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Dubai Off-plan Villa sales skyrocket 209% MoM in May, Apartments up 38.55%

Posted by main.admin on July 2, 2024

The Dubai property market saw significant growth in residential transactions in May 2024, with a notable increase compared to April.

Surge in Off-Plan Villa Sales

New figures reveal that transactions for off-plan villas surged by 209% in May compared to April. This remarkable growth contributed to an overall rise in property sales transactions by 47%, with the total value of these transactions increasing by 54% to AED20.6 billion.

Increase in Apartment Transactions

Apartment transactions also experienced strong growth, rising by 38.55% month-on-month. The total value of apartment transactions grew by 36% to AED16.8 billion. In contrast, villa transactions soared by an impressive 223%, reaching over AED3.7 billion compared to AED1.16 billion in April.

Factors Driving Demand

According to Sijo Jose, Off-plan Manager at Betterhomes, the high demand for villas can be attributed to a post-COVID-19 preference for larger living spaces. “People became more interested in larger spaces rather than apartments, leading to a high demand for villas,” he explained. The surge was also driven by the launch of new master communities by developers such as Aldar, DAMAC, and Emaar, coupled with rising rents prompting people to buy instead of rent.

Popular Areas for Villa Purchases

The areas with the most significant increases in villa purchases include Haven, Tilal Al Ghaf, Dubai South, Reportage Village, and MBR City. These localities have attracted both investors and homebuyers by offering luxurious villas with spacious amenities to meet the growing demand.

Positive Market Outlook

The substantial increases in sales of both villas and apartments highlight a favorable demand across various property types. Developers have responded by unveiling new projects to cater to the needs of prospective buyers and investors, ensuring continued growth in Dubai’s real estate market.

Reference: Arabian Business

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