The most expensive individual property sold in July was a luxury villa at Eome Residences, Palm Jumeirah, which fetched $28mn

Dubai’s real estate market had a stellar performance in July, setting a new 2024 peak with property sales reaching $13.5 billion (AED49.6 billion)—a 31.63% increase over the same month last year.

According to a market update from fäm Properties, July saw 15,994 transactions, marking a 43.2% increase in volume compared to July 2023. The highlight of the month was the sale of a luxury villa at Eome Residences, Palm Jumeirah, for $28 million (AED103 million).

Apartment sales led the market with 12,429 units sold, a 59.1% increase from the previous month, totaling $6.1 billion (AED22.3 billion). Villa sales also saw an uptick, with 2,336 transactions amounting to $3.9 billion (AED14.3 billion), an 8.6% increase over July 2023. Additionally, 386 commercial property transactions totaled $236.9 million (AED869.5 million), a 27.4% month-on-month increase.

Although plot sales saw a 6.5% drop in volume compared to last year, they still brought in $3.3 billion (AED12.1 billion) from 843 plots. July’s total sales surpassed June’s previous best of 14,370 properties worth $12.7 billion (AED46.48 billion).

Over the past five years, July property sales in Dubai have risen significantly: from $1.2 billion (AED4.4 billion) 2,300 transactions in 2020 to $3 billion (AED11.1 billion) 4,400 transactions in 2021, $5.8 billion (AED21.2 billion) 7,200 transactions in 2022, and $10.3 billion (AED37.7 billion) 11,200 transactions last year, to nearly $13.7 billion (AED50 billion) and 16,000 transactions this July.

The most expensive apartment sold in July was at Orla Infinity By Omniyat on the Palm Jumeirah, fetching $21 million (AED77 million). Jumeirah Village Circle was the top-performing area, with 1,265 transactions worth $354 million (AED1.3 billion).

The best-selling off-plan project was Palace Residences at Dubai Hills Estate, with 915 apartments sold for a total of $626.7 million (AED2.3 billion). The top-selling off-plan villa project was Greenway at Dubai South, with 114 units sold for $110.7 million (AED406.6 million). Overall, off-plan sales outpaced ready properties, accounting for 67% of the total sales value and 66% of the volume.

In terms of price distribution, 10% of sales were for properties worth more than AED5 million, 31% ranged between $270k to 545k (AED1-2 million), 30% were below $270k (AED1 million), 17% fell between $545k to 817k (AED2-3 million), and 13% were between $817k to 1.4 million (AED3-5 million).