Dubai Real Estate Market Hits New Heights In August 2024

Dubai’s real estate market continues to shatter records, with prices per square foot reaching an all-time high of AED 1,431 – a significant 18% year-on-year increase. August saw over 15,000 sales transactions valued at a remarkable AED 38.55 billion, marking a robust demand despite limited supply. The off-plan segment continues to dominate, accounting for 68% of all transactions with 10,285 deals worth AED 22.9 billion, the highest ever in terms of value. Developers are seeing overwhelming demand, with buyers eagerly awaiting new supply in the market.

Among the top developers, Emaar leads with AED 7.49 billion in off-plan sales, followed by Sobha Group with AED 2.40 billion, Meraas at AED 1.66 billion, Ellington Properties at AED 1.13 billion, and East & West International Group with AED 0.93 billion.

In terms of transaction volume, Emaar also tops the list with 2,355 transactions, followed by Sobha Group (1,131 transactions), Azizi (652 transactions), Samana Developers (507 transactions), and Danube (481 transactions).

At Betterhomes, villa buyer leads have surged by 6% year-on-year, reflecting strong demand for larger homes. The average sale prices at Betterhomes in August were:

Apartments: AED 1.51 million

Townhouses: AED 3.13 million

Villas: AED 8.30 million

Top apartment locations where Betterhomes achieved the highest sales include Dubai Marina, Business Bay, and Jumeirah Lake Towers (JLT). For villa sales, the leading areas were Reem, Damac Lagoons, and Arabian Ranches 3.

The buyer profile in August showed a continued dominance of mortgage buyers, who accounted for 58% of all transactions, compared to 51% in the previous month. Investors also made up the larger share of the market, comprising 60% of all buyers. This month’s figures reflect the ongoing strength of Dubai’s real estate market, with off-plan developments continuing to drive momentum, and sales across various locations showing strong performance.