The Allsopp & Allsopp Dubai Property Market Report for August 2024!

Following a strong summer, Dubai's property market experienced even more momentum in August as residents and new expats settled back into the city.

Property prices reached AED1,431 per square foot - an 18% year-over-year increase. Sales volume and value have also seen significant growth, driven by both residents and new expats settling in the city.

According to the Dubai Land Department data, the city recorded AED 37.3 billion in sales value, a 33% increase from August last year. Additionally, total sales volume grew by 36% compared to the same period last year, reaching 14,992 residential sales this month.

Off-plan sales maintained their domination over the secondary market, accounting for 69% of volume and 61% of total value in August. An additional 8,665 new off-plan units were launched during the month, almost doubling the number of launches compared to August last year.

Reflecting the thriving market activity, our team at Allsopp & Allsopp saw sales transactions increase by 16% compared to the same period last year.

Year-on-year viewings have seen a 39% growth, an impressive trend we have noted during all the summer months this year. As the luxury market continues to appeal to HNWIs, our team recorded sales exceeding AED 10 million doubling year-on-year!

On the lettings side, our team recorded rental transaction volumes rising by 7% compared to the previous month. As more wealthy migrants move to the city, we are seeing this reflected in the top rental transactions. In August, the top three rentals exceeded AED 1 million in Jumeirah Golf Estates.

The overall growing demand for rental properties led to a significant 43% increase in viewings compared to the previous year, with rental listings also climbing by 8% from the previous month.

September promises to be an interesting month, with an influx of residents and expats, a growing wealthy population, potential interest rate reductions, and increased supply. Additionally, the outcome of recent international elections may influence the level of demand and foreign investment in Dubai.

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