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According to a Property Monitor report, Dubai has recorded the highest number of property sales ever in February 2024. The number of transactions in February has increased by 2.6% over the month to 11,913 sales, 92.1% of which were for residential properties, including apartments, townhouses and villas. This new February sales benchmark beats the record set last year by a notable 30.4%.
According to the report, the consistently high sales volume in Dubai is largely due to the ever-present high demand for off-plan properties, which has ensured steady growth in apartment sales. On the other hand, the sales of villas and townhouses have remained more stable, which Property Monitor attributes to low supply rather than a drop in consumer demand.
Property prices have risen slightly in February: +0.83% higher than in January. As a result, they have reached a record level of $3,525 per square meter, which is almost 5% higher than the previous market peak in September 2014, according to Property Monitor Dynamic Price Index.
According to the report, The biggest deal last month was an AED 160 million ($43.56 million) villa on the seahorse-shaped man-made Jumeirah Bay Island/
The number of mortgage transactions in February has decreased by almost 5%, with a total of 2,868 loans registered.
Source: Mansion Global
Photo by Zosia Szopka on Unsplash
