Dubai’s real estate market recorded 9,720 total sales worth AED24.3 billion in August, global property digital business Property Finder said.
August was recorded as the highest performing month in terms of sales transactions volume and value in 12 years.
“Comparing period-over-period growth, August witnessed a monthly growth rate in volume of around 37.1 percent and 69.6 percent compared to last year,” UAE press agency WAM said, adding a month-on-month growth of 16.1 percent and around 63.6 percent year-on-year (YoY), were also recorded during the month.
Dubai property sales hit $6.6 billion in August
Total sales for ready properties jumped 27.4 percent over July 2022 to 67.5 percent, compared to the same period last year.
Transaction values saw around 6.7 percent month-on-month increase at 57.4 percent year-on-year.
The off-plan market transacted 4,392 properties worth AED8.5 billion, the highest monthly transaction in 12 years, WAM said.
While the rental market in August saw a 10.6 percent month-on-month increase, a 9.3 percent year-on-year decrease was seen in rental contracts.
The dip, was due to the 18.9 percent year-on-year decrease of renewal rates.
“Residential contracts are growing larger than expected, acquiring 70.9 percent in August 7.5 percent month-on-month unlike contracts for commercial purposes, which witnessed an increase of 21.3 percent month-on-month, with a slight decrease of 0.6 percent year-on-year.”
Source: Arabian Business
