Dubai South is regarded as the emirate’s largest single urban master development, highlighted by a new market analysis which reveals sustained residential real estate growth in the last three months.
For the third straight month in May, Dubai South ranked as the best-performing area in the emirate’s property sector. It recorded 1,357 sales transactions valued at AED 1.6bn, a 15.9% increase in April – making its seventh straight month in the top five.
A market report by fäm Properties reveals that residential property sales transactions at Dubai South have jumped by 36.4% since the onset of the regional conflict at the end of February.
This increase has been largely caused by developer off-plan sales, which climbed 24.8% last month to 1,233 transactions, following a 35.71% increase in April, reaching a rise of 57.87% since the end of February.
“The level of market activity at Dubai South underlines the strength of its fundamentals as a fully integrated, connected urban and business hub propelling growth across the emirate’s broader economy.
“Growing transaction volumes reflect genuine end-user and investor confidence in the government’s long-term development vision for this dynamic aviation and logistics ecosystem, underpinned by the expansion of Dubai World Central into the world’s largest airport.”
Firas Al Msaddi, CEO, fäm Properties
Data from DXBinteract illustrates that the Dubai real estate market recorded 10,281 sales transactions valued at AED 28.9bn in May. The month brought 8,772 apartment sales worth AED 14.6bn, 1,037 villa sales valued at AED 7.2bn, and 133 plot sales worth AED 4.2bn.
Primary sales again were dominant in May, accounting for 7,595 sales transactions reaching AED 18.5bn, compared with 2,686 resales valued at AED 10.4bn. The most expensive villa sold in May was a luxury property at Signature Villas on Palm Jumeriah – sold at AED 145m.
The most expensive apartment sold at AED 113m at Solaya 5 at Jumeirah First. Some other luxury apartments sold for AED 106m at Solaya 6 at La Mer and 101m at One Casa at Al Wasl located on the Dubai Water Canal.
With properties worth over AED 5m accounting for 8.56% of sales, 8.19% were between AED 3m to 5m, 12.41% between AED 2m to 3m, 31.02% between AED 1m to 2m and 39.82% were below AED 1m.
The commercial sector, including offices and shops, recorded 335 sales transactions worth AED 2.9bn. The average property price per sq ft rose by 3% year-on-year to AED1,650.
