:
The surge in mortgage transactions reflects increased buyer confidence and the accessibility of financing options, indicating a healthy and active property market.
14. Top 3 projects with most expensive apartments sold: 77M, 69M, 51M:
These high-value transactions underscore the premium segment’s robust performance, attracting ultra-high-net-worth individuals and investors seeking luxury and exclusivity.
15. Top 3 projects with most expensive villas sold: 103M, 61M, 25M:
The sale of high-end villas at record prices indicates continued demand for luxury properties, reinforcing Dubai’s appeal as a destination for affluent buyers.