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Villa and apartment purchases in Dubai hit a record in July with total deals for the month surging nearly 57% in value compared to a year earlier.
The market logged more than 17,000 deals valued at AED 55.5 billion ($15.1 billion) last month, making for a “ record-breaking month”, Property Finder reported.
“July was a pivotal month for the industry, as transaction values came to par with the highest peak recorded earlier this year, in May,” the real estate portal said.
Most investors during the month, around 59%, were on the lookout for an apartment, while 41% were keen to own villas or townhouses.
The off-plan segment of the property market was a clear winner during the month, as the volume of deals surged by 77% to 9,300, representing more than half of the total. The value of off-plan deals also went up by 54% to AED 19.4 billion.
In the secondary segment, investors snapped up AED 36 billion worth of units, crossing the highest peak recorded in June 2024 by 23%.
Top favourites among homebuyers were still the established communities like Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay and Palm Jumeirah.
For those who want to acquire villas, the areas attracting the most interest were Dubai Hills Estate, Al Furjan, Palm Jumeirah and Akoya by Damac.
(Writing by Cleofe Maceda; editing by Seban Scaria)