In August, Dubai’s property market demonstrated exceptional performance, recording 15,000 sales transactions totalling AED 38.55 billion (approximately $10.5 billion). This surge in activity underscores strong demand amid a constrained supply landscape.
The average property price in Dubai has surged to a record AED 1,431 per square foot, reflecting an impressive 18% increase compared to the previous year. Notably, off-plan properties were the standout segment, constituting 68% of all transactions. This category alone saw 10,285 deals worth AED 22.9 billion, marking the highest value recorded for off-plan transactions.
Dubai Marina Leads in Apartment Sales
Emaar Properties was a dominant force in off-plan sales, achieving a remarkable AED 7.49 billion in transactions. Other key players included Sobha Group, Meraas, Ellington Properties, and East & West International Group. When considering transaction volume, Emaar again topped the list, followed closely by Sobha Group, Azizi, Samana Developers, and Danube.
The average sale prices in August were as follows:
- Apartments:Â AED 1.51 millionÂ
- Townhouses:Â AED 3.13 millionÂ
- Villas:Â AED 8.30 million
The most popular locations for apartment sales included Dubai Marina, Business Bay, and Jumeirah Lake Towers, while the villa market was led by sales in Reem, Damac Lagoons, and Arabian Ranches 3.
Mortgage buyers remained a predominant force in the market, accounting for 58% of all transactions, a rise from 51% the previous month. Additionally, investors comprised 60% of all buyers, showcasing a robust interest in Dubai’s real estate landscape.
