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Amidst the scorching July temperatures, the Dubai real estate market is ablaze with activity, predominantly driven by the robust high-end segment, but even more eye-catching due to a record 420 million AED sale.
July unveiled an extraordinary surge in residential property sales exceeding AED 10 million, achieving an unparalleled leap by doubling their market share within a month to reach 5.4%. The total sales count amounted to 555 transactions.
During the preceding month, property prices across the emirate underwent a phase of stabilization. However, a substantial upswing was witnessed in July, with prices soaring by 2.17%. This surge marks the second-highest rate of price escalation over the past two years. Presently, Dubai’s property values stand at AED 1,192 per square foot, a mere 3.4% below the peak observed in the previous market cycle back in September 2014.
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A new milestone has been achieved in Dubai’s real estate market. An exceptional residence in the under-construction Jumeirah Marsa Al Arab has set a new price record, less than six months after the AED 410 million Bvlgari Lighthouse penthouse sale claimed the city’s highest apartment transaction. Indeed, Dubai’s property market witnessed a surge of activity at its upper echelons last month. Notably, the AED 10 million price tier experienced remarkable growth, racing to an unprecedented peak. In July, this tier saw a 2.7% increase, which was twice the June figures, culminating at an impressive 5.4% share with a recorded count of 555 sales. This surge can be attributed to the remarkable sales achievements of the newly introduced District One West villas.
For potential investors keen on understanding Dubai’s property market trends, it’s valuable to simplify the 9 diverse price tiers into 3 main categories. Properties within the mid-tier range, priced between AED 1 million and 3 million, continue to hold the lion’s share at 43.4%, though this has shrunk by 0.7%. Lower-priced properties under AED 1 million now encompass 32.1% of the market, indicating a 0.3% decrease from June. As mentioned, the top end of the market, properties exceeding AED 3 million, saw the most notable shifts last month to capture a 24.5% market share – a 1.0% month-on-month increase. This surge marks the second-highest level ever, with only July 2016 surpassing it at 28.2%.
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