In an unprecedented turn of events, Dubai's real estate market shattered records this May, setting new benchmarks and showcasing its resilience and dynamism. The month's sales transaction volumes soared past 17,000, marking an impressive 47.7% increase from April and a 45.9% jump compared to May of the previous year. This phenomenal surge eclipsed the prior record set in April 2009 by more than 20%.
Moderated Price Appreciation
Interestingly, despite this significant uptick in sales, price appreciation remained moderate. Average property prices grew by less than 1%, reaching AED 1,360 per square foot. This stability in pricing suggests a balanced market where demand is met with an ample supply, keeping price inflation in check.
Boom in Mortgage Transactions and Off-Plan Projects
The market's robust health was evident across all segments. Mortgage transactions saw a remarkable 58% increase from the previous month, indicating strong buyer confidence and financial accessibility. Furthermore, new off-plan project launches hit an all-time high, with over 15,500 units added to the market. This surge reflects the enduring trust investors have in Dubai's property market.
Dominance of Residential Transactions
Residential properties, including apartments, townhouses, and villas, were at the forefront, making up 92.8% of total sales. Among the developers, Emaar Properties took the lead in off-plan sales, with Sobha and Azizi Developments following closely. Jumeirah Village Circle and Ras Al Khor emerged as the top locations for initial sales, while Jumeirah Village Circle, Business Bay, and Dubai Marina were hotspots in the resale market.
Looking Ahead: Sustained Activity Expected
Even as Dubai heads into the typically slower summer months, the market is expected to maintain high levels of transactional activity. This sustained momentum is likely to be fueled by continuous demand and a strong pipeline of off-plan projects.
Get the Full Picture
For those looking to delve deeper into the intricacies of Dubai's dynamic property market, downloading the full report is a must. Gain comprehensive insights and stay ahead of the curve in one of the world's most exciting real estate landscapes.
Ready to explore the thriving opportunities in Dubai's real estate market? Download the full report now and equip yourself with the knowledge to make informed investment decisions.
All statistics are provided by Property Monitor- the region’s leading real estate intelligence platform.
Are you looking for a name you can trust?
We harness professional and market expertise from all areas of the business and work with a transparent client centric approach.