Dubai property prices › Month by month › May 2024
The Dubai property market in May 2024
In May 2024 the Dubai Land Department registered 15,612 residential sales worth AED 34.6bn — 54% more than in May 2023, when it registered 10,131, and 36% more by value. Most were homes not yet built: 10,273 off-plan against 5,339 completed. A completed home changed hands at a median AED 1.55M, AED 1,201 a square foot — 8% more a foot than in May 2023.
The month in its year
May 2024 against the twelve months before it
15,612 sales in May 2024 — more than any month since January 2009, against 10,131 in May 2023. Off-plan was 66% of the month, against 52% a year earlier.
Completed homes
What a completed home sold for in May 2024
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.
| Layout | Sales | Median price | AED/sqft |
|---|---|---|---|
| Studio | 850 | AED 470K | 1,054 |
| 1 B/R | 1,636 | AED 906K | 1,182 |
| 2 B/R | 1,110 | AED 1.90M | 1,350 |
| 3 B/R | 603 | AED 3.00M | 1,391 |
| 4 B/R | 185 | AED 3.40M | 1,265 |
| 5 B/R | 14 | AED 6.90M | 1,439 |
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
- 23, 1 May to 31 May. The busiest was 27 May: 1,215 sales, AED 2.4bn.
- Off-plan
- 10,273 sales at a median AED 1,791 a square foot — its own line, never blended into the completed-home medians.
- Villas
- 1,736 of the 15,612, as the register files them. A house sold with its plot is filed as land and is not counted here.
- Payment plans
- 1,242 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 community | Sales | Off-plan | Completed AED/sqft |
|---|---|---|---|
| Jumeirah Village Circle | 1,601 | 1,229 | 1,101 |
| Dubai Hills Estate | 1,028 | 892 | 1,989 |
| Meydan | 1,011 | 935 | 1,572 |
| Business Bay | 959 | 642 | 1,647 |
| Arjan | 590 | 406 | 970 |
| Dubai Marina | 463 | 186 | 1,626 |
| The Valley | 446 | 400 | 1,000 |
| Dubai Land | 446 | 308 | 1,052 |
| Damac Lagoons | 407 | 283 | 1,507 |
| Dubai Sports City | 345 | 205 | 826 |
| Town Square | 340 | 255 | 1,019 |
| Downtown Dubai | 324 | 92 | 2,177 |
| Jumeirah Lake Towers | 318 | 126 | 1,469 |
| Al Furjan | 314 | 223 | 979 |
| Mohammed Bin Rashid City | 293 | 119 | 1,900 |
| Dearest community | AED/sqft | Resales |
|---|---|---|
| Bluewaters | 6,213 | 11 |
| Dubai Harbour | 3,967 | 17 |
| Jumeirah | 2,961 | 11 |
| Umm Suqeim | 2,832 | 14 |
| Zabeel | 2,502 | 49 |
| Palm Jumeirah | 2,382 | 126 |
| Dubai Media City | 2,287 | 10 |
| Dubai Creek Harbour (The Lagoons) | 2,255 | 92 |
| Downtown Dubai | 2,177 | 232 |
| City Walk | 2,139 | 31 |
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 2024
The 15 buildings with the most sales registered in May, each linking its own recorded history.
| Building | Sales | Off-plan | AED/sqft | |
|---|---|---|---|---|
| 1 | LilliaThe Valley | 363 | all | 1,391 |
| 2 | Haven By Aldar 2Dubai Land | 220 | 154 | — |
| 3 | Bayz 101 by DanubeBusiness Bay | 219 | all | 3,199 |
| 4 | Vida ResidencesDubai Hills Estate | 192 | all | 2,326 |
| 5 | Azizi Riviera 46Meydan | 170 | all | 1,972 |
| 6 | Binghatti AzureJumeirah Village Circle | 151 | all | 1,186 |
| 7 | Park Lane 1BDubai Hills Estate | 137 | all | 2,288 |
| 8 | Aeternitas TowerDubai Marina | 134 | all | 2,129 |
| 9 | Park Lane 1ADubai Hills Estate | 133 | all | 2,293 |
| 10 | Binghatti PhantomJumeirah Village Circle | 126 | all | 1,386 |
| 11 | Fawad Azizi ResidenceAl Jaddaf | 117 | all | 2,047 |
| 12 | Ocean Point 2Mina Rashid | 115 | all | 2,100 |
| 13 | AG 9ineDubai Land Residence Complex | 113 | all | 1,200 |
| 14 | OasisDubai Land | 111 | 61 | — |
| 15 | Park Lane - Building 2BDubai Hills Estate | 108 | all | 2,263 |
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 2024
The dearest was an AED 105M off-plan six-bedroom home at Eome Residences, Palm Jumeirah — 26,786 sq ft at AED 3,920 a square foot, registered on 13 May.
| Registered | Home | Layout | Sq ft | Price | AED/sqft | Sold |
|---|---|---|---|---|---|---|
| 13 May 2024 | Eome ResidencesPalm Jumeirah | 6 B/R | 26,786 | AED 105M | 3,920 | Off-plan |
| 22 May 2024 | The Vela Dorchester CollectionBusiness Bay | 4 B/R | 8,462 | AED 74M | 8,750 | Off-plan |
| 13 May 2024 | One CanalAl Wasl | 4 B/R | 9,306 | AED 55M | 5,910 | Off-plan |
| 6 May 2024 | Luxury Family Residences IIIBusiness Bay | 6 B/R | 12,676 | AED 54M | 4,260 | Off-plan |
| 29 May 2024 | Orla by OmniyatPalm Jumeirah | 4 B/R | 7,326 | AED 49M | 6,746 | Off-plan |
| 27 May 2024 | The Vela Dorchester CollectionBusiness Bay | 3 B/R | 6,047 | AED 45M | 7,376 | Off-plan |
| 17 May 2024 | Keturah C3Al Jaddaf | 4 B/R | 9,482 | AED 44M | 4,651 | Off-plan |
| 20 May 2024 | Me'Aisem First | 6 B/R | 9,050 | AED 40M | 4,387 | Off-plan |
| 28 May 2024 | BV Residences 2Jumeirah Bay Island | 3 B/R | 2,630 | AED 39M | 14,637 | Completed |
| 1 May 2024 | The Beachfront Villas by EllingtonMohammed Bin Rashid City | 6 B/R | 10,251 | AED 38M | 3,749 | Off-plan |
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 2024, answered
How many properties were sold in Dubai in May 2024?
15,612 residential sales were registered at the Dubai Land Department in May 2024, worth AED 34.6bn: 10,273 off-plan and 5,339 completed homes. That is 54% more than in May 2023, when 10,131 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 2024?
The dearest apartment or villa registered was an AED 105M off-plan six-bedroom home at Eome Residences, Palm Jumeirah — 26,786 sq ft at AED 3,920 a square foot, registered on 13 May. Next came AED 74M at The Vela Dorchester Collection, Business Bay, and AED 55M at One Canal, Al Wasl. 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 2024?
Jumeirah Village Circle, with 1,601 registered sales, 1,229 of them off-plan; then Dubai Hills Estate (1,028) and Meydan (1,011). The dearest, by the median price of a square foot of completed home, was Bluewaters at AED 6,213 across 11 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.