The Dubai property market snapshot for May 2023 is LIVE!
Friday 09 June 2023Wed 16 Feb
The market is back in full swing!
May saw a remarkable 40% increase in property sales transactions, totalling 11,621 and exceeding AED 33 billion in sales value, up 85% from May 2022 and 40% in comparison to April. Secondary sales, particularly in villas and townhouses, generated 35% more sales value (AED 19 billion) compared to off-plan sales (AED 14 billion). The majority of market activity (over 76% of transactions) occurred below AED 3 million, while monthly mortgage transactions increased by 44% compared to May 2022, indicating greater end-user participation. The ultra-luxury market witnessed record-breaking sales, including an AED 120 million apartment in Dubai Hills Estate and an AED 135 million villa in Bulgari Ocean Mansions.
Putting a finger on the pulse of the market, Allsopp & Allsopp achieved record-breaking results across residential sales, lettings, commercial, developer/off-plan, sales progression, and mortgage services teams. New client registrations rose by 21%, property viewings increased by 24%, and new property listings grew by 9.6%. Completed sales transactions were up by 38% compared to April 2023 and a remarkable 71% compared to May 2022. Significant sales activity occurred in established residential communities like Arabian Ranches, Emirates Living, and Jumeirah Island, along with the introduction of off-plan units in Jumeirah Golf Estates' Elie Saab project. Allsopp & Allsopp accounted for over 21% of completed deals in May 2023. Dubai lettings surged by over 59% compared to April 2023, with improved tenant conditions and expanded payment options beyond the 1 cheque options. The top nationalities for buyers and tenants remained consistent: British, Indian, and Russian individuals maintained the top spots in each category.
The off-plan team continued to carve its space with launches like Al Ranim in Mudon and Elie Saab Jasmine Lane in Jumeirah Golf Estates captured the attention of domestic and overseas investors. Allsopp & Allsopp off-plan team closed an impressive AED 65 million penthouse at Como Residences on Palm Jumeirah showcasing the ongoing demand for branded-residences. Additionally, Apartments and mid-entry townhouses under AED 3 million remain a prime investment choice, representing over 90% of Dubai's property transactions. Notable off-plan activity included Sanctuary Falls, Millennium Estates, and Lime Tree Valley.
If you are a prospective buyer, seller, landlord or tenant and would like to know more, click on the link below to view the full Allsopp & Allsopp Dubai Real Estate Market Snapshot for May 2023
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