Dubai’s real estate market sprang into action in January, as sales reached AED 44.4 billion, registering an increase of 24.1% by value when measured against January 2024. A report titled “Dubai Property Market Update” by fäm Properties shows that the number of total sales transactions increased to 14,236, up 23.2%, in the year.

PC: Construction Business News Middle East
Land sales increased the most last month, with 811 plots sold for AED 8.6 billion, a 151.9% increase in volume compared to the previous month. Villas also performed exceptionally well, selling 3,117 units for AED 16.4 billion-an increase of 89.6% in volume in January 2024. Apartment sales accounted for AED 18.2 billion, encompassing 9,945 transactions for an increase of 7.1% in overall volume, while the commercial segment performed 363 transactions, worth AED 1.2 billion, for an increase of 17.9% last month.
The average price per square foot, during this period, however, declined slightly by 4% to AED 1,550, which is, however, 81.2% more than in the last five years, a growth from AED 855 in January 2020. Firas Al Msaddi, the CEO of fäm Properties, said the numbers show proof of the resilience of Dubai’s real estate market and consistent growth over the years and established it as a safe and highly sought destination among other places for real estate investments amongst investors from close proximity and far away.
These figures underscore the continued growth spurred by property sales in Dubai in January over the last five years. From AED 4.8 billion with 2,700 transactions in 2020, the market crossed AED 6.6 billion with 3,300 purchases in 2021, AED 16.3 billion with 5,700 transactions in 2022, AED 27.8 billion with 9,700 transactions in 2023, and AED 35.8 billion with a total of 11,600 transactions in 2024-822% higher since 2020.
Among the top-notch transactions of January was recorded a luxury villa in Dubai Hills Estate that was sold for AED 140 million as the most expensive property, and the priciest apartment sold at 57 million was situated at Ava At Palm Jumeirah By Omniyat.
The first sales from developers still account for a majority share of the market, resulting in 65% of transactions, in volume, and 60% in total value, compared with 35% and 40% for resales. Properties above AED 5 million constituted 9% of the total sales, while the AED 1 million to AED 2 million range accounted for 31% of sales. Properties below AED 1 million accounted for 27% of total sales, whereas 20% were in the AED 2 million to AED 3 million range and 14% were in the AED 3 million to AED 5 million range.