Dubai property sales in February soar to $13.8bln
The last month's total of 16,099 transactions also represented a 35.5% increase in volume over February 2024, making it one of the best ever months on record, it stated.
Data from DXBinteract shows that villa sales totalling AED18.8 billion climbed dramatically
by 99.7% to 3,679 compared with February last year, while plot sales worth AED9.6 billion also soared in volume by 74.7% to 608.
Apartment sales worth AED21.4 billion climbed 21.3% in volume to 11,364, while a total of 447 commercial property transactions amounting to AED1.2 billion represented a 40.1% increase in volume over February 2024. The average price per sq. ft was up by 3.4% to AED 1,551, said the report.
"The data once again highlights the robust nature of Dubai's real estate market and the steady growth it has experienced over the past few years," said its CEO Firas Al Msaddi.
"This reinforces Dubai's position as a safe and reliable hub for real estate investment, further boosting investor trust and attracting attention from local, regional, and global markets," he added.
Dubai property sales for the month of February have now risen by 449% in value over the last five years – from AED9.3 billion (4,100 transactions) in 2020, AED7.3 billion (3,700) in 2021, AED15.4 billion (6,200) in 2022, AED27.1 billion (9,400) in 2023 and AED36.5 billion (11,900) last year.
The most expensive individual property sold in February was a luxury villa at Hadaeq Sheikh Mohammed Bin Rashid which fetched AED140 million, said Msaddi.
The most expensive apartment sold during the month went for AED116 million at The Rings - 1 at Jumeirah Second.
Overall, first sales from developers were significantly greater than those of resales - 66% over 34% in terms of volume, and 62% against 38% in overall value, he added.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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