The total number of residential units sold in Dubai has nearly matched the figures for 2023, according to data released on Monday. Emirates NBD’s Residential Market Monthly report indicates that the year-to-date (YTD) sales have hit 104,250 units, falling just short of the 2023 total by 14,000 units. Swapnil Rajasekharan Pillai, Director of Real Estate Research at Emirates NBD, predicts that sales will remain steady for the rest of the year, potentially setting a new record for unit sales in the city.
Comparing August’s sales to the previous year, there was a 32 percent increase, with YTD transactions also rising by 31 percent compared to the same period in 2023. The total value of properties sold in August was Dh37.23 billion, slightly lower than July’s Dh40.5 billion. The YTD total value of sales in Dubai stands at Dh265 billion, a 30 percent increase year-on-year and a new record.
Off-plan properties continue to dominate the market, accounting for 66 percent of August’s transactions. The off-plan segment has seen a significant rise in transaction volumes, with over 69,100 units sold from January to August 2024, compared to 17,600 in 2018. Jumeirah Village Circle (JVC) was the leading area for off-plan transactions in August, followed by Dubai South.
Villa transactions have remained stable, with 3,000 units sold in August, predominantly off-plan. The Dubai South market is favored for off-plan villa developments, with notable activity in projects like Athlon by Aldar and The Valley by Emaar. Established locations have seen a slowdown in ready property transactions, with most buyers preferring off-plan projects.
Dubai’s real estate market has seen a surge in new project launches, with over 93,000 new units introduced this year. This marks the highest number of launches in the city’s history. Asset prices for apartments have risen by an average of 12 percent year-on-year, while villa prices have seen a more robust increase of 23 percent.
