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The Allsopp & Allsopp Dubai Property Market Report for May 2024!
As we close off the first half of 2024, Dubai’s property market has shown impressive growth across all residential sectors with no signs of slowing down.
May was monumental for Dubai’s real estate market, hitting unprecedented highs!
Riding on the upward momentum we have witnessed so far this year, May saw sales transactions skyrocket by 56.7% from last year, totalling 16,328 based on Dubai Land Department data. Similarly, sales value climbed to over AED 38 billion, recording a 41.1% increase.
Off-plan sales continued to be the star of the show, making up 64.7% of transactions. May saw a total of 3,393 units handed over at completion while an additional 4,009 new off-plan units were launched.
Following the success of off-plan sales, apartments ruled the market by representing 82.3% of sales, while villas and townhouses took 17.7%!
Mirroring the overall market boom, Allsopp & Allsopp celebrated its highest sales month ever with a 103.1% increase from Q1 2024. Allsopp & Allsopp rentals followed suit, recording a 64% year-on-year increase in lettings viewings and a 16% rise in client registrations in May. New property listings were also on the uptick with an 18% month-on-month rise.
A few months after the Dubai Land Department implemented stricter regulations to eliminate fake listings, we are seeing a more transparent market. The improved searching experience for tenants aligns with the overall increase in viewings, registrations, and new property listings.
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