The property market in Dubai continues to rally in May, with deals worth Dh18.3 billion. In May, this is the second-highest figure since 2009, when Dubai Marina topped the list. The Downtown and Springs have the most deals.
During May, a Dubai Marina apartment sale was set at Dh1.8 million, well above the Dh1.3 million to Dh1.4 million prevailing rate a year earlier. As reported by market sources, downtown Dubai’s average values have risen by 15 percent to Dh2.89 million, which is close to Dh3 million. Prices in The Springs reached Dh2.99 million.
“Just like last month, we saw a repeat in trend with May being the second-highest on record for sales volume and value, with May 2009 being the highest,” said Lynnette Sacchetto, Director of Data and Digital Transformation at Allsopp & Allsopp. (Compared to May 2021, the latest numbers show a 51.5 percent increase in volume and a 65.4 percent increase in value.)
During this period, there were a steady number of deals involving Dh50 million and over homes, which contributed to the tally. There may be a few more during peak summer, according to property market sources, with wealthy buyers still mulling over what to buy.
Similarly to recent months, ready-to-move-in and those manufactured in the secondary markets accounted for the majority, with 58.5%. The combined total was Dh12.1 billion.
Month-on-month
Compared to April, the total of this May showed a decline of 5.11 percent in volume and 0.1 percent in its value. Such a decline has been anticipated given the great nature of the agreement that flows to the Dubai property market since last October. According to market sources, the decline will be limited to the narrow range because there is still demand out there.