Approaching the end of Q2 2024, Dubai’s real estate market has performed exceptionally well, recording an ever-increasing number of transactions. This represents a 49.2% increase compared to May 2023. The surge was driven by an increasing number of high net-worth individuals who have sought out a haven, with no property tax and positive investment returns.
According to the DxB and DLD latest updates, real estate transactions have reached a notable 17,539 approaching the end of the second quarter, with the total value of properties sold touching an impressive AED 45.8 B, only reflecting the substantial financial growth of the Dubai market.
Sales Value of May 2024 Vs. May 2023
In May 2024, apartments, commercial properties, and plots experienced an increase of 56.8%, 36.2%, and 229.2%, respectively, compared to May 2023. Let’s see these figures side-by-side in a comparison table.
|
Property Type |
Total Units Sold |
May 2024 vs. May 2023 |
Sales Value |
|
Apartments |
13,895 |
🔺56.8% |
AED 25.2 B |
|
Villas |
1,640 |
🔻-20% |
AED 5.8 B |
|
Commercial |
549 |
🔺36.2% |
AED 1.1 B |
|
Plots |
1,455 |
🔺229.2% |
AED 13.7 B |
Dubai Property Sales Value By Category
In May 2024, the value of property sales in Dubai comprised 55% apartments, 30% plots, 13% villas, and 2% commercial properties. This indicates buyers' strong preference for apartments as investment opportunities accompanied by an increasing trend of residents preferring to own versus rent with the soaring rental prices, making apartments the most popular property type. Plots were the second most sought-after option, while villas and commercial properties comprised a smaller portion of the market. Overall, the real estate market in Dubai is showing diverse interests, but apartments continue to dominate the scene.
Top 5 Performing Areas - May 2024
The property demand in May 2024 was considerably focused in these 5 areas.
|
Rank |
Area |
Sales Volume |
Sales value |
|
1 |
Jumeirah Village Circle (JVC) |
1546 Transactions |
AED 1.5 B |
|
2 |
Al Merkadh |
1275 Transactions |
AED 1.3 B |
|
3 |
Business Bay |
1153 Transactions |
AED 2.7 B |
|
4 |
Sobha One |
1119 Transactions |
AED 2.4 B |
|
5 |
Dubai Hills Estates |
1015 Transactions |
AED 2.2 B |
Off-Plan Vs. Ready Property Sales, May 2024
Monthly Property Sales Volume-2024
The Best Selling Projects In May, 2024
In May 2024, the best-selling off-plan apartment projects in Dubai included Sobha One, with 1,191 units valued at AED 2.6 billion; Park Lane, with 531 units valued at AED 1 billion; Bayz 101 By Danube, with 225 units costing AED 479.4 million; Ocean Point, with 207 units valued at AED 495.8 million; and Vida Residences Dubai Hills Estate, with 193 units valued at AED 554.9 million.
Dubai's Real Estate Sales Are Sky-Rocketing
Approaching the end of Q2 2024, the market share of existing/ready properties is increasing as compared to 2023. Meanwhile, off-plan properties represent 68% of the total transaction volume, while ready properties are steadily accounting for 32%.
Off-plan transactions recorded significant year-on-year growth in terms of volume and with new projects still set to be launched it appears this trend will continue.
2024 continues to be a golden opportunity to buy off-plan and ready-to-move properties in Dubai. Whether you are looking to invest or buy a home, the Cielo Team is dedicated to guiding you in finding the perfect property that accommodates your lifestyle and achieves your vision.