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Dubai property prices › Month by month › May 2014

The Dubai property market in May 2014

In May 2014 the Dubai Land Department registered 2,990 residential sales worth AED 5.5bn — 18% fewer than in May 2013, when it registered 3,663, and 14% less by value. Most were completed homes: 2,042, against 948 off-plan. A completed home changed hands at a median AED 1.25M, AED 992 a square foot — 8% more a foot than in May 2013.

Sales registered
2,990
−18% on May 2013 (3,663)
Value
AED 5.5bn
−14% on May 2013 (AED 6.4bn)
Off-plan
948
32% of the month · 2,042 completed
Completed homes, median
AED 992
per sq ft · AED 1.25M a home · +8% on May 2013

The month in its year

May 2014 against the twelve months before it

Residential sales registered, by monthOff-planResale2,990 in May 2014
3,663
2,990
M2013JJASONDJ2014FMAM

2,990 sales in May 2014 — the fewest in a month since November 2013, against 3,663 in May 2013. Off-plan was 32% of the month, against 11% a year earlier.

Completed homes

What a completed home sold for in May 2014

Resales of completed homes, by layout — a layout prints at ten sales. Off-plan is kept out: a launch price is a developer’s schedule, not a market, and the month’s off-plan sales have their own line beside the table.

LayoutSalesMedian priceAED/sqft
Studio343AED 490K1,019
1 B/R746AED 870K1,014
2 B/R454AED 1.65M1,163
3 B/R198AED 3.05M1,279
4 B/R19AED 4.75M1,212

Medians of what buyers paid at transfer, never an asking price. Each is a month’s sales, so a layout’s figure moves with which buildings happened to sell as well as with prices; the year-long reading of the same register is on Dubai property prices.

Registration days
22, 1 May to 30 May. The busiest was 19 May: 305 sales, AED 488m.
Off-plan
948 sales at a median AED 1,345 a square foot — its own line, never blended into the completed-home medians.
Villas
321 of the 2,990, as the register files them. A house sold with its plot is filed as land and is not counted here.
Payment plans
227 registered under the Land Department’s payment-plan and delayed-sale procedures.

Where the sales were

The busiest communities, and the dearest

The communities with the most sales registered in May, launches and resales together; beside them the dearest, by the median price of a square foot of completed home at ten resales or more.

Busiest communitySalesOff-planCompleted AED/sqft
Dubai Marina266491,634
Business Bay2401351,456
Jumeirah Village Circle238119849
Dubai Sports City23371852
Jumeirah Lake Towers211591,265
Downtown Dubai202302,259
International City1690764
Dubai Production City (IMPZ)153120978
Damac Hills11967936
Dubai Land Residence Complex884885
Palm Jumeirah86201,883
Dubai Silicon Oasis7210825
Jumeirah Beach Residence7001,663
Dubai Investment Park (DIP)5944823
Dubai South (Dubai World Central)5757—
Dearest communityAED/sqftResales
Downtown Dubai2,259172
Palm Jumeirah1,88366
The Views1,70514
Jumeirah Beach Residence1,66370
Dubai Marina1,634217
Greens1,46729
Business Bay1,456105
Jumeirah Lake Towers1,265152
Dubai Festival City1,24413
Jumeirah Village Triangle1,18811

A community counts the sales of every building and villa project in it that has a page here. A sale the register files where we have no page — a plot, a tower not yet placed — is in the month’s total and in neither table. The busiest table’s price is completed homes only, so a community that sold nothing but launches has none; the dearest table ranks completed homes alone.

Buildings

The busiest towers in May 2014

The 15 buildings with the most sales registered in May, each linking its own recorded history.

Every sale the tower registered in the month. The price is its median a square foot where it sold one kind of home — off-plan or completed — and a dash where it sold both, because the two are never averaged together.

The record sales

The dearest homes registered in May 2014

The dearest was an AED 18M off-plan five-bedroom home at Burj Vista Tower 1, Downtown Dubai — 8,606 sq ft at AED 2,124 a square foot, registered on 28 May.

RegisteredHomeLayoutSq ftPriceAED/sqftSold
28 May 2014Burj Vista Tower 1Downtown Dubai5 B/R8,606AED 18M2,124Off-plan
12 May 2014Emirates CrownDubai Marina5 B/R7,686AED 16M2,082Completed
27 May 2014Dream Palm ResidencePalm Jumeirah5 B/R7,040AED 15M2,200Completed
8 May 2014Palm Jumeirah4 B/R5,999AED 15M2,494Off-plan
27 May 2014Balqis Residences-Garden VillasPalm Jumeirah5 B/R13,968AED 15M1,038Off-plan
28 May 2014Burj Vista Tower 2Downtown Dubai4 B/R6,774AED 13M1,934Off-plan
19 May 2014Burj KhalifaDowntown Dubai2 B/R2,174AED 12M5,576Completed
28 May 2014Burj Vista Tower 1Downtown Dubai4 B/R4,313AED 12M2,747Off-plan
20 May 2014Murjan 3Jumeirah Beach Residence4 B/R5,319AED 11M2,152Completed
21 May 2014Burj KhalifaDowntown Dubai1 B/R1,183AED 11M9,597Completed

Apartments and villas as the register files them. A house registered with its plot is filed as land, so a mansion can be missing here; it is read apart, with every year’s record since 2015, on the most expensive homes sold in Dubai. A home with no page here is named by the Land Department’s area.

Questions people ask

The Dubai property market in May 2014, answered

How many properties were sold in Dubai in May 2014?

2,990 residential sales were registered at the Dubai Land Department in May 2014, worth AED 5.5bn: 948 off-plan and 2,042 completed homes. That is 18% fewer than in May 2013, when 3,663 were registered. The count is of transfers the Land Department registered in the month; mortgage registrations, gifts, lease-to-own conversions, developers' own filings and transfers recorded at a fraction of what a home sells for are left out, because none of them is a price a buyer paid.

What was the most expensive home sold in Dubai in May 2014?

The dearest apartment or villa registered was an AED 18M off-plan five-bedroom home at Burj Vista Tower 1, Downtown Dubai — 8,606 sq ft at AED 2,124 a square foot, registered on 28 May. Next came AED 16M at Emirates Crown, Dubai Marina, and AED 15M at Dream Palm Residence, Palm Jumeirah. A house registered with its plot is filed as land rather than as a villa, so it is read apart, on the page for the most expensive homes sold in Dubai.

Which area of Dubai had the most property sales in May 2014?

Dubai Marina, with 266 registered sales, 217 of them completed homes; then Business Bay (240) and Jumeirah Village Circle (238). The dearest, by the median price of a square foot of completed home, was Downtown Dubai at AED 2,259 across 172 resales. A community counts every building and villa project in it that has a page here.

The same register read as a year rather than a month: what every community and building sells for now is Dubai property prices, and how far prices have moved since 2020 is the Dubai property price index. Rents are read from the Ejari register as a year, with a new lease kept apart from a renewal, on Dubai rent prices.

Where these numbers come from. Every figure on this page is drawn from the Dubai Land Department’s transaction register, read directly from the Dubai Data Exchange. It is what buyers actually paid, recorded at transfer — not asking prices, not valuations, not our own estimates. Mortgage registrations, gift transfers, rent-to-own contracts and developers’ own filings are all excluded; none of them is a price a buyer paid. Medians are used rather than averages so one unusual sale cannot move the number. Data through 31 May 2014.

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What is yours worth this month?

We read this register every day. Tell us the building and the unit and we will tell you what the last comparable sold for, and what this month's sales say about yours.

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