Dubai real estate market figures: August 2024
Another record month in Dubai. Dubai's real estate market enjoyed its busiest August ever. From the number of sales to the total value of sales, all the figures are once again in the green. In this article, you'll find the key figures for the Dubai real estate market in August 2024, as well as an analysis of these figures.
Record August in Dubai's history
With 16,200 transactions recorded by the Dubai Land Department, August 2024 proved to be an excellent month for the Dubai real estate market. The number of sales was up 36.86% on 2023, the year of the previous record. Over the same period, the total value of sales also rose spectacularly, by 40.82%, to almost 12 billion euros. Secondary market sales accounted for only 30% of total sales, while off-plan sales reached 70% of total transactions for the first time in a long time.
Rental prices still on the rise
Dubai rents continue to rise. In August 2024, the average price of a rental apartment in Dubai is €20,000 per year, up 17.6% on August 2023. For villas, the increase is 8.5%, to €46,000 per year. These price rises are the direct consequence of demand continuing to outstrip supply, due to the growing number of Dubai residents. The balance between those leaving and those arriving remains very largely positive, and this leads to an inevitable rise in prices.
Dubai's most expensive apartments and villas
Some very large sales were recorded in August 2024. An apartment sold for 139 million dirhams at the Dorchester Collection in Business Bay, equivalent to around 35 million euros. The most expensive villa sold in Dubai was on the World Islands, in the ultra-luxury Amali Island development, for 17.75 million euros.
Conclusion and analysis
The Dubai real estate market continues to do extremely well. Demand from local and international investors remains very strong, for both off-plan and secondary market properties. Secondary market sales are progressing more slowly than off-plan sales. This reminds us that it is very important to select projects of good quality and sold at the right price, so as to be able to resell them easily in the future and with a capital gain.
Guillaume Giroux, Dubai Immo founder and real estate expert, Dubai, UAE
As founder of the Dubai Immo Group and a real estate investor, I bring you daily updates on the Dubai market. My aim is to provide you with all the keys you need to invest wisely and securely, by sharing my in-depth analysis and strategic advice.
