Dubai’s Real Estate Boom: Record-Breaking Growth in May 2024

Record-Breaking Real Estate Transactions in Dubai
Dubai’s real estate sector achieved a remarkable milestone last month, recording the highest volume and value of transactions ever. According to data analysis, a total of 17,713 transactions were recorded, a staggering 53 percent increase compared to the same period last year. The value of these transactions soared to an impressive Dh46.5 billion, marking a 38 percent year-over-year increase.

Surpassing Previous Peaks
The market witnessed a massive surge in volume, surpassing the previous peak achieved in March 2024 by 10 percent, and crossing the highest value achieved in December 2023 by an impressive 30 percent. This remarkable growth underscores the robust and thriving nature of Dubai’s real estate market.

Rental Market Trends
In the rental market, 78 percent of tenants were seeking apartments, while the remaining 22 percent were interested in villas or townhouses. Among those searching for apartments, 58 percent preferred furnished properties, while 40 percent opted for unfurnished options. For villas and townhouses, approximately 57 percent sought unfurnished units, and 42 percent preferred furnished properties. The most popular areas for renting apartments included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay, and Jumeirah Lake Towers.

Ownership Preferences Among property seekers interested in ownership, 59 percent were looking for apartments, while 41 percent were searching for villas or townhouses. Investors showed a strong preference for one and two-bedroom units. The top areas for owning apartments were Dubai Marina, Downtown Dubai, Jumeirah Village Circle, Business Bay, and Palm Jumeirah. For villas and townhouses, Dubai Hills Estate, Dubai South (Dubai World Central), Al Furjan, Arabian Ranches, and Palm Jumeirah were the most desirable locations.

Off-Plan Market Insights
In the off-plan market, a record-breaking volume and value of transactions were recorded in May, with 11,107 transactions. This marked a 13 percent increase from the previous peak in April 2009. The value of off-plan transactions reached an impressive Dh22.7 billion, surpassing the highest peak recorded in September 2023 by 25 percent.

Existing Market Performance
The existing market continued to support Dubai’s real estate sector with a year-on-year increase of approximately 8.8 percent in volume, recording 6,606 transactions. The value of these transactions experienced a notable increase of 21 percent year-over-year, touching approximately Dh23.8 billion, compared to Dh19.7 billion in May 2023.

Expert Insights
Cherif Sleiman, a real estate expert, commented: “May 2024 has once again proven that real estate growth in the UAE is here to stay. We have seen a remarkable spike this month in volume and value of transactions, not just from a year-on-year perspective, but also exceeding pre-pandemic numbers. The record-breaking rise in off-plan investments this month shows a growing demand for community-centric living and long-term investments with the potential for high returns.”

At VESTN, we understand the dynamics of the ever-evolving real estate market and are committed to helping you capitalize on these exciting opportunities. Our expert team is dedicated to providing you with the latest insights and tailored advice to make informed decisions in your property investment journey.

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