Off-plan transactions significantly supported the emirate’s real estate market uptrend in May, accounting for 49 per cent of the total sales transaction volume and 43 per cent of the value. The volume of off-plan property sales surged by 110 per cent YoY, with over 5,700 transactions recorded, compared to 2,716  in May 2022.

This increase was reflected in the value of off-plan properties, which rose by almost 136 per cent to more than Dhs14.5bn, surpassing the Dhs6.15bn recorded in May 2022. It is noteworthy that out of all the areas, only 10 of them – Dubai Marina (Marsa Dubai), Dubai Harbour, Burj Khalifa, Palm Jumeirah, Jumeirah Village Circle (JVC), Wadi Al Safa 5, Business Bay, Dubai Water Canal, Dubai Creek Harbour, and Dubai Hills contributed to almost 63.3 per cent of the total sales value and 50 per cent of the total transactions.

Existing property transactions witnessed a year-on-year increase of approximately 55.39 per cent in volume, with more than 6,000 transactions recorded.

The value of these transactions experienced a surge of around 62 per cent YoY, reaching around Dhs19.5bn, compared to Dhs12.01bn in May 2022. Palm Jumeirah, Burj Khalifa, Dubai Hills, Wadi Al safa 3, Business Bay, Dubai Marina (Marsa Dubai), Madinat Al Mataar, Jumeirah Village Circle (JVC), Al Hebiah Fifth, and Emirate Living contributed to more than 45 per cent of the total sales value and 39 per cent of the total transactions.

According to Property Finder’s proprietary data, the top searched areas for owned apartments in May 2023 continued to include Dubai Marina, Downtown Dubai, Business Bay, Palm Jumeirah, and Jumeirah Village Circle. Dubai Hills Estate, Palm Jumeirah, Arabian Ranches, DAMAC Hills (Akoya by DAMAC), remained most preferred for those looking to own villas/townhouses with the addition of Al Furjan.