Dubai’s residential property market saw unprecedented activity in May according to the latest monthly report from Property Monitor, a Cavendish Maxwell Group company.
Total sales transactions reached 17,139 for the month, surpassing the previous high set in April 2009 by more than 20 percent.
“As we edge closer to the end of Q2 and with the summer months ahead, we anticipate that the market will continue with high transactional activity and experience little to no negative impact of what has somewhat historically been a slower period,” Zhann Jochinke, Director of Market Intelligence and Research at Cavendish Maxwell said.
Price growth returned to a more moderate pace compared to March and April, with the Dynamic Price Index increasing 0.69 percent over the month.
Despite this, property values remain at record highs, standing 10.25 percent above the previous peak in September 2014.
Dubai off-plan sales surge
By completion status, off-plan transactions represented 61.8 percent of the market in May. Once adjusted for registration types, the true off-plan market share is estimated to be 66.7 percent.
Activity in both the off-plan and secondary markets increased by around 48 percent compared to April.
Emaar Properties headed the league table for off-plan sales, with Sobha and Azizi Development also among the top performers.
Price trends showed the fastest growth in the AED2-3 million bracket, fuelled by projects like Lillia in Dubai Hills and Sobha One in Dubai.
Mortgage borrowing rose 57.9 percent versus April, the second-highest monthly figure on record, indicating financing remains readily available despite rising interest rates.
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