Dubai South recorded 1,357 residential sales transactions worth AED1.6 billion in May, making it the best-performing area in Dubai’s property market for the third consecutive month and the seventh straight month in the top five, according to a market report from fäm Properties.
Transaction volume at Dubai South rose 15.9 per cent from April. Off-plan developer sales were the primary driver, climbing 24.8 per cent in May to 1,233 transactions after a 35.71 per cent increase in April.
Combined, that adds up to a cumulative rise of 57.87 per cent in off-plan activity since the end of February, when fäm Properties began tracking the data against the onset of regional conflict. Total residential sales at Dubai South have grown 36.4 per cent over the same period.
“The level of market activity at Dubai South underlines the strength of its fundamentals as a fully integrated, connected urban and business hub propelling growth across the emirate’s broader economy,” Firas Al Msaddi, CEO of fäm Properties said.
“Growing transaction volumes reflect genuine end-user and investor confidence in the government’s long-term development vision for this dynamic aviation and logistics ecosystem, underpinned by the expansion of Dubai World Central into the world’s largest airport,” he added.
Across Dubai as a whole, May brought 10,281 sales transactions worth AED28.9 billion, according to data from DXBinteract. Apartments accounted for the bulk at 8,772 sales valued at AED14.6 billion, followed by 1,037 villa sales worth AED7.2 billion and 133 plot sales at AED4.2 billion. The commercial sector added 335 transactions worth AED2.9 billion. Average price per square foot rose 3 per cent year-on-year to AED1,650.
Primary sales continued to dominate, with 7,595 transactions totalling AED18.5 billion against 2,686 resales worth AED10.4 billion.
At the top of the market, the most expensive villa sold was a Signature Villas property on Palm Jumeirah at AED145 million. The priciest apartment, at AED113 million, was at Solaya 5 at Jumeirah First, with two others clearing AED100 million: Solaya 6 at La Mer (AED106 million) and One Casa at Al Wasl on the Dubai Water Canal (AED101 million).
By price band, 39.82 per cent of all sales were below AED1 million, while 31.02 per cent fell between AED1–2 million. Properties above AED5 million accounted for 8.56 per cent of transactions.
The rest of the top five areas in May: Wadi Al Safa 3 with 983 transactions worth AED1.7 billion; Wadi Al Safa 5 with 631 transactions worth AED833.9 million; Al Barsha South Fourth with 551 transactions worth AED690.4 million; and Jebel Ali First with 541 transactions worth AED920.9 million.
