Dubai has once again continued to break transaction records on a monthly basis.
This was by far the best-performing month of May on record, for both sales volume and value.
There were nearly 12K total property transactions, a huge increase of 76% compared to May 2022.
We witnessed a total sales value of over AED 34B, an increase of nearly 90% compared to May 2022.
Palm Jebel Ali is soon set to resume building, after a 14-year-hiatus. The announcement is bringing a new wave of ambitious investors from all over the world, after the great success of Palm Jumeirah.
Sales Volume - May Over The Years
All property types | off-plan and ready-made
Sales Value - May - Over The Years
All property types - off-plan and ready-made
Transactions Breakdown
Off-Plan & Ready Property Combined
May sales volume and value by property type
Mortgage Transactions and Value
We’ve seen a surge in mortgage transactions, with a 71% increase in the number of transactions compared to May 2022. The value of these transactions was AED 10.6B, an increase of more than 43% compared to May 2022.
Price Changes
For property types, the only decline in pricing was for apartments, which are down 9.5% compared to May 2022.
Price Changes by Property Type
The average price per square foot is now up to AED 1.28K, which is the highest on record for the month of May.
Price-per-square-foot - May, Over the Years (AED) - Off-plan and ready - All property types
Off-Plan vs. Ready Properties
Plot transactions not considered
Off-plan transactions continue to slightly outweigh ready property transactions, with 53% of the overall transactions being off-plan.
Top Performing Areas
Dubai Marina
Dubai Marina is the top-selling area for ready properties, with a sales volume of 554, and a value of AED 1.4B.
Jumeirah Village Circle holds the lead in off-plan sales, with a total sales volume of 809, and a total sales value of AED 669M.
Top Selling Areas - Off-plan and ready, all property types
Apartments
- Off-Plan: Jumeirah Village Circle - 776 transactions, worth AED 626M
- Ready: Dubai Marina - 551 transactions, worth AED 1.4B
Villas
- Off-Plan: Arabian Ranches - 261 transactions, worth AED 694M
- Ready: Damac Hills 2 - 89 transactions, worth AED 117M
Commercial
- Off-Plan: Jumeirah Village Circle - 33 transactions, worth AED 43M
- Ready: Business Bay - 108 transactions, worth AED 184M
Overall, Jumeirah Village Circle had the most properties sold, with over 1,000 transactions in May.
Rent on the Rise
New rental contracts Downtown are over 25K more than renewed contracts. For this reason, many renters are deciding to renew contracts and stay put for the time being.
Average Downtown yearly rental price
Property Sales Volume by Price Range
Properties that sold for up to AED 2M made for over 60% of the total sales.
More than 10% of these transactions were priced at AED 5M+, indicating continued growth in Dubai’s luxury property market.
May 2023 Property Sales Volume by Price Range (off-plan/ready-made combined, all property types)
For the Love of Luxury
The increase in luxury transactions continues, with the highest property transaction value taking place at BV Residences 3, Jumeirah Bay, for AED 122M
Jumeirah Bay Island
Top five projects with the most expensive sold apartments:
- 📍BV Residences 3, Jumeirah Bay - AED 122M
- 📍Six Senses Residences, Palm Jumeirah - AED 105M
- 📍Private Residences Dubai, Dubai Water Canal - AED 78
- 📍Il Primo, Downtown Dubai - AED 67M
- 📍Ava at Palm Jumeirah - AED 57M
Top five areas with the most expensive sold villas:
- 📍MBR City - District One - AED 90M
- 📍Dubai Hills - Hills View Community - AED 79M
- 📍Zaya Zuha Island, The World - AED 74M
- 📍Emirates Living - AED 59M
- 📍 Palm Jumeirah - AED 49M
Best Selling Projects
| Off-plan apartments | 📍 Seapoint in Dubai Marina: 254, worth AED 1.4B. |
| 📍 Damac Bay in Dubai Marina: 216, worth AED 918.3M. |
| 📍 Binghatti Emerald in Jumeirah Village Circle: 174, worth AED 131.3M. |
| 📍 Vincitore Volare in Arjan: 149, worth AED 137.5M. |
| 📍 Elano By Oro24 in Arjan: 141, worth AED 89.3M. |
| Off-plan villas | 📍 Damac Lagoons: 217, worth AED 633M. |
| 📍 Arabian Ranches Lll - Anya 2: 217, worth AED 586.2M. |
| 📍 Maha Townhouses: 131, worth AED 268M. |
| 📍 Mudon Al Ranim 4: 74, worth AED 191.2M. |
| 📍 The Fields At D11 - Mbrmc: 64, worth AED 245.1M. |
| Ready apartments | 📍 Opal Tower in Dubai Marina: 67, worth AED 82.8M. |
| 📍 Golf Promenade 4 - A in Damac Hills: 33, worth AED 30.6M. |
| 📍 National Bonds Residence in Jumeirah Village Circle: 33, worth AED 18.2M. |
| 📍 Orchid Residence in Dubai Science Park: 30, worth AED 27.4M. |
| 📍 Miracle Residence in Arjan: 29, worth AED 16.9M. |
| Ready villas | 📍 Mohammed Bin Rashid Al Maktoum City, District 11- Opal Gardens: 60, worth AED 490.5M. |
| 📍 Damac Hills (2) - Camelia: 34, worth AED 49.7M. |
| 📍 Villanova: 22, worth AED 39.5M. |
| 📍 Jouri Hills: 20, worth AED 262.4M. |
| 📍 Damac Hills-Park Residences 1: 15, worth AED 38.5M. |
Key Takeaways
We just witnessed Dubai’s strongest Month of May on record, in terms of both sales volume and value.
Most remarkably, the total sales value reached over 34B, an increase of nearly 90% compared to May - 2022.
- Palm Jebel Ali has announced they are soon planning to resume construction, leading to an influx of investors from around the world.
- Overall apartment prices have begun to slightly drop, however, compared to May of 2014, the price for off-plan apartments is up by 47%.
- An apartment sold for AED 122M at BV Residences 3 in Jumeirah Bay, as Dubai’s luxury property market continues to strengthen.
- Jumeirah Village Circle had the most properties sold, with over 1,000 transactions in May.
- More than 10% of transactions were valued at AED 5M+, indicating the luxury market will continue to grow through the coming summer months.
For more information on the record-breaking state of Dubai’s property market, have a quick look at our Interactive Reporting Tool.
*Notes and Disclaimers:
- Prepared by Fateh Al-Msaddi&Steven Worlow.
- In this report, “transaction” refers to the actual property sales, which do not include mortgage or gift transactions.
- Off-plan property could be sold by a developer or individual.
- Some villa transactions were registered as plots in The Dubai Land Department, so we modified what we notice to be villas with a high level of accuracy.
- Plot transactions are excluded when it comes to comparing off-plan vs. ready property sales.
- We are not responsible for any investment decision made based on the information in this report.
- Figures have been rounded to the nearest tenth for clarity.