Dubai Real Estate Market Booms in May 2024
Dubai, UAE – The Dubai real estate market has demonstrated robust growth in May 2024, marking a significant upturn in both sales and prices across various property segments. The Dubai Land Department's latest figures highlight a thriving market, with a remarkable increase in total property transactions and sales values compared to the previous year.
Best Performing Areas in May 2024
The demand for properties in Dubai during May 2024 was concentrated in these top areas:
- Jumeirah Village Circle (JVC)
- Al Merkadh
- Business Bay
- Sobha One
- Hadaeq Sheikh Mohammed Bin Rashid
Surge in Property Sales Transactions
In May 2024, Dubai witnessed a total of 17,539 property sales transactions, representing a 49.2% increase from the 13,895 transactions recorded in May 2023. This surge is reflective of the heightened demand for real estate in the emirate.
- Apartments: The number of transactions soared to 15,426, a 56.8% rise from May 2023. The sales value reached AED 25.2 billion.
- Villas: Despite a 20% decline in transactions (1,640), the sales value remained substantial at AED 5.8 billion.
- Commercial Properties: Recorded 549 transactions, a 36.2% increase, with a sales value of AED 1.1 billion.
- Plots: Transactions surged to 1,455, a staggering 229.2% increase, with a total sales value of AED 13.7 billion.
Rising Property Prices
The average property prices in Dubai have seen a notable increase, driven by high demand and strategic investments:
- Apartments: AED 1.3 million, an 8.8% rise from May 2023.
- Villas: AED 2.8 million, marking a 10.9% increase.
- Commercial Properties: AED 1.5 million, up by 49.2%.
- Plots: AED 4.6 million, a slight decrease of 7.4%.
May Property Price Change Graph Over The Years
Rental Market Gains Momentum
The rental market in Dubai has also experienced significant growth:
- Apartments: Average annual rent is AED 75,000, a 25% increase from May 2023.
- Villas: Average annual rent is AED 165,000, a 6.5% rise.
- Commercial Properties: Average annual rent is AED 108,200, doubling with a 100.4% increase.
Prime Areas and Luxury Sales
Top sales were recorded in some of Dubai's most prestigious areas:
- Jumeirah Gate Tower 2, Dubai Marina: AED 80 million
- Vela By Omniyat, Business Bay: AED 74 million
- Casa Canal, Dubai Water Canal: AED 67 million
- One Canal, Dubai Water Canal: AED 55 million
- Luxury Family Residence III, Business Bay: AED 54 million
Luxury Villas also saw high sales prices:
- Palm Jumeirah: AED 127 million
- Mohammed Bin Rashid Al Maktoum City - District One: AED 96 million
- Emirate Living: AED 74 million
- Lanai Island, Tilal Al Ghaf: AED 65 million
- Palm Jebel Ali - Frond K: AED 49 million
Popular Projects in May 2024
Several off-plan and ready projects stood out in May 2024:
Off-plan Apartments:
- Sobha One: 1,191 units, AED 2.6 billion
- Park Lane: 531 units, AED 1 billion
Off-plan Villas:
- The Valley - Lillia: 363 units, AED 851.7 million
Ready Apartments:
- Burj View Residence: 75 units, AED 48.8 million
Ready Villas:
- The Fields at D11 - MBRMC: 30 units, AED 78.1 million
Mortgage Market Dynamics
The mortgage market saw a significant uptick with 3,672 transactions (+27.9% vs. May 2023), amounting to AED 17.6 billion (+66.2% vs. May 2023). This surge reflects the growing confidence of both investors and residents in Dubai's real estate sector.
Outlook
Dubai’s real estate market continues to showcase its resilience and attractiveness, underpinned by strategic investments, high demand, and an expanding portfolio of premium projects. As Dubai cements its position as a global real estate hotspot, stakeholders remain optimistic about sustained growth and lucrative opportunities in the coming months.
Stay informed with the latest market insights and trends in Dubai's real estate sector. For more detailed analysis and real-time updates, visit DXBInteract.com.
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