Dubai reports highest monthly real estate sales in a decade, worth Dh24.34 billion in August

Dubai reports highest monthly real estate sales in a decade, worth Dh24.34 billion in August

Dubai: The real estate market in Dubai saw its highest monthly performance in a decade this August, as recorded by Mo'asher. Mo’asher is Dubai’s official Sales Price and Rental Performance Index launched by Dubai Land Department (DLD) in cooperation with Property Finder. Dubai’s real estate market recorded a total of 9,720 sales transactions in August. The combined value of these sales was Dh24.34 billion, an increase of 69.57 per cent when compared to August last year. The secondary real estate market led the transactions for August at over 54 per cent in volume and nearly 65 per cent in value of the total transactions recorded. As for off-plan sales, figures in August were higher by 72.10 percent in terms of volume, and 76.50 percent in terms of value, compared to August 2021. Property Finder data revealed that the top areas searched for sales in August were Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, Jumeirah Village Circle, and Jumeirah Lake Towers. The top overall searched areas for villa/townhouse sales in August were Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), Mohamed bin Rashid City and Dubai Land. New rental contracts also saw a substantial increase year-on-year