Dubai’s residential property market recorded stronger activity in July, with sales transactions rising 2% and total transaction value increasing 3% from June, according to Dubai Land Department (DLD) data.
The improvement was led by apartment sales, while transactions worth Dhs 15 million and above recorded a notable increase during the month.
Apartment sales rise
Apartment transactions increased 5% in July compared with June, making them the main driver of the monthly growth.
Villa and townhouse activity also remained an important part of the market, while the overall improvement points to steady demand across Dubai’s residential property sector.
Luxury deals jump
Luxury property transactions worth Dhs 15 million and above rose 22% month-on-month in July.
The secondary market recorded a 31% increase in deals, while off-plan luxury transactions rose 17%.
Palm Jumeirah, Jumeirah Golf Estates and Dubai Hills Estate recorded the highest number of transferred luxury deals in July. Jumeirah Golf Estates 2 and Dubai Peninsula led off-plan luxury activity.
Rental demand holds
Tenant interest also remained strong in July, according to betterhomes’ enquiry data.
Rental enquiries increased 21% year-on-year, despite a 4% monthly decline. Apartment rental enquiries rose 25% year-on-year, showing continued demand for apartments across Dubai.
The communities with the strongest apartment rental demand included Dubai Marina, Jumeirah Beach Residence, Downtown Dubai, Dubai Hills Estate and Jumeirah Village Circle.
For villas and townhouses, the strongest demand came from Arabian Ranches, The Springs, Al Furjan, Tilal Al Ghaf and The Villa.
Market gains momentum
July’s figures show improving activity across key parts of Dubai’s property market, with apartments, luxury homes and rental properties recording solid demand.
“July’s numbers show a market finding its footing, transactions, values and luxury deals all picked up pace from June, even if the year-on-year comparison hasn’t caught up yet,” said Richard Waind, CEO of betterhomes. “Tenants are still active, and combined with the month-on-month improvement we’re seeing across sales, that gives us a reasonably encouraging read heading into the second half of the year.”
tanvir@dubainewsweek.com
