The total number of sales transactions for the month reached 17,139, exceeding the previous record set in April 2009 by over 20 percent.
In May, Dubai’s residential property market experienced unprecedented activity, as reported by Property Monitor, a Cavendish Maxwell Group company. Total sales transactions totaled 17,139 for the month, exceeding the previous record set in April 2009 by over 20 percent.
“As we approach the end of Q2 and head into the summer months, we expect the market to maintain its robust transactional activity, showing resilience during what traditionally has been a slower period,” commented Zhann Jochinke, Director of Market Intelligence and Research at Cavendish Maxwell.
The rate of price growth slowed down compared to March and April, with the Dynamic Price Index rising by 0.69 percent during the month.
However, property values continue to reach unprecedented levels, marking a 10.25 percent increase from the previous peak in September 2014.
Dubai off-plan sales surge
In May, activity in both the off-plan and secondary markets surged by approximately 48% compared to April.
Emaar Properties led in off-plan sales, followed by Sobha and Azizi Development, who also performed strongly.
The AED2-3 million bracket saw the quickest price growth, driven by developments such as Lillia in Dubai Hills and Sobha One in Dubai.
Mortgage borrowing increased by 57.9% compared to April, marking the second-highest monthly figure on record, indicating continued accessibility to financing despite rising interest rates.
