Dubai Property Market Report – May 2024

May 2024 showcased remarkable growth and resilience in the Dubai property market, with surging sales volumes, soaring prices, and sustained investor confidence. While the market presents abundant opportunities for investors, it’s essential to remain vigilant of potential risks, such as market fluctuations and regulatory changes.

Key Highlights

• Total property sale transactions for May 2024 reached 17,539, marking a remarkable 49.2% increase compared to May 2023, indicating robust market activity and growing investor confidence.
• May 2024 witnessed significant shifts in property segments: Apartments surged by 56.8%, commercial properties rose by 36.2%, while villas experienced a 20% drop. Plots, on the other hand, soared by an impressive 229.2%. These statistics are in comparison to May 2023.
• Property prices continued their upward trajectory in May 2024 compared to May 2023, with apartments and villas seeing increases of 8.8% and 10.9%, respectively. Commercial properties witnessed a substantial surge of 49.2%, while plots experienced a slight decline of 7.4%.
• The total sales value soared to AED 45.8 billion, reflecting a substantial 33.8% increase since May 2023, underscoring the market’s resilience and attractiveness to investors.
• Rental prices also witnessed significant increases, with apartments, villas, and commercial properties rising by 25%, 8.8%, and 92.3%, respectively, compared to May 2023.
• Property sales value by category revealed apartments as the top performer, comprising 55% of total sales, followed by plots (30%), villas (12.9%), and commercial properties (2%) in May 2024.
• Top performing areas in May 2024 were JVC, Al Merkadh, Business Bay, Sobha One, and Dubai Hills Estates, indicating areas of high demand and growth potential.
• Property sales volume by price range highlighted a diverse market, with 29% of transactions below 1M AED and 8% exceeding 5M AED in May 2024.
• May 2024 marked the highest sales volume of the year, with over 17,000 transactions, representing a notable increase from April 2024 (12,000). This surge reflects growing confidence and investment in the Dubai property market.
• Off-plan properties continued to dominate the market, accounting for 68% of sales volume, emphasizing the appeal of pre-construction projects to investors.
• May 2024 witnessed a significant 49% increase in sales volume compared to May 2023, marking the highest volume in the past decade, highlighting sustained market growth.
• Property sales value followed a similar trend, mirroring the substantial increase in sales volume from May 2023 to May 2024.
• The average price per square foot reached an all-time high in May 2024, signaling robust demand and investor confidence. Year-on-year, the price per square foot increased by 19.4%, further demonstrating the market’s resilience and long-term investment potential.
• Mortgage transactions surged by 27.9% since May 2023, indicating increased buyer confidence and accessibility to financing options in the Dubai property market.
• The top 5 most expensive sold apartments ranged between 54M and 80M AED, showcasing the luxury segment’s strength and appeal to high-net-worth individuals.
• Similarly, the top 5 expensive villas sold, ranging from 49M to 127M AED, emphasized the desirability of premium properties, particularly in prestigious locations like Palm Jumeirah.
• Sobha One emerged as the best-selling off-plan project in May 2024, with 1,191 sales totaling 2,900,000 billion AED in value, indicating strong investor interest in new developments.
• Burj View Residence claimed the title of the top-selling ready-built project, with 75 units sold, totaling 48.8M AED, reflecting demand for established properties in prime locations.

Explore the vibrant Dubai property market and seize the opportunity to invest in one of the world’s most dynamic real estate landscapes. Contact us today to discover your next lucrative investment opportunity.