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.
Follow Arabian Post
Select Arabian Post as your preferred source on Google and MSN News for trusted business news and Arab politics and updates.
