Dubai May 2024: Market Watch Monthly Performance Report
The market witnessed a 53% YoY increase in recorded sales transactions, reaching 17,713 compared to 11,608 in May 2023.
The Sales transaction value witnessed a significant surge in the value of transactions reaching AED 46.5 billion, marking a YoY increase of 38%.
The Existing property transactions revealed a YoY increase of approximately 8.76% in volume, with 6,606 transactions. The value of these transactions increased by 21.22% YoY, touching AED 23.83 billion, compared to AED 19.66 billion in May 2023.
The Off-plan showed more demand, with a YoY increase of approximately 100.7% in volume, and 11,107 recorded transactions.
Values experienced a surge of around 61.5% YoY, reaching roughly AED 22.6 billion, compared to AED 14 billion in May 2023.
The Sales transaction value witnessed a significant surge in the value of transactions reaching AED 46.5 billion, marking a YoY increase of 38%.
The Existing property transactions revealed a YoY increase of approximately 8.76% in volume, with 6,606 transactions. The value of these transactions increased by 21.22% YoY, touching AED 23.83 billion, compared to AED 19.66 billion in May 2023.
The Off-plan showed more demand, with a YoY increase of approximately 100.7% in volume, and 11,107 recorded transactions.
Values experienced a surge of around 61.5% YoY, reaching roughly AED 22.6 billion, compared to AED 14 billion in May 2023.
Market Preference
59 % of interested property buyers were searching for an apartment, while 41 % sought villas/townhouses.
In contrast, 78% of tenants in the rental market were found to be looking for apartments, while 22% were searching for villas/townhouses.
Approximately 35% of tenants searched for one-bedroom units, 33% for two-bedroom apartments, and 19% for studios. For villas/townhouses, 43% were looking for three-bedroom units, and 38% sought four-bedroom or larger options.
As for ownership, 32% were seeking one-bedroom units, 36% searched for two-bedroom apartments, and 14% for studios. Regarding Villas/Townhouses, 40% were primarily looking for three-bedroom units, while 46% were searching for four-bedroom or larger options.
In contrast, 78% of tenants in the rental market were found to be looking for apartments, while 22% were searching for villas/townhouses.
Approximately 35% of tenants searched for one-bedroom units, 33% for two-bedroom apartments, and 19% for studios. For villas/townhouses, 43% were looking for three-bedroom units, and 38% sought four-bedroom or larger options.
As for ownership, 32% were seeking one-bedroom units, 36% searched for two-bedroom apartments, and 14% for studios. Regarding Villas/Townhouses, 40% were primarily looking for three-bedroom units, while 46% were searching for four-bedroom or larger options.
