New Record Achieved: Highest Number and Value of Transactions Ever in May 2024

Source: Economy Middle East

In May 2024, Dubai’s real estate market set a new record, achieving the highest number and value of transactions ever recorded.

A total of 17,713 transactions were registered during the month, marking a 53% increase compared to May 2023, according to the property portal Property Finder. Additionally, the value of these transactions rose by 38%, reaching AED 46.5 billion ($12.7 billion).

During this period, the market experienced significant growth in volume, surpassing the previous peak recorded in March 2024 by 10%, and exceeding the highest value previously achieved in December 2023 by 30%.

"May 2024 has once again demonstrated that the growth of real estate in the UAE is enduring. This month, we witnessed a remarkable rise in transaction volume and value, not only on a year-on-year basis but also significantly beyond pre-pandemic levels," said Cherif Sleiman, Chief Revenue Officer of Property Finder.

Surge in Off-Plan Sales

The off-plan market recorded its highest-ever volume and value of transactions in May, with 11,107 transactions, according to data. The previous record in Dubai’s real estate market was set in April 2009, with 9,837 transactions—a 13% increase since then.

In terms of value, the off-plan market reached transactions worth approximately AED 22.7 billion, surpassing the previous peak recorded in September 2023 by 25%.

Rental Trends

A significant 78% of tenants were searching for apartments, while the remaining 22% considered villas/townhouses, according to the data.

Regarding preferences, 58% of apartment seekers showed a preference for furnished properties, while 40% opted for unfurnished units. Among those looking for villas/townhouses, 57% preferred unfurnished properties, and 42% favored furnished options.

For apartments, 35% of renters sought one-bedroom units, 33% preferred two-bedroom apartments, and 19% looked for studios.

Those interested in villas/townhouses displayed a fairly even distribution, with 43% searching for three-bedroom units and 38% seeking four-bedroom or larger properties.

Insights into Property Ownership

Data shows that 59% of property seekers in Dubai were interested in purchasing apartments, while 41% were searching for villas or townhouses.

Additionally, 32% of investors preferred one-bedroom units, 36% favored two-bedroom apartments, and 14% opted for studios.

For villas and townhouses, 40% specifically sought three-bedroom homes, while 46% were looking for properties with four or more bedrooms.

The most popular areas for property investments were:

Dubai Marina

Downtown Dubai

Jumeirah Village Circle

Business Bay

Palm Jumeirah

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