Dubai's real estate market recorded strong growth in June, while rental activity reached its highest monthly level on record. The figures come from a market analysis by fäm Properties based on DXBinteract data.
40,022 rental agreements were booked in June, setting a new record for monthly registrations. New rental contracts were 19,245, a 48.6% increase over the same period in the previous year. Renewal of existing tenant agreements was 20,777, 28.5% more than the figure from one year earlier.
Drawing on the Dubai real estate records for June 13,933 units were sold for AED33.2 billion. The figure indicates that sales volume had increased by 35.5% against one month previously, whereas the transaction value had seen an increase of 14.9%.
This impressive set of numbers meant second-quarter sales amounted to 86,077 units valued at AED286.2 billion.
Apartments sales went up 32. 3% month-over-month and reached 11,605 units with a total price tag of AED17.8 billion. Villa sales climbed 46.5% to 1,474 transactions, with a total value of AED7.5 billion.
Other property segments also posted strong growth during June. Commercial property sales rose 42.7% to 478 transactions. Plot sales recorded the highest growth, surging 68.3% to 276 transactions.
Dubai South remained the emirate's top-performing real estate market for the fourth consecutive month. The area recorded 2,869 transactions worth AED3.3 billion, driven largely by strong off-plan sales.
The primary market continued to dominate Dubai's real estate activity during June. It accounted for 10,398 property sales worth AED21.6 billion.
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