Dubai’s real estate market achieved new records for the month of May, with sales transactions exceeding 17,000, an increase of 47.7% compared to the previous month and a rise of 45.9% compared to May 2023.
This increase exceeds the previous record recorded in April 2009 by more than 20%. The pace of price increases has slowed, showing growth of less than 1%, with average property prices reaching AED 1,360 per square foot.
The market witnessed strong activity across all sectors, with mortgage transactions up by nearly 58% month-on-month. New off-plan project launches also reached an all-time high, adding over 15,500 units to the market in a month, reflecting strong investor confidence.
Residential transactions, including apartments, townhouses and villas, dominated the market, accounting for 92.8% of total sales.
Emaar Properties led off-plan sales, followed by Sobha and Azizi Developments. Jumeirah Village Circle and Ras Al Khor were the top locations for initial sales, while Jumeirah Village Circle, Business Bay and Dubai Marina were the top locations for resale.
Despite the traditional slower summer months, the market is expected to maintain high transaction activity, driven by continued demand and a strong pipeline of off-plan projects.
The launches of new off-plan real estate development projects are witnessing a record high, as more than 15,500 new units have been added to the market for sale, with an expected total value of approximately 41.4 billion dirhams.
The launches of new projects have exceeded 59,500 units since the beginning of the year 2024, and are on their way to exceeding the number of units last year, which amounted to about 96,000 units.