Dubai realty hits all time peak in May

Dubai’s real estate sector recorded the highest volume and value of transactions ever last month, data showed on Thursday.

According to Property Finder’s market performance highlights for May, a total of 17,713 transactions were recorded, increasing by 53 per cent compared to May 2023. The value of these transactions increased by 38 per cent, touching Dh46.5 billion.

The market saw a massive rise in volume surpassing the previous peak achieved in March 2024 by 10 per cent, and crossing the highest value achieved in December 2023 by 30 per cent, data showed.

In the rental market, 78 per cent of tenants were seeking an apartment, with the remaining 22 per cent considering villas/townhouses. Fifty eight per cent of tenants looking for apartments preferred furnished properties, while 40 per cent turned to unfurnished options. Tenants who sought villas/townhouses showed different choices, with around 57 per cent searching for unfurnished units and 42 per cent going for furnished properties. When searching for apartments, 35 per cent were looking for one bedroom units, while 33 per cent expressed a preference for two bedroom apartments and 19 per cent for studios. Those keen to select villas/townhouses showed signs of a fairly equal distribution with 43 per cent looking for three bedroom units and 38 per cent searching for four bedroom or larger options.

Top areas searched to rent apartments included Dubai Marina, Jumeirah Village Circle, Downtown Dubai, Business Bay and Jumeirah Lake Towers. Jumeirah, Dubai Hills Estate, Damac Hills 2, Umm Suqeim and Al Barsha were popular among those looking to rent villas/townhouses.

Among property seekers with an interest in ownership, 59 per cent were looking for an apartment, while 41 per cent were searching for villas/townhouses. Thirty two per cent investors were searching for one bedroom units, with 36 per cent showing an inclination for two bedroom apartments and 14 per cent for studios. Seekers for villas/townhouses included 40 per cent searching for three bedroom units and 46 per cent for four bedroom or larger options.