Key Highlights:
- Record-Breaking Sales and Mortgage Volumes: July 2024 witnessed exceptional growth in the Dubai real estate market, with record-high sales and mortgage transactions. Off-plan sales continued to dominate, contributing to the market’s upward trajectory.
- Median Prices:
- Apartments: AED 1,318,888
- Townhouses: AED 2,856,150
- Villas: AED 8,176,016
Market Performance:
- Price Growth: Property prices rose by 1.22% MoM, continuing a consistent upward trend.
- Sales Volumes: Total sales transactions increased by 12.8% MoM and 43.5% YoY, marking July as the second-highest month for sales on record.
- Off-Plan Sales: These accounted for 58.3% of all sales, growing by 17.1% MoM.
Mortgage Market Insights:
- Record Activity: Mortgage transactions increased by 20.2% in July, with a significant portion (53%) being new purchase money mortgages.
- Bulk Mortgages: Key projects included Paradise Views 1 in Majan, Al Ayyan Tower in International City II, and Platinum Tower in JLT.
Property Monitor Dynamic Price Index (DPI):
- Current Index: 195.03 (up from 192.68 in June), representing a 1.22% increase MoM.
- Price Per Sq Ft: AED 1,397, up 17.15% YoY, reflecting continued market growth.
Community Highlights:
- Top Off-Plan Sales: Emaar led with over 2,000 transactions, particularly in Palace Residences, Dubai Hills Estate.
- Popular Developments: Jumeirah Village Circle and Business Bay emerged as top locations for both initial sales and resales.
Market Outlook:
- Sustained Growth Expected: With a robust pipeline of off-plan projects and strong absorption rates, the market is anticipated to maintain its momentum, although the supply-demand balance may shift in the future.
This report underscores the dynamic nature of the Dubai real estate market, with significant implications for investors, developers, and end-users alike. The data indicates a strong and sustained market performance, particularly in off-plan sales, making it a critical area for continued observation.
The Dynamic Price Index (DPI) is a comprehensive tool that tracks and analyzes residential property price trends across 42 key communities in Dubai. Utilizing a moving average algorithm, the DPI provides an accurate reflection of market movements by adjusting for extreme values and outliers. Indexed to a base period of January 2008, the DPI offers a clear view of price fluctuations, helping investors, property specialists, and banking professionals make informed decisions. With its ability to incorporate the most up-to-date data, including post-dated transactions, the DPI presents a reliable indicator of the market's current and historical performance.
This blog is supported by insights from the July Property Monitor report, which provides a detailed analysis of the latest trends and developments in Dubai's real estate market. The report offers valuable data, including transaction volumes, price movements, and market share breakdowns, helping readers stay informed about the dynamic changes shaping the market.
All statistics are provided by Property Monitor- the region’s leading real estate intelligence platform.
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