May saw a remarkable 40% increase in Dubai property sales transactions, totaling 11,621 and exceeding AED 33 billion in sales value, up 85% from May 2022 and 40% in comparison to April, according to a report by Allsopp & Allsopp.
Secondary sales, particularly in villas and townhouses, generated 35% more sales value (AED 19 billion) compared to off-plan sales (AED 14 billion). The majority of market activity (over 76% of transactions) occurred below AED 3 million, while monthly mortgage transactions increased by 44% compared to May 2022, indicating greater end-user participation. The ultra-luxury market witnessed record-breaking sales, including an AED 120 million apartment in Dubai Hills Estate and an AED 135 million villa in Bulgari Ocean Mansions.
New client registrations rose by 21%, property viewings increased by 24%, and new property listings grew by 9.6%. Completed sales transactions were up by 38% compared to April 2023 and a remarkable 71% compared to May 2022.
Significant sales activity occurred in established residential communities like Arabian Ranches, Emirates Living, and Jumeirah Island, along with the introduction of off-plan units in Jumeirah Golf Estates’ Elie Saab project. Dubai lettings surged by over 59% compared to April 2023, with improved tenant conditions and expanded payment options beyond the 1 cheque options. The top nationalities for buyers and tenants remained consistent: British, Indian, and Russian individuals maintained the top spots in each category.
Also published on Medium.
