Dubai – The property market in Dubai has seen a remarkable surge in off-plan villa transactions, which increased by 209% in May 2024 compared to April 2024. This growth clearly indicates robust market confidence and economic stability within the region.

The overall property market in Dubai is experiencing consistent month-over-month growth. Total transactions in May increased by 47%, whilst the total sales value rose by 54%, reaching AED 20.6 billion. This strong performance highlights the high demand and growing investor confidence in Dubai’s property sector.

Furthermore, May experienced a surge in apartment transactions, which soared by 38.55% compared to April. The value of apartments also climbed by 36%, reaching over AED 16.8 billion. Villas, on the other hand, witnessed an even more impressive increase, skyrocketing by 223% totalling over AED 3.7 billion, in contrast to AED 1.16 billion in April.

"Post COVID-19, people became more interested in larger spaces rather than apartments, leading to a high demand for villas," said Sijo Jose, Off-plan Manager at Betterhomes. "The surge seen last month was due to the launch of new master communities by Aldar, DAMAC, and Emaar, which boosted sales. Additionally, with rising rents, people are preferring to buy instead of renting."

The top five areas leading the surge in villa transactions are:

Haven
Tilal Al Ghaf
Dubai South
Reportage Village
MBR City

These areas have become hotspots for investors and homebuyers, offering a diverse range of luxury villas that cater to the growing demand for quality and exclusivity.

The increase in villa transactions and value demonstrates a growing preference for spacious and luxurious living spaces. The rise in apartment transactions also indicates a healthy demand for urban living, catering to a diverse range of buyers.

Developers are responding to this surge by launching new projects, offering a wide variety of options for investors and homeowners alike. The market is expected to continue its upward trajectory, providing lucrative opportunities for both buyers and developers.