Dubai real estate market insights - May 2024

The Dubai real estate market continues to demonstrate robust growth in 2024, with substantial increases in both sale volume and sales value compared to the previous year. This article provides an in-depth analysis of the market dynamics, highlighting key statistics and trends for May 2024.

Market performance highlights

1. Overall Market Growth
   • Sale volume: The total number of real estate transactions in Dubai rose by 49.2% compared to May 2023, indicating a significant increase in market activity.
   • Sales value: The total value of sales transactions reached AED 25.2 billion for apartments, reflecting a 56.8% increase from the previous year. For villas, the sales value was AED 5.8 billion, although this represents a 20% decrease from May 2023.
2. Property types and sales
   • Apartments: A total of 13,895 apartments were sold, marking a 56.8% rise in volume from the previous year. The sales value for apartments stood at AED 13.7 billion, an 8.8% increase.
   • Villas: 1,640 villas were sold, a decrease of 20% compared to May 2023, with a sales value of AED 5.8 billion.
   • Commercial properties: 549 commercial properties were sold, a 36.2% increase in volume, with a sales value of AED 1.1 billion.

Top performing areas

• The top five areas for real estate demand in May 2024 were:
  • Jumeirah Village Circle (JVC)
  • Al Merkadh
  • Business Bay
  • Sobha One
  • Hadaeq Sheikh Mohammed Bin Rashid

Price trends

• Apartments: The average price for apartments was AED 1.3 million, showing an 8.8% increase.
• Villas: The average price for villas was AED 2.8 million, a 10.9% increase from the previous year.
• Plots: The average price for plots was AED 4.6 million, which decreased by 7.4%.

Monthly sales analysis

• The monthly sales volume for 2024 saw a steady increase, with significant growth observed in both January and February, maintaining momentum through May.
• A comparison of off-plan versus ready property sales showed a balanced distribution, highlighting diverse investment opportunities across different property stages.

Conclusion

Dubai’s real estate market in May 2024 reflects a vibrant and growing sector, with substantial increases in both sales volume and value. The surge in apartment sales, in particular, underscores the strong demand for residential properties in key areas. Investors continue to be attracted by the dynamic market conditions, making Dubai a prime location for real estate investment.

For more detailed statistics and interactive reports, visit DXB Interact.