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What has happened? The number of real estate market transactions has increased by 78%, according to Property Finder, as demand strengthened amid sustained economic growth. There were 11,700 registered property transactions in the emirate, up from 6,587 in May 2022.
At the same time, the aggregate value of real estate transactions increased last month to 34 billion dirhams ($9.3 billion) from 26.5 billion dirhams ($7.2 billion) registered in the same period in 2022 (+28.3%).
Details. Off-plan transactions significantly supported Dubai’s real estate market growth in May, accounting for 49 % of the total sales transaction volume and 43 % of the aggregate value.
The volume of off-plan property sales has grown to more than 5,700 transactions, up 110% year on year compared to 2,716 transactions registered a year earlier.
This increase was reflected in the total value of off-plan properties, which rose by almost 136% to more than 14.5 billion dirhams ($3.95 billion), surpassing the 6.15 billion dirhams ($1.67 billion) registered in April 2022.
Quote. “May 2023 has yet again established the fact that Dubai’s real estate sector continues to thrive amid a largely dynamic property landscape,” Scott Bond, UAE country manager at Property Finder, said.
“It is interesting to see the significant rise in off-plan transactions, hinting of a future that knows no slowdown … growth from April has been remarkable with a significant increase in values”, - he added.
Districts in demand. Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah and Jumeirah Village Circle were the most in-demand areas to buy apartments in May, according to the latest Property Finder data.
The data showed that properties in Dubai Hills Estate, Palm Jumeirah, Arabian Ranches and Damac Hills were preferred by buyers who wanted to own villas and townhouses.
Source: The National
Photo by Kent Tupas on Unsplash
