Dubai’s real estate market is rewriting the rulebook, turning traditional summer slowdowns into a sizzling hot streak of record-breaking growth! In July 2024, while the sun was blazing, so was Dubai’s property sector. Defying expectations, the market saw property prices, transactions, and mortgages skyrocket, showing that Dubai is always on the move—no matter how hot it gets.
According to the latest numbers, July 2024 marked a historic moment for Dubai’s real estate, with property prices increasing month-on-month and transactions hitting new highs. Even in what was typically the quiet season, Dubai’s property market kept its foot on the gas. Prices surged by 1.22%, reaching an impressive Dh1,397 per square foot. This marked a staggering 13.2% increase from the previous peak in 2014. If you thought summer would cool things down, think again!
The volume of transactions also broke records. Over 16,000 sales deals were inked, a 12.8% jump from June, making it the best-ever July and the second-highest monthly total in Dubai’s history. The majority of these sales—over 93%—were in the residential segment, proving that the appetite for luxury living, investment properties, and family homes is as insatiable as ever. Meanwhile, mortgage transactions soared by 20.2%, hitting a new peak. With 4,033 loans recorded, July’s mortgage figures shattered expectations, fueled by new purchase mortgages and strong refinancing activity.
The star of the show? Off-plan sales. These future-focused investments accounted for nearly 60% of all transactions, proving that buyers are confident in the city’s growth. With around 9,000 new off-plan units hitting the market in July alone, developers are racing to keep up with demand, and buyers are eager to lock in the best deals. This surge is set to continue, with 2024 on track to break all previous records in unit launches.
Looking ahead, Dubai’s real estate market shows no signs of slowing down. The perfect blend of visionary development, investor confidence, and relentless market activity has set the stage for an even stronger finish to 2024. With expectations of surpassing 170,000 sales this year, Dubai is blazing a trail in global real estate, proving that when it comes to growth, this city knows no off-season. 🔥🏙️