The Dubai real estate market has experienced an upward trend following a dip in April, according to a report by real estate company, Allsopp & Allsopp. The month of May saw an increase of over 40 percent in sales transactions, exceeding the total of AED33 billion in value.
Secondary sales generated 35 percent more sales value compared to off-plan sales, mortgage transactions also saw an increase, indicating higher interest from end users.
Another segment of the real estate sector that witnesses a boom was the ultra-luxury market which witnesses record-breaking sales including the sale of an AED120 million apartment in Dubai Hills Estate and a villa in Bulgari Ocean Mansions worth AED135 million.
Allsopp & Allsopp recorded an increase in various aspects including new client registrations by 21 percent, viewings by 24 percent and new property listing by nearly 10 percent.
Compared to the same month last year, the increase recorded for the month of May revealed a 71 percent increase.
Areas with significant sales activity
- Arabian Ranches
- Emirates Living
- Jumeirah Island
- Jumeirah Golf Estates – Elie Saab Project
Top nationalities for buyers and tenants
- British
- Indian
- Russian
Additionally, the real estate company’s off-plan team recorded sales of AED65 million for a penthouse at Como Residences in Palm Jumeirah.
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