In May, sales transactions reached a record high, with volumes increasing by 47.7 percent compared to the previous month and 45.9 percent compared to the same month last year in Dubai.
Sales volumes in Dubai’s property sector have risen consistently in the first half of 2023, as reported by leading real estate agency haus & haus.
Figures from Property Monitor, a property data tracking service, indicate that transaction volumes have grown by over 30 percent compared to the previous year.
Within haus & haus, buyer registrations have surged by 71 percent during the same timeframe.
Dubai property market sees sustained growth in 2023
“It’s exciting to witness the continuous growth in the Dubai market volumes, which align with the anticipated population expansion. It’s also reassuring to observe that the market in the first half of this year has matured, with sales values increasing at a more moderate pace – predicting around a seven percent average price growth for 2024. This further indicates that we are experiencing stable, steady growth for the foreseeable future,” said Simon Baker, Managing Director of haus & haus Real Estate.
May recorded the highest sales transactions ever, with volumes increasing by 47.7 percent month-on-month and 45.9 percent year-on-year, according to haus & haus citing the Property Monitor report.
This peak coincided with haus & haus’ own data, marking their best performing month as well.
However, some transactions were possibly carried over from April due to flooding in Dubai delaying completion dates into May.
Villa sales surge in Dubai real estate market amid rising family demand
The demand for villas also increased in the first six months. Property Monitor data indicates a rise in transaction volumes in the villa segment, reflecting Dubai’s growing population seeking family homes.
Developers are responding by launching more villa and master community projects. A total of 3,323 villas were unveiled in the first half, with most scheduled for completion in 2028.
Emaar is expanding key districts like The Oasis and Grand Polo Club & Resort to accommodate more residents, which are popular with investors.
The Dubai property sector remains positive as strong buyer activity continues into the end of 2023, supported by sound market fundamentals.
