Dubai’s real estate market experienced unprecedented growth in May 2023, with over 17,000 sales transactions. This was a 47.7% increase from the previous month and a 45.9% increase compared to May 2023. Despite price increases slowing to less than 1%, average property prices have reached AED 1,360 per square foot.
The growth in sales transactions was driven by investor confidence, which was evident in the strong activity seen across all sectors. Mortgage transactions increased by nearly 58% month-on-month, while new off-plan project launches added over 15,500 units to the market.
Residential transactions dominated the market, accounting for 92.8% of total sales. Emaar Properties led off-plan sales, followed by Sobha and Azizi Developments. Jumeirah Village Circle and Ras Al Khor were the top locations for initial sales, while Jumeirah Village Circle, Business Bay, and Dubai Marina were the top locations for resale.
Despite traditional slower summer months ahead, high transaction activity is expected to continue due to demand and a strong pipeline of off-plan projects that will be launched soon. The launch of new off-plan real estate development projects reached a record high in May 2023, adding over 15,500 new units to the market with an expected total value of approximately 41.4 billion dirhams. Over 59,500 new units have been launched so far this year on track to surpass the total number of units launched in 2023 which was around
