Dubai property market achieves record growth in May

Dubai’s real estate sector achieved unprecedented growth in May, recording the highest volume and value of transactions in its history, according to Dubai Land Department data published by Property Finder.

The market reported 17,713 transactions – a remarkable 53% increase compared to May 2023 – while the value of these transactions surged by 38%, reaching AED46.5 billion (US$12.6 billion).

This surge in activity not only surpassed the previous transaction volume peak of March 2024 by 10% but also exceeded the highest transaction value recorded in December 2023 by 30%.

The off-plan property investment market also recorded a new benchmark performance with 11,107 transactions in May, surpassing the previous monthly peak set in April 2009 by 13%. The value of off-plan transactions reached AED22.7 billion, a 25% increase from the highest peak in September 2023.

Apartments continued to prove the most popular investment category, counting for 59% of all transactions in May. Top areas of investment included Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah.

For villas and townhouses, Dubai Hills Estate, Dubai South (Dubai World Central), Al Furjan, Arabian Ranches, and Palm Jumeirah were the most sought-after areas. Dubai South, bolstered by the planned mega expansion of Al Maktoum International Airport, continued to attract strong interest from investors.

Commenting on the bumper results, Cherif Sleiman, chief revenue officer at Property Finder, commented: “May 2024 has once again proven that real estate growth in the UAE is here to stay”.

“We have seen a remarkable spike in volume and value of transactions not just from a year-over-year perspective, but also exceeding pre-pandemic numbers. The record-breaking rise in off-plan investments shows a growing demand for community-centric living and longer-term investments with the potential for high returns,” he added.