Dubai real estate sales recorded a record growth of about 25.3% in the first 5 months compared to the same period in 2023. Data from the Dubai Land Department showed that January-May sales are considered the best start for the first 5 months in the history of Dubai real estate, and constitute about 46% of the value. Sales recorded in 2023 amounting to 401 billion dirhams.
Total real estate transactions in Dubai, in the first 5 months, recorded about 282.39 billion dirhams, through 83,590 transactions, exceeding the value recorded in the same period in 2023 at 212.5 billion dirhams, a growth of 32.8%. The transactions since the beginning of 2024 were distributed over sales worth 186.87 billion dirhams resulting from 65,886 transactions. 78.6 billion dirhams were mortgages through 13,135 deals, and 16.92 billion dirhams were gifts resulting from 3,243 deals.
Business Bay came at the top of the regions in terms of sales value with 10.7 billion dirhams resulting from 4,573 deals, followed by Jumeirah Village Circle with 7,227 deals worth 8.1 billion dirhams, third is the Palm Jumeirah area with 712 deals worth 7.7 billion dirhams, then the Burj Khalifa area with 1,833 deals with a value of 7.3 billion dirhams, followed by Zabeel 1, with 1,660 deals, and a value of 5.3 billion dirhams.
Real estate market sales jumped 35% during May 2024 on an annual basis, to 45.79 billion dirhams with 17,528 thousand transactions, which is the highest sales value for the month of May ever and the highest in the history of the market, compared to 33.9 billion through 11,719 transactions in the same month last year, thus crushing Last May, the previous record for one month, recorded last November, was 42 billion dirhams.
Business Bay topped the region’s sales during May, recording 3.3 billion dirhams through 1,092 deals, followed by Ras Al Khor Industrial Zone 1, with a value of 2.5 billion dirhams, through 1,192 deals, then Wadi Al Safa 5, with a value of 1.8 billion dirhams, through 456 deals, followed by Jumeirah Village Circle, with 1.7 billion dirhams, through 1,613 deals, then Dubai Hills, with sales of 1.7 billion dirhams through 742 deals.