According to monitoring based on data from the Dubai Land Department, Dubai’s real estate sector has witnessed record-breaking sales in the first five months of 2024, growing by 25.4% to reach AED 186.87 bn, compared to AED 148.96 bn during the same period in 2023, Invest-Gate reports.

During the period from January to May 2024, the real estate sector in Dubai recorded 65,890 sales transactions, marking a growth of 30.2% compared to 50,592 sales in the corresponding period last year. These figures represent the highest sales ever recorded for this time frame in Dubai’s real estate market.

The sales during the first five months of 2024 account for approximately 46% of the total sales value recorded in 2023, which amounted to AED 401 bn.

Moreover, the total transactions in the Dubai real estate market from the beginning of 2024 until the end of May reached AED 282.41 bn, resulting from 83,590 procedures.

May 2024 witnessed the highest monthly sales performance ever recorded in the Dubai real estate market, with a value of AED 45.79 bn. This represents a growth of 35.3% compared to approximately AED 33.84 bn recorded in May 2023 and surpasses the previous monthly sales record set in November 2023, worth AED 42 bn.

Furthermore, monitoring revealed that in May 2024, there were 17,530 sales transactions, indicating a remarkable 50% increase compared to May 2023, which had 11,691 sales transactions.