Dubai’s Property Market Sets a Record-Setting February

Dubai’s Property Market sets a Record-Setting February
The biggest deal last month was a AED 160 million villa on the seahorse-shaped man-made Jumeirah Bay Island

Last month, Dubai recorded the most property sales in February ever, as off-plan sales still  dominate the city’s market, according to a report from Property Monitor on Tuesday.

February sales were up 2.5% monthly to a total of 11,913—92.2% of which were for residential properties, including apartments, townhouses and villas. This new benchmark for February sales surpasses the record set last year by a notable 30.5%.

Dubai’s consistently high sales volume is largely because of the ever-present high demand for off-plan properties, which is keeping apartment sales on a steady incline, according to the report. Villa and townhouse sales, on the other hand, have remained more flat, which Property Monitor attributes more to low supply than to a fall in buyer demand.

Property prices increased just slightly in February, with prices 0.84% higher than they were in January. This brings prices to an all-time high of AED 1,294 (US$352.32) per square foot, which is almost 5% more than the city’s previous market peak in September 2014, according to the  Property Monitor Dynamic Price Index.