Residential Market Monthly

Dubai freehold residential market update - May 2024

Demand for residential properties remained strong across Dubai in the month of May. Close to 15,800 residential units were transacted across the city, an increase of 42% m/m and a jump of 45% compared to May 2023. This is the first time, more than 15,000 units were sold in a month, setting a new all-time-high. In the year-to-May more than 62,000 units have already been sold across Dubai, up 30% y/y.

Supply addition across the city has been buoyant in line with the strong increase in demand that has been observed since 2021. Close to 38,918 new units were launched in Q1 2024. Approximately 61,900 units have been introduced to the market through May, already 12% more than the total supply that was introduced during the first half of 2023.

Capital values significantly increased across apartments and villas over the last few years. However, the pace of capital value growth has moderated in recent months. Nevertheless, on an annual comparison, prices have increased by an average 19.8% and 22% y/y across apartments and villas respectively.
After the approximately 41,150 units handed over in 2023, a total of 9,600 units have been handed over across Dubai in 2024 YTD. There are an additional 46,800 units currently under construction and ready to be completed by the end of the year.