Dubai’s real estate market experienced unprecedented growth in May 2024, with a record-breaking 17,000 sales transactions. This marked an impressive 47.7% increase compared to the previous month and a remarkable 45.9% rise from May 2023. Despite this significant increase, the pace of price growth has slowed down to less than 1%, with average property prices reaching AED 1,360 per square foot.
The market witnessed strong activity across all sectors, including mortgage transactions which increased by nearly 58% month-on-month. New off-plan project launches also reached an all-time high in May, adding over 15,500 units to the market for sale. This surge indicates strong investor confidence and underscores the growing demand for new properties in Dubai. Residential transactions, including apartments, townhouses and villas, dominated the market with a whopping 92.8% of total sales.
Emaar Properties led off-plan sales in May, followed closely by Sobha and Azizi Developments. Jumeirah Village Circle and Ras Al Khor were the top locations for initial sales during this period while Jumeirah Village Circle, Business Bay and Dubai Marina emerged as the top locations for resale transactions. Despite traditionally slower summer months ahead, experts predict that the market will continue to maintain high transaction activity driven by continued demand and a strong pipeline of off-plan projects due to launch in upcoming months.
In addition to these impressive figures for May alone, more than 59,500 units have been launched since the beginning of 2024 on track to exceed last year’s total of around 96
