Dubai Recorded Over 9,450 Transactions in August Approximately
One of the priciest real estate transactions ever to take place in the emirate of Dubai. That involved a five-bedroom apartment that sold recently for Dh163 Million. The Royal Atlantis Residence on Palm Jumeirah is where the 22614 sq. ft. apartment is situated. According to FAM Properties, the Business Bay community had the best result in August. With ready apartments selling in 435 transactions of Dh670 million and ‘on the map’ apartments selling in 647 deals of Dh1 Billion.
Overall, more than 9,450 transactions nearly DH24 Billion were recorded in Dubai in August. A rise in sales of more than 65% from the previous month. “August can be considered the best performing month of the year 2022, the best over years.” It placed 2nd in performance indicators after the unprecedented success of 9,650 deals in March 2010.
After experiencing a contraction during the Covid-19 pandemic in 2020, the average property price per sq. ft. has now fully recovered. It is a positive indicator for all kinds of ready-made and off-plan properties, as the average price of off-plan real estate increased in August to surpass Dh1.6 million,” FAM Properties CEO Firas Al-Msaddi said.
In terms of villas, ‘on the map’ properties at DAMAC Lagoons were bought for Dh1.9 Billion across 695 transactions. While fully prepared accommodations at Akoya Oxygen quickly sold for Dh235 million across 184 transactions.