Prime Highlights
- Dubai recorded AED4.96 billion in off-plan luxury home sales in May across 391 transactions.
- Villas and apartments priced above AED5 million continued to attract strong investor demand.
Key Facts
- Villa sales generated AED2.51 billion, while apartment sales reached AED2.45 billion.
- The average luxury property sold for AED12.7 million during the month.
Background
The high-end Dubai real estate industry witnessed a sustained pace of activity in May, with the developers reporting AED5 billion ($1.36 billion) in pre-construction sales for properties with values exceeding AED5 million.
From the latest insights into the market, by virtue of Keturah luxury brand data, the developers sold 391 villas and apartments at a valuation of AED4.96 billion during the same period. Villa sales brought in revenue of AED2.51 billion through 184 units, while 207 apartment sales were recorded to the tune of AED2.45 billion.
The largest volume of sales reported for villas fell within the AED10 million to AED20 million bracket, and it amounted to sales valued at AED834.2 million from 60 transactions. Another 23 villas worth AED746.3 million were sold within the AED20 million to AED50 million bracket.
Apartment demand was concentrated in the AED5 million to AED10 million segment, which represented the majority of apartment transactions recorded during the month.
The figures indicate that an average of 12 off-plan properties valued above AED5 million were sold each day in May, with the average property price reaching AED12.7 million.
Industry leaders said the results highlight continued confidence in Dubai’s luxury property market and its appeal to global investors. The need for this is now being generated due to the increasing number of buyers looking for residences and good quality living conditions that provide privacy and wellness.
This performance is also an indication of the rising status of Dubai as one of the most attractive destinations globally when it comes to luxury real estate investments.
The developers keep increasing their footprint in the luxury real estate market segment with massive projects.
