In May, Dubai real estate reaches record highs.

In May, Dubai real estate reaches record highs.

According to data released on Thursday, the volume and value of transactions in Dubai’s real estate sector reached record highs last month.

Property Finder’s market performance highlights for May show that there were 17,713 registered transactions in total, which is a 53% increase over May 2023. To Dh46.5 billion, the total value of these deals rose by 38%.

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The data indicates that the market had a significant surge in volume, which exceeded the highest value recorded in December 2023 by 30% and the prior peak reached in March 2024 by 10%.

Of those who rented, 78% preferred apartments, while 22% were thinking about townhouses or villas. Forty percent of prospective tenants selected unfurnished apartments, whilst fifty-eight percent preferred furnished ones. There were several options available to tenants searching for villas or townhouses; over 57% of them preferred unfurnished apartments, while 42% chose furnished ones. 35% of renters favored one-bedroom apartments, 33% two-bedroom apartments, and 19% studios while looking for an apartment. The distribution of those interested in villas/townhouses was roughly equal: 43% wanted three-bedroom homes, and 38% wanted larger, four-bedroom ones.

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Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Jumeirah Lake Towers were among the most popular neighborhoods for apartment rentals. When renting villas or townhouses, Jumeirah, Dubai Hills Estate, Damac Hills 2, Umm Suqeim, and Al Barsha were among the most popular options.

Of those looking to buy a house, 41% desired a villa or townhouse, and 59% preferred an apartment. A total of 32% of investors expressed a preference for one-bedroom flats, 36% for two-bedroom apartments, and 14% for studios. Forty percent of those searching for townhouses or villas desired three bedrooms, while forty-six percent desired four bedrooms or more.

Read this also: April saw a 28% increase in Qatari real estate sales.

Among the most sought-after ownership regions were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. The most sought-after neighborhoods for owning villas or townhouses were Palm Jumeirah, Al Furjan, Dubai South (Dubai World Central), and Ubai Hills Estate. Interest in Dubai South has increased with the construction of Al Maktoum International Airport, suggesting that mixed-use communities are gaining popularity.

With 11,107 transactions, the off-plan market reached its highest volume and value to date in May. 9,837 transactions hit the previous peak in April 2009; this represents a 13% increase since then and suggests a positive trend for long-term investment in the nation.

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The off-plan market had deals valued at over Dh22.7 billion, which is a 25% increase over the previous peak set in September 2023. The current market, which saw 6,606 documented transactions with volumes rising by roughly 8.8% annually, continued to sustain Dubai’s real estate industry. By May 2023, the value of these transactions had risen from Dh19.7 billion to around Dh23.8 billion, a 21 percent annual growth.

Property Finder’s chief revenue officer, Cherif Sleiman, stated: “May 2024 has demonstrated once more that the UAE’s real estate market is here to stay. This month has seen a noteworthy increase in transaction volume and value, surpassing pre-pandemic figures as well as YoY. This month’s record-breaking increase in off-plan investments indicates a rising desire for long-term investments with the potential for large profits and community-focused living.

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Numerous new projects that are in the works are meeting this need and offering a range of pricing points so that future communities won’t be constrained by a particular standard of living. According to our first White Paper, which was unveiled at our second Annual PF Connect, the variety of current and off-plan offerings has been identified as a major factor in why consumers are thinking about relocating to the United Arab Emirates. We’ll keep doing our share to improve property searches that meet modern demands, and we’ll collaborate with partners and authorities to provide consumers with all the information they need to make informed decisions when looking for a place to call home.

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